Core Insights - Women are planning for longer life expectancies, with a median anticipated life expectancy of 90 years according to a survey from the Transamerica Center for Retirement Studies [2] - Despite this expectation, many women lack sufficient retirement savings, with 27% of Generation X women and 19% of baby boomer women reporting savings of less than $25,000 [3][4] - Factors contributing to lower retirement savings among women include persistent gender pay gaps, career interruptions for caregiving, and limited access to retirement plans compared to men [4][5] Retirement Savings Status - A significant percentage of women have saved very little for retirement, with 22% of women having saved less than $10,000 or nothing at all, compared to 15% of men [3][4] - Across all generations, men report significantly higher median household retirement savings than women [3] Contributing Factors - The wage gap, caregiving responsibilities, and reduced access to retirement benefits are key reasons for the disparity in retirement savings between men and women [5][6] - Women typically receive smaller Social Security benefits due to lower lifetime earnings, as benefits are calculated based on the 35 highest earning years [6] Strategies for Improvement - Women can enhance their retirement savings by taking several steps, including saving early, working longer, and delaying Social Security benefits to maximize monthly payouts [4][7] - Delaying Social Security benefits until age 70 can result in an increase of 8% per year, leading to a benefit that is 124% of what would be received at full retirement age [8] - Research indicates that couples often retire around the same time, and since women tend to marry older men, they may retire earlier than their spouses, potentially missing out on higher benefits [9]

Core Insights - Women anticipate living longer, with a median life expectancy of 90 years, yet many lack sufficient retirement savings [2][7] - A significant percentage of women, specifically 27% of Generation X and 19% of baby boomer women, have saved less than $25,000 for retirement [3][7] - Factors contributing to lower retirement savings among women include the wage gap, caregiving responsibilities, and limited access to retirement benefits [4][7] Retirement Savings Challenges - Women generally receive smaller Social Security benefits due to lower lifetime earnings, which are based on the highest 35 earning years [5][7] - The life expectancy for men is 75.8 years, while for women it is 81.1 years, highlighting the disparity in retirement preparedness [4] Strategies for Improvement - Women can enhance their retirement savings by delaying Social Security benefits, which can lead to higher monthly payments [8][9] - Working longer can also contribute to increased retirement savings and delayed Social Security collection, benefiting from higher earnings [9] - Starting to save for retirement as early as possible allows individuals to take advantage of compound interest, significantly increasing retirement funds over time [10]