Corebridge Financial Research Finds Retirement Expectations of Women Don’t Always Meet Realities
Study findings shed light on retirement from the point of view of those already retired and those still in their working years, with key insights into surprises, concerns and helpful actions
While
“It’s encouraging to see more than half of retired women feeling good about their current financial situations, but there are clearly some stark differences between expectations for retirement and the realities,” said Terri Fiedler, President of Retirement Services at Corebridge Financial. “Women are both starting retirement earlier than expected and managing costs that are higher than anticipated. These dual challenges point to the importance of creating an action plan early in your working years that can help you both build your retirement savings and make them last throughout your retirement.”
Learning from those before you
Less than half (
Behind inflation (
Among retired women, the number one financial step they say they got right in their preparation for retirement is working with a financial professional, cited by
“Retired women’s reflections are like messages from the future and hopefully inspire younger women to take those crucial first and next steps toward a secure retirement,” Fiedler said. “At the same time, it’s important for those already in retirement to remember that it’s never too late to take action no matter where they are in their financial journey.”
Action steps for retirement savers and retirees
For non-retirees and retirees alike, there can be obstacles to taking action that address financial concerns. Nearly four in ten (
Despite these challenges, women appear determined to take action. Sixty-one percent of women say they are actively working to address their concerns, including
Here are some action steps women can take to move their financial futures forward:
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Envision your retirement: The most popular action step women in their working years are taking to address their financial concerns is conducting research to understand their retirement needs according to the Corebridge survey. This is an important first step, as creating an accurate picture of the retirement you envision can help identify what savings and investment strategies you might need. Looking ahead, non-retired women most commonly envision their retirement to include spending time with loved ones (
39% ), traveling (36% ) and picking up new hobbies (33% ). -
Start saving now and maximize contributions: With
63% of retired women saying they wish they had started saving earlier and31% saying they wish they had contributed more of each paycheck into their retirement plan, the message is clear: Start contributing to a workplace retirement plan as early as you can. Where possible, try to contribute enough to take advantage of employer matching. -
Create your own lifetime income for retirement: Among both retired and non-retired female respondents, the combined category of savings/money market accounts represents the most widely owned asset. However, the second most widely owned asset among retired women (
33% ) is a pension, compared to just9% of non-retired women who say they have one. Conversely,31% of non-retired women said they have a workplace retirement account, compared to16% of retired women. This reversal of ownership reflects a changing retirement landscape in which the responsibility to secure a lifetime income stream is increasingly shifting to individuals. Perhaps not surprisingly, retired women surveyed were nearly three times as likely to own an annuity compared to non-retired women at ownership rates of13% and5% respectively. -
Consider working with a financial professional: The Corebridge survey finds that working with a financial professional is strongly correlated with better financial health and confidence. Nearly three in five women who work with a financial professional (
59% ) rate their financial health positively, compared to just33% who do not. Women who use a financial professional also feel more confident in their financial capabilities, especially when it comes to retirement and making investments. Nearly three in five women who work with a financial professional (57% ) have confidence in their ability to plan for retirement, and46% are confident in their ability to make sound investments compared to just24% and18% respectively among those who don’t.
Additional insights on the 2024 Women Speak Out on Money Matters survey can be found at Corebridge Insights & Education.
Methodology
The 2024 Corebridge Financial Women Speak Out on Money Matters study is based on online survey responses conducted by Morning Consult on behalf of Corebridge Financial between May 2-8, 2024, among a national sample of 4,023 adults (2,574 women and 1,439 men).
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than
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Işıl Müderrisoğlu (Investors): investorrelations@corebridgefinancial.com
Jay Russo (Media): jay.russo@corebridgefinancial.com
Source: Corebridge Financial