Source: National Institute on Retirement Security

Women face an uphill climb when it comes to preparing for retirement. They earn less than men, often take time away from the workforce for caregiving, they live longer, and are less likely to have access to a retirement plan at work. In fact, U.S. Census Bureau data show that half of women ages 55 to 66 have no personal retirement savings.

What Do Women Think About Retirement? is a research infographic that presents women’s views of retirement based upon a National Institute on Retirement Security nationwide public opinion survey. The research finds:

  • U.S. women are worried about retirement. When asked if the nation faces a retirement crisis, 80 percent of women agree there indeed is a retirement crisis and 81 percent say employers should contribute more money to workers’ retirement plans. More than three-fourths (76 percent) say retirement is only getting harder, and it’s getting harder due to inflation (77 percent), rising healthcare costs (77 percent), debt (58 percent), and fewer pensions (58 percent).
  • Women express strong support for pensions. Eighty-two percent of women say that all workers should have a pension so they can be independent and self-reliant in retirement, and 75 percent say the disappearance of pensions has made it harder to achieve the American Dream. Seventy-five percent say those with a pension are more likely to have a secure retirement, and about three-fourths (73 percent) have a favorable view of pensions.
  • Women want action now to safeguard Social Security. Nearly all women (89 percent) say it is important for the next administration to work with Congress to develop a Social Security funding solution. Also, 87 percent of women say the program must remain a priority no matter the state of federal budget deficits, while 86 percent say Congress should act now to shore up Social Security funding rather than waiting another ten years to find a solution.
  • Working age American women are worried about long-term care costs in retirement. Eighty-one percent of women are worried about the costs of long-term care, and only 38 percent feel confident they will be able to pay for any needed long-term care costs. Most women (86 percent) agree that the government should do more to help Americans get access to quality long-term care when the need arises.

The findings are based upon a national survey of working age Americans conducted by Greenwald Research and is a supplement to a recent report, Retirement Insecurity 2024: Americans’ Views of Retirement. Read the report.