Women stressed out over retirement savings lag

Nearly half of women say their retirement savings are behind schedule — and they may have trouble ever catching up, with 60% of retired women saying they had to stop working earlier than they planned , according to a study.

Those are a few takeaways from Goldman Sachs’ annual Retirement Survey & Insights Report showing a wide gulf between men and women on retirement security. Using a rule of thumb for retirement income, 80% of retired women are not making enough versus 70% of men . Even worse, 35% of women are receiving less than 40% of their preretirement income versus 22% of men.

EBRI: More than half retired earlier than planned

More than half of current retirees ages 62 to 75 surveyed say they retired from their jobs earlier than planned , according to the Employee Benefit Research Institute’s 2022 Spending in Retirement Survey. Most cited health reasons or the ability to retire early as why they left the workforce.

However, not all retirees stayed out of the workforce once they retired. In fact, one out of three respondents currently have experience in working after being retired from their primary career

Some of the reasons they gave for returning to the workforce included additional income, insurance benefits and delaying Social Security benefits.

Younger investors check

Although it is widely understood that women typically lag men finan cially, the Goldman Sachs survey showed just how wide that divide is. For example, 49% of women said their retirement savings were behind schedule versus 35% of men , with 24% of women saying they were way behind in savings versus 14% of men.

Women are less confident than men are that they will be able to meet their retirement goals, with 33% of women saying they are concerned about it versus 19% of men. Nearly half (47%) of women have some level of confidence that they will meet their retirement needs versus 68% of men.

Although only half of women are at least somewhat confident they will meet their retirement needs, even they might be optimistic. More than 60% of women said that they retired earlier than planned. And of that per centage, 66% retired for reasons outside their control.

21% of investors don’t think they pay fees

More than a fifth of investors don’t think they pay any fees for their nonretirement accounts , the Financial Industry Regulatory Authority found. Most of them, however, are likely wrong — and that knowledge gap could cost them big money in the long term.

Sleep on it

81% of U.S. adults who work with a financial advisor say they feel happier and sleep better.

An additional 17% of investors told a recent ratio.”

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