Women Are Looking Forward to Retirement More Than Men Are

Photo (cc) by 401(K) 2013

Despite starting with less savings than men at retirement, and needing to fund more retirement years than their male counterparts, women are optimistic about their golden years, according to a new survey by investment adviser firm Financial Engines.

“While women have to plan for living longer and often start out retirement with less accumulated wealth due to absences from the workforce, our survey found that they are more comfortable with themselves as they get older and want to do more in retirement,” Kelly O’Donnell, executive vice president at Financial Engines, said in a statement.

Fifty-one percent of women said they’re excited about retiring, compared with 41 percent of men. Women’s enthusiasm is understandable when you consider that “women looking forward to retirement are most excited about spending more time with family and friends (74 percent), travel (58 percent), pursuing a favorite hobby or passion (56 percent) and volunteering (44 percent),” Financial Engines said. Nearly half (48 percent) said they also looked forward to sleeping in.

“After spending their lives working, raising kids, and often acting as caregivers to aging parents, many women see retirement as some much-needed and well-deserved ‘me time,’” O’Donnell said.

The survey found that although they’re excited to retire, 1 in 4 women reported feeling anxious about their finances in the future, regardless of the money they currently earn.

Their biggest financial concerns are rising health care costs (44 percent), running out of money (43 percent) and Social Security going bankrupt (30 percent).

They have reason to worry about having enough money. Financial Engines said the median 401(k) account balance for women 60 and older is $43,000, compared with $84,000 for men.

Women need to make sound financial decisions in retirement. For instance, if you claim your Social Security too early, you could miss out on “as much as $100,000 or more in benefits for individuals and $250,000 or more for married couples,” the study said.

This video by Money Talks News’ Stacy Johnson offers other retirement planning tips for women.

Other survey findings include:

  • Aging gracefully. Women (29 percent) are less worried than men (40 percent) about getting older.
  • Twiddling thumbs. Men (25 percent) are more concerned than their female counterparts (20 percent) about getting bored in retirement.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
The Annuity Everyone Needs — and Anybody Can Get
The Annuity Everyone Needs — and Anybody Can Get

This simple strategy can put more money in your pocket during retirement.

10 U.S. Jobs That Are Disappearing Fastest
10 U.S. Jobs That Are Disappearing Fastest

Think twice before pursuing these shrinking occupations.

5 Reasons You Should Work for as Long as You Live
5 Reasons You Should Work for as Long as You Live

These benefits might make you think twice about retirement.

Eat This Food If You Want to Avoid Alzheimer’s Disease
Eat This Food If You Want to Avoid Alzheimer’s Disease

One type of food associated with the Mediterranean diet offers especially large benefits.

14 Service Providers Most Likely to Lower Your Bill If You Ask
14 Service Providers Most Likely to Lower Your Bill If You Ask

With these companies, it might be easier than you think to negotiate your monthly bill down.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

How to Buy Gas At Costco Without a Membership
How to Buy Gas At Costco Without a Membership

The warehouse club often has some of the cheapest gas in town. Here’s how you can get it as a nonmember.

10 Things to Stop Buying If You Want a Clutter-Free Home
10 Things to Stop Buying If You Want a Clutter-Free Home

If you like to keep things simple, avoid these purchases.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

Vacuums from this brand can last a half-century, if not longer — and they’re hot on the resale market.

A Simple Way to Silence Robocalls Today
A Simple Way to Silence Robocalls Today

A few steps can keep your phone from ringing when a spammer calls.

This Company Makes the Best Tires in America
This Company Makes the Best Tires in America

Driver satisfaction with tires is at an all-time high, but one brand stands out.

This Health Issue Can Hint at Dementia Years in Advance
This Health Issue Can Hint at Dementia Years in Advance

One type of pain is especially associated with cognitive decline.

Can I Switch to Spousal Social Security Benefits When My Ex Dies?
Can I Switch to Spousal Social Security Benefits When My Ex Dies?

Knowing when to claim can help you maximize benefits.

Medicare Will Not Cover These 6 Medical Costs
Medicare Will Not Cover These 6 Medical Costs

Don’t let these health care expenses catch you off guard in retirement.

8 Things You Should Always Buy on Amazon
8 Things You Should Always Buy on Amazon

The giant retailer shines when it comes to these things, from basics to hard-to-find specialty goods.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

12 Deep Discounts Available on Amazon This Friday
12 Deep Discounts Available on Amazon This Friday

These items are steeply discounted — but the deals won’t last long.

5 Ways to Fill Your Pantry With Free Food
5 Ways to Fill Your Pantry With Free Food

Anyone can take advantage of these resources.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

6 Reasons You Should Stop Hiding Cash at Home
6 Reasons You Should Stop Hiding Cash at Home

Stashing money around the house is anything but harmless.

5 States With the Worst Health Care for Retirees
5 States With the Worst Health Care for Retirees

All of these states are located in the same region of the nation.

36 Things That Will Be Obsolete Soon
36 Things That Will Be Obsolete Soon

The writing is on the wall for dozens of things we have grown up with.

5 Products You Should Never Buy Generic
5 Products You Should Never Buy Generic

Sometimes the brand-name version is clearly superior.

Beware This Hidden Ingredient in Rotisserie Chicken
Beware This Hidden Ingredient in Rotisserie Chicken

Something foul may lurk in those delicious, ready-to-eat birds.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.