Retirement Planning Differs Between Genders

Jan 24, 2012 --- Men and women are preparing for retirement in very different ways, according to research released by Ameriprise Financial. ---

Findings from the New Retirement Mindscape City Pulse index indicate that while men outpace women in planning for the financial aspects of retirement (77% vs. 72%), women are more likely to say they have thought about what they would like to do during retirement. Overall, 22% of respondents report confidence in reaching their retirement goals, but men are more likely than women to report this sentiment (25% vs. 19%).  

More than half of men (54%) report setting aside money in their own investments (such as stocks and IRAs) compared to 46% of women who say they have done the same. Men are also more likely than women to report that they have determined the amount of income needed in retirement (31% vs. 20%).   

Ameriprise said this additional financial preparation may be one reason men are more likely than women to say they feel on track for retirement (41% vs. 34%) and express confidence in their overall financial futures (22% vs. 16%).  

Women are more likely to report that family and health take a prominent role in their planning. They are more likely than men to say they plan to spend more time with family during retirement (41% vs. 34%) and that proximity to family is a very important factor in determining where they will retire (40% vs. 27%). They are also more likely than men to place importance on their proximity to friends and other retirees (21% vs. 13%).  

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