Although women face higher health care expenses and a greater risk for long term care, they may be less prepared for the economic realities of retirement, according to a new study.
The 2011 Retirement Confidence Study from the non-profit Employee Benefits Research Institute found that women are less confident than men when it comes to retirement planning. While 27 percent of men believe they are doing a good job preparing financially for retirement, just 18 percent of women say the same. Additionally, men are less concerned about having enough money to take care of basic expenses during retirement (32 percent of men versus 24 percent of women).
And although men and women are equally concerned about receiving benefits from Social Security in the future, women are more likely than men to be "very concerned" that that Social Security payments will be reduced (68 percent of women versus 52 percent of men) and the age at which they become eligible for Social Security retirement benefits will increase before they retire (54 percent of women versus 44 percent of men).
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Despite their fears about the future of Social Security, women seem to be more willing to rely on it as a future source of income; 82 percent of women report that Social Security will be a source of income in retirement, compared to 72 percent of men.
And women are saving less for retirement, too, despite their longer life expectancies. Women are more likely than men (35 percent versus 26 percent) to think they will need less than $250,000 for retirement. Twelve percent of women say they do not know how much they need to save, while only 5 percent of men said they were unsure of their savings needs. Men are also more likely to believe they need more than $1 million for retirement.
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