Preparing a financial strategy for retirement can be tricky, no matter what position an individual is in. This may be an even more difficult task for some women, as their monetary confidence may not be as high as it could be.
Just 7 percent of women polled felt they were confident in their chances to retire comfortably, according to a report from the Transamerica Center for Retirement Studies. More than 40 percent of those surveyed felt that they will work into their 70s, or never retire.
Approximately 52 percent noted that they would work in some capacity once they reached retirement, the report explained. For baby boomers, nearly two-thirds said they would be without any other option if they entered retirement unexpectedly.
“Our research has found that women around the world are concerned that future generations of retirees will be worse off than current retirees,” said Catherine Collinson, president of TCRS. “In the United States, women can take greater control of their financial futures by taking small steps today that can ultimately lead to a giant leap in terms of their long-term retirement readiness.”
More than half of women polled felt that they needed to have information on retirement that was easier to manage, as their current information may be too difficult to comprehend, the report noted. Just 35 percent of women worked with a professional who deals with financial topics. Close to 60 percent of those surveyed also have not used a professional or a retirement calculator, instead guessing the amount of money they will need.
Financial struggles remain for some women
Getting enough money to properly manage retirement can be important, but a number of women are also having difficulty navigating their day-to-day financial strategies. According to a report from Consumers’ Research provided to USA Today, 60 percent of single women are struggling to pay for their expenses. Just 45 percent of all people surveyed said the same thing.
This may suggest that some people are not paying attention to how much they earn, and are spending more money than they have on a regular basis, the report noted.
“I would say that those two are the same thing,” said Joe Colangelo, executive director of Consumers’ Research. “If you aren’t making enough to support your lifestyle, you need to make some life and habit changes.”
Nearly 60 percent of those women between the ages of 50 and 59 are overspending, the report added.