11%: Gap in how much more worried women are about running out of money in retirement than men.
Women aged 50-75 with $100,000 or more in household income were 11% more likely than their male peers to be concerned about running out of money in retirement, according to the LIMRA Secure Retirement Institute. The group surveyed workers to find that 46% of women were worried about running out of money in retirement, compared with 35% of men. These concerns are understandable, given that as of the first quarter of 2014, the median wage for women is 83% of what it is for men, according to the Bureau of Labor Statistics. Lower earnings can often lead to lower savings for retirement.
Plan sponsors and their advisors can be well positioned to help participants of both sexes get ready for retirement. One easy method to consider is educating them about their options to build a retirement nest egg, and educating participants about contributing to their DC plan account. Knowledge may well bring peace of mind.
- “Concerned about Money in Retirement, Women See Value in Financial Advice,” July, 2014
- “Usual Weekly Earnings of Wage and Salary Workers First Quarter 2014,” Bureau of Labor Statistics, U.S. Department of Labor