« Do you have what it takes to be an entrepreneur? | Main | Lotto winners more prone to bankruptcy than lotto losers: study »

September 07, 2021

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



Post a comment


Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

James HaversJames Havers

James is the senior editor of MSN Money living in Toronto. He has worked for the Nikkei Shimbun (Tokyo),,, Canadian Business and other publications. Havers turned to journalism after teaching overseas.

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...