October 22, 2012
being more concerned than men about the potential risks they face in
retirement, fewer women complete basic retirement planning activities. ---
A study by LIMRA found 32% of women have done no retirement
planning. “Even though six in 10 women are concerned they aren't
saving enough to last throughout their retirement, we see few women taking
steps to mitigate for this risk,” said Cecilia Shiner, senior analyst,
LIMRA retirement research. Shiner noted that the LIMRA research confirmed
earlier studies finding working women, on average, have accumulated 40% less
than men for retirement.
Among the retirement planning activities listed by LIMRA,
47% of women indicated they have determined what their income in retirement
will be, compared with 50% of men. Thirty-nine percent have determined what
their expenses in retirement will be versus 43% of men.
Thirty-eight percent of women said they have calculated the
amount of assets and investments they will have available to spend in
retirement (versus 47% of men), and 29% have estimated how many years their
assets and investments will last in retirement (versus 36% of men). Just
one-quarter of women (26%) have identified the activities they are likely to
engage in during retirement and their likely costs, while one-third (33%) of
men have done the same.