Since, in general, women live longer than their male counterparts, a robust retirement savings plan is even more critical.
Saving for retirement can be challenging for anyone, but especially for business owners who invest much of their own savings and earnings into their companies. Although to many entrepreneurs funding a business and saving for retirement may seem like mutually exclusive propositions, they should not be. And since, in general, women live longer than their male counterparts, a robust retirement savings plan is even more critical for them.
To better understand the views of women retirement savers in general, a review of the Transamerica Center for Retirement Studies’ December 2016 survey is beneficial. Some noteworthy takeaways from the survey are:
- 46 percent of the women surveyed are not confident that they will be able to fully retire comfortably.
- 56 percent of the women surveyed plan to work beyond the age of 65 and are unsure if they will retire at all.
- 81 percent of the women surveyed are concerned that Social Security will not be available when they reach retirement.
- 21 percent of women baby boomers (born between 1946 and 1964) have no backup plan if they find themselves forced into retirement earlier than expected.
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