While 51% of retired women describe their current financial health as good or very good, 63% wish they began saving earlier, knowing what they know now. Just 27% say they began saving and investing between the ages of 18-29. Taking that a step further, 42% of retired women say they did not begin prioritizing their financial and retirement planning until 41 years old or later, and 20% said they still have not started.

“It’s encouraging to see more than half of retired women feeling good about their current financial situations, but there are clearly some stark differences between expectations for retirement and the realities,” said Terri Fiedler, President of Retirement Services at Corebridge Financial. “Women are both starting retirement earlier than expected and managing costs that are higher than anticipated. These dual challenges point to the importance of creating an action plan early in your working years that can help you both build your retirement savings and make them last throughout your retirement.”

Less than half (46%) of women in their working years feel like they are on the right track for retirement. For these women, learning from the reflections and insights of those already in retirement can go a long way in helping achieve their own retirement success.
Behind inflation (52%), non-retired women rank the ability to retire comfortably (34%) and running out of money in retirement (30%) as their top financial concerns. These stressors closely align with those of retired women who rank inflation (57%) and running out of money in retirement (39%) as their biggest financial concerns, suggesting the realities of a longer, more expensive retirement.

Among retired women, the number one financial step they say they got right in their preparation for retirement is working with a financial professional, cited by 35% of respondents. Though 38% of retired women working with a financial professional wish they began that relationship sooner. Saving early and contributing more to their employer retirement savings plan rounded out the top three actions retirees felt helped prepare them for retirement.

“Retired women’s reflections are like messages from the future and hopefully inspire younger women to take those crucial first and next steps toward a secure retirement,” Fiedler said. “At the same time, it’s important for those already in retirement to remember that it’s never too late to take action no matter where they are in their financial journey.”

For non-retirees and retirees alike, there can be obstacles to taking action that address financial concerns. Nearly four in ten (37%) non-retired women say that addressing their financial concerns causes them too much stress. Among retired women, 31% say they are not in a position to address their financial concerns.

“Employers can help working women prevent regrets in retirement by ensuring they’re looking forward and taking action today,” said Fiedler. “We heard loud and clear in our survey – 63% of retired women wish they began saving earlier, 42% said they did not begin prioritizing their financial and retirement planning until 41 years old or later, and 20% said they still have not started. This reflects an important opportunity for employers to keep retirement top of mind for colleagues and help them put the power of time on their side.”

Related: Retirement crisis is coming: Women say Congress, employers should do more

Some ideas that employers can consider, according to Fiedler: 

• Target personalized communications and education. This encourages saving and helps individuals plan. “Reach out to those just starting their careers about saving early and utilizing employer matching to incent increased contributions,” said Fiedler. “For those who may be nearing retirement, information about catch-up contributions may be helpful. Where allowed, make auto-enrollment and auto-escalation default features to ensure employees get on track and stay on track.   
• Work with a plan provider who offers employees the guidance of financial professionals. “The number one thing retired women say they got right when preparing for retirement is working with a financial professional,” said Fiedler. “For many, the workplace is the ‘gateway’ to retirement saving and planning due to the simplicity and convenience – offering employees one-on-one access to financial professionals as part of their plan can help individuals get retirement guidance that they might not otherwise pursue. 
• Implement a robust education program on retirement plan features and financial wellness concepts like saving and budgeting. “That can include offering employees digital planning tools, webinars and workshops as part of their overall retirement plan experience,” said Fiedler. “Use plan data to monitor the plan’s overall health to help define and monitor plan goals, identify trends and make informed decisions on actions that can help improve plan engagement.”