American women continue to face a difficult path to a secure retirement. According to a research report from the Transamerica Center on Retirement Studies, only 1 in 10 are “very confident” they will be able to retire comfortably.
More than half of women surveyed said they are just guessing at how much money they’ll need to feel secure once they retire. Women are likely to need more money than men thanks to a longer projected lifespan, and the greater likelihood to need more money to cover medical bills.
The report finds women estimate they’ll need to have saved a median amount of $500,000 to feel financially secure when they retire, which is the same estimate men come up with. However, 56 percent of women who have an estimate say they “guessed” at the amount, with just 8 percent having used a calculator or completed a worksheet to come up with their estimate.