Majority of women agree a retirement storm is brewing

Majority of women agree a retirement storm is brewing
Faced with rising living costs and debt, majority of women call for immediate action on Social Security and pension plans.
APR 29, 2024

A new survey has found American women are deeply concerned as a nationwide crisis adds to their already-gray prospects for retirement.

According to the poll conducted by Greenwald Research for the National Institute on Retirement Security, 80 percent of working-age women in the US believe the nation is facing a retirement crisis, while 78 percent of respondents feel that workers cannot save enough independently to ensure a secure retirement.

Dan Doonan, executive director of NIRS, highlighted several challenges contributing to women's retirement woes.

"The wage gap is stubbornly persistent for women and they typically live longer than men. Women are less likely to have access to a workplace retirement plan and have caregiving demands throughout their lifetime that often hurts their earning potential," Doonan said in a statement, stressing that while women generally require a larger nest egg, they are often in a weaker financial position compared to men.

Among the women polled, 81 percent voiced that employers should increase contributions to retirement plans. Notably, three-quarters of participants agreed that attaining a secure retirement is increasingly difficult, citing factors such as inflation, rising healthcare costs, debt accumulation, and the scarcity of pension plans.

The research uncovered strong convictions around Social Security, with 89 percent of women emphasizing how important it is for the next administration to collaborate with Congress and develop a funding solution for the federal program.

Eighty-seven percent said that Social Security must remain a priority regardless of federal budget deficits, while 86 percent urged Congress to act immediately to strengthen the program’s funding, instead of putting off solving the problem for another 10 years.

Additionally, 82 percent agreed that all workers should receive pensions to maintain independence and self-reliance in retirement. Seventy-five percent lamented the fading of pensions, linking it to a decline in the attainability of the American Dream, leading roughly 73 percent to hold a positive view of pensions.

The survey also touched on concerns about long-term care, with 81 percent of women worried about associated costs, and only 38 percent confident in their ability to manage these expenses. The majority, 86 percent, called for more government intervention in ensuring access to quality long-term care.

"If policymakers are serious about improving the financial resilience of women, they'll need to implement pragmatic retirement solutions that will help women shore up their retirement position,” Doonan said. “Women clearly see increasing pension coverage as part of the retirement equation, and they want to see action now on Social Security."

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