4 Top Retirement Fears Women Face — and How Smart Planning Helps

Core Insights - Women face significant challenges in retirement planning, primarily due to the gender pay gap and longer life expectancies, which contribute to financial fears [1] Group 1: Retirement Fears - The greatest retirement fear among working women is outliving their savings and investments, with 44% expressing this concern [2] - Concerns about the future of Social Security are also prevalent, with 43% of women fearing potential reductions or the program ceasing to exist during their retirement [4] Group 2: Mitigation Strategies - To address the risk of outliving savings, women are encouraged to assess their financial situation, track income and expenses, and create a budget that supports long-term retirement savings [3] - Strategic planning regarding Social Security benefits is advised, with recommendations to delay claiming until age 70 to maximize benefits, as well as preparing for both best- and worst-case scenarios [5] - If no reforms are made to Social Security, a potential reduction of around 20% in benefits could occur, which would significantly impact expected monthly payments [6]