In addition to working longer, 46 percent of women also feel that they’ll need to reduce their standard of living in retirement while only 37 percent of men felt the same. Conversely, half of the men surveyed believed that they will live just as well if not better in retirement. Only a third of women were this optimistic.
Life expectancy is also a contributing factor. Only 17 percent of men are divorced or windowed within the first five to 10 years after retirement whereas a third of women are. After 11 years, the number of single or divorced men stays about the same while the number of women jumps to almost half.
The gender pay gap is not the only issue when it comes to a woman’s retirement readiness but it does influence a lot of financial decisions that women make for the future. Being proactive and reaching out for guidance can help get some women back on track for a comfortable retirement.
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Any opinions are those of Thomas B. Fleishel and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected.