Women's retirement prospects increasingly grim: study
A significant number of women seem to be adopting a precarious retirement planning strategy.
According to a recent survey conducted by the Transamerica Center for Retirement Studies nearly half of women expect to keep working past age 70. What’s worse, nearly one in five of those quizzed admit that they actually have no plan to retire whatsoever.
That’s great, assuming you can hang on to a job that long. But how many of us actually end up doing that?
Not as many as you might think.
Today’s workers may presume they’ll work longer before retiring, but data from the Employee Benefit Research Institute suggests otherwise.
While only 28% of those looking at retirement today say they expect to retire before age 65, the recent evidence is that close to two thirds of today’s retirees actually stopped working well before then.
What’s more, while one third of today’s pre-retirees say they want to keep working until at least age 70, history shows that less than 10% have actually stayed on the job that long.
Some of these, of course, were simply able to leave work much earlier than planned. But others dropped out of the workforce thanks to layoffs, disability, illness or – and this is particularly true for women – to take care an ailing family member.
The bottom line: Don’t base your retirement plan on circumstances that are largely out of your hands.
Are you, or the women you know, planning on working forever? As a women, what are you doing to improve the odds?
By Gordon Powers, MSN Money