Women worried about finances in retirement
Approximately forty percent of women in the age group 30 to 56 reported in a recently available research are anxious concerning their finances during their retirement. The trend is that they believe they will likely be at or very near the poverty line because they are not able to sufficiently save for their retirement.
Women of color tend to be most worried concerning their capacity of saving for their retirement life
The 2005 National Women’s Retirement Report discovered that a lot of women of color tend to be most worried concerning their capacity of saving for their retirement life. While at the same time 53% of the same group of women say they expect to live at or near the poverty level throughout their years of retirement, only 33% among all males believe to encounter a similar challenge.
The report commissioned by way of the Heinz Family Philanthropies and under the direct guidance of the Chairman Teresa Heinz who is also the founder of the Women’s Institute for a Secure Retirement.
- The following are several of the report’s additional meaningful conclusions.
- 52% of women anticipate having to keep working after they retire, among them are 57% women of Hispanic descent.
- 54% of women will have practically no money with which to save for their retirement after paying their bills, which rises to 62% for females of Hispanic and Afro-American descent
- 62% of women in the report responded “No” to the question “At present, do you feel that you are saving enough money for your retirement?”, That rose to 74% for women of Hispanic and Afro-American descent
Difficulties saving for their retirement
The women in the report were asked about difficulties saving for their retirement, Afro-American women were greater than two times as more likely to reference “financial responsibility for grown children or grandchildren” than white women as the main reason why they are unable to save about their retirement. 65% of those women reportedly told the report that they spent between $100 and $100 on them each month.
The report was commissioned by the Heinz Family Philanthropies and polled over 1,700 adult women, the Christie and Barbara Lee Foundations along with others helped understand the most important pension savings difficulties women are contending with today and aim to employ the statistics to cultivate new approaches to aid women to become financially secure in their later years.