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
10 Times You’re Right to Be a Cheapskate
10 Times You’re Right to Be a Cheapskate

Sometimes, clever shoppers can save money without sacrificing quality. Here are some great examples of how to do it.

Don’t Toss These 7 Household Items — Sell Them
Don’t Toss These 7 Household Items — Sell Them

Here’s how to earn cash as you give new life to these unwanted items.

Have You Heard of This Best Place to Retire in 2020?
Have You Heard of This Best Place to Retire in 2020?

The best place to retire in America is one you likely are not familiar with.

7 Ways to Shop at Costco Without a Membership
7 Ways to Shop at Costco Without a Membership

You don’t necessarily need to join to get in on the warehouse store’s savings.

Drivers Give These 5 Car Insurers the Highest Marks
Drivers Give These 5 Car Insurers the Highest Marks

One company claimed the top ranking in several categories.

View this page without ads

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

Get Started

Most Popular
9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

11 Things Retirees Should Always Buy at Costco
11 Things Retirees Should Always Buy at Costco

This leader in bulk shopping is a great place to find discounts in the fixed-income years.

Over 50? The CDC Says You Need These 4 Vaccines
Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

The 15 Worst States for Retirees in 2020
The 15 Worst States for Retirees in 2020

Based on dozens of metrics tied to affordability, quality of life and health care, these are not ideal places to spend retirement.

11 Household Items That Go Bad — or Become Dangerous
11 Household Items That Go Bad — or Become Dangerous

When you get the impulse to stockpile these everyday items, pay close attention to their expiration dates.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

8 Things You Can Get for Free at Pharmacies
8 Things You Can Get for Free at Pharmacies

In this age of higher-priced drugs and complex health care systems, a trip to the pharmacy can spark worry. Freebies sure do help.

These Are the 4 Best Medicare Advantage Plans for 2020
These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

The 10 Most Commonly Stolen Vehicles in America
The 10 Most Commonly Stolen Vehicles in America

A new model parks atop the list of vehicles that thieves love to pilfer.

This Is the Cheapest Place to Buy a Used Car
This Is the Cheapest Place to Buy a Used Car

Looking for a good deal on a set of wheels? This should be your first stop.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

10 Things the Pandemic Is Making Obsolete
10 Things the Pandemic Is Making Obsolete

Even if a COVID-19 vaccine is discovered tomorrow, it’s unlikely we will ever return to these ways of life.

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.

26 States That Do Not Tax Social Security Income
26 States That Do Not Tax Social Security Income

These states won’t tax any of your Social Security income — and in some cases, other types of retirement income.

Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?
Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?

You could save more than $30,000 by setting aside these costly expenses for just one year.

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.

5 Keys to Making Your Car Last for 200,000 Miles
5 Keys to Making Your Car Last for 200,000 Miles

Pushing your car to 200,000 miles — and beyond — can save you piles of cash. Here’s how to get there.

10 Reasons Why You Should Actually Retire at 62
10 Reasons Why You Should Actually Retire at 62

If you can, here are several good reasons to retire earlier than we’re told to.

5 Things That Make Life More Meaningful for Retirees
5 Things That Make Life More Meaningful for Retirees

Retirees agree: These are the things that give them purpose and fulfillment in their golden years.

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.