Core Insights - Women are saving significantly less for retirement compared to men, with median total savings of $56,000 for women versus $92,000 for men, indicating a substantial savings gap that could affect their financial future [1] Group 1: Retirement Savings by Generation - Baby Boomer women (ages 61 to 79) have a median retirement savings of $165,000, which is considered a substantial nest egg but requires preservation strategies [3] - Generation X women (ages 45 to 60) have a median retirement savings of only $77,000, raising concerns about their preparedness for retirement as they approach this milestone [5][6] Group 2: Social Security Benefits - Understanding Social Security benefits is crucial, as many individuals claim benefits at age 62, which results in a reduced monthly check; delaying benefits until full retirement age (around 67) or even age 70 can lead to larger monthly payouts [4] Group 3: Financial Planning Recommendations - It is essential for individuals to assess their overall financial situation, identify any shortfalls or risks, and explore options to reduce living expenses or find affordable housing [5] - Generation X women are encouraged to enhance their employability by updating job skills, networking, and participating in professional development programs to increase their earning potential before retirement [6]