Survey Says Women Behind in Retirement Savings

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Survey Says Women Behind in Retirement Savings
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Survey Says Women Behind in Retirement Savings

Fox Business reported that a Prudential Financial survey highlights a looming retirement crisis for women, who have saved only one-third of what men have for retirement. The survey, involving 905 Americans aged 55 to 75, revealed median retirement savings of $157,000 for men and just $50,000 for women. Experts posit that women are more likely to prioritize family needs over savings.

More from Fox Business:

The survey also found that 55-year-old Americans are financially unprepared for retirement, with the median savings for that age range at about $47,950 compared to the $446,565 recommended by Prudential – an amount that's about eight times the average U.S. salary.

Two-thirds of 55-year-olds said they fear outliving their retirement savings, compared to 59% of 65-year-olds and 52% of 75-year-olds.

What’s not clear is whether these are single men and women and, if not, expenses and accounts are combined.

I can’t even imagine being less than 10 years from retirement — though I wish I was! Is now a good time to pitch upgrading to a paid membership? 😜

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