Females somewhat less prepared to retire than men
A brand new report from the ING Retirement Research Institute, "Retirement Revealed," takes a peek at how prepared women are to retire today. The females are lagging behind the men, but the space is not massive. Resource for this article: Women slightly less ready to retire than men
More males saving
Probably the most significant difference between male and female retirement preparedness, according the report, was when it comes to savings. Of those who had savings, Males, on an average, had almost 50 percent more. The average man had $149,000 stashed away. The typical woman, on the other hand, had about $108,000.
About 58 percent of men in the ING report said that they were ready for retirement while only 44 percent of ladies were prepared. It is very important to note that most Americans do not feel very prepared. The numbers are far fewer than they have been in the past.
A third of men said they had retirement income investment plans while only a quarter of females had these plans.
Parenthood a bump in the road
Men earn more than women in almost every field still in spite of the fact that the gap has narrowed considerably. Females have to deal with the burden of parenthood, which makes retirement very difficult to get to. Women spend a lot of time out of the workforce to raise children and give birth to them, which makes their Social Security benefits drop as well. Women carry much of the responsibility of parenthood regardless of the truth that more guys are starting to be responsible for it also.
Retirement was discussed in the study a little bit more. Here are stats of how parenthood impacts it:
Only 65 percent of mothers take their full match for 401(k)s and other retirement programs through employers. About 45 percent have less than $25,000 in the programs like those. Only $88,000 in savings was usually in retirement for the ladies who still had children at home. About 46 percent of ladies had no plan to get to retirement while 60 percent are feeling unprepared.
Generation distinctions were also looked at in the study.
Females 35 years and older said that they had “barriers” preventing savings 74 percent of the time while 25 to 34 year olds had a different rate. About 86 percent of them had barriers. About 47 percent of females admit they used extra cash in savings for entertainment while only 6 percent of younger women even put cash in.
Of the women surveyed 50 and older, for whom retirement is not so far away, nearly half had never sat down to calculate how much they would need for retirement. Somewhat less than a 3rd had any investment plan to prepare for retirement.
Issue is life
Maliz Beams is the CEO of ING United States Retirement. She said:
"It is clear that many women -- regardless of their age or life stage -- must do more to save for their retirement. The combination of living longer and saving less can hamper a woman's ability to reach her goals."