PLANADVISER - May/June 2018 - 15

Women Worry About Retirement
Only 25% think life after work will be better
THE majority of women have a poor
outlook on retirement, the Nationwide
Retirement Institute found in a Harris
Poll survey.
A mere 25%-vs. 31% last year-
expect life will improve once full-time
employment ends. Surveyed were
1,012 adults-473 being women-ages
50 and older who are either retired
or planning to retire in the next 10
years. Another of this year's findings:
26% of women said life in retirement
is, or they expect it to be, worse. Their
primary concerns are the continuation
of Social Security and rising health
care costs.
" Today, there
are 47.5 million
single Americans
who are age
65 or older. "
Security to cover 58% of their expenses
in retirement. Eighteen percent look
to it to cover between 91% and 100%.
Nonetheless, 75% worry that Social
Security will run out of funding in
their lifetime, up from 62% last year.
Fifty-eight percent believe the Trump
administration will make cuts to
Social Security. Among retirees, 26%
say health care expenses are keeping
them from living the life they would
like to be living.
According to additional research
by the LIMRA Secure Retirement Institute
(SRI), single retirees, particularly
single women, are more concerned
about outliving their savings. While
71% of married retirees are confident
they will maintain their chosen lifestyle,
this is true for only 64% of single
retirees. Additionally, 40% of single
retirees overall believe their savings
will run out before age 90, as do nearly
half of single women.
" We have long known that longevity
risk is greater for women, " says Jafor
Iqbal, assistant vice president at
LIMRA SRI. " Because essential living
expenses are proportionately higher
TALKING POINTS
Covering Health Care in Retirement
A 65-year-old couple retiring this year will
need $280,000 to cover health care and
medical expenses throughout retirement.
This is a 2% increase from 2017-and a 75%
increase from the first estimate in 2002.
Source: Fidelity Investments
On average, women expect Social How America Saves
According to a recent survey of 1,000 adult
Americans, people save, on average, 7.6%
of their salary for retirement. The average is
8.9% for men and 6.4% for women.
Source: PenFed Credit Union
401(k) Participants
A recent analyis of tax data shows 63% of
workers ages 26 - 64 or their spouse participated
in a retirement plan in 2014-higher
than the latest U.S. Census Bureau finding.
Source: Investment Company Institute
planadviser.com may-june 2018 | 15
for single-person households than
[for couple households],
the risk of
running out of money is greater for all
single people as they age, " Iqbal says.
" Today, there are 47.5 million single
Americans who are age 65 or older. "
-Lee Barney
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PLANADVISER - May/June 2018

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