A recent article from Plansponsor focused on a survey conducted by the Transamerica Center for Retirement Studies which suggests that women are less likely to achieve a secure retirement than men.
A few of the findings from the survey are:
- 7% of women are “very confident” they will be able to retire comfortably
- 65% of Baby Boomer women don’t have a back-up plan if they have to retire earlier than planned
- 43% of women expect they will work until they are 70 or don’t plan to retire at all
- 45% of women work part-time, which may make them ineligible to participate in an employer sponsored retirement plan
- The median contribution percentage for women offered an employee sponsored retirement plan is 6%
- Women want information that is easier to understand
The article suggests expanding Plan eligibility to include part-time workers and starting with a good education program to increase participant awareness of the tax advantages of retirement savings may help to improve the outlook for women in retirement.
Does your Plan take into consideration women’s education needs when constructing their education program?