Women Say that Retirement Is More Expensive Than They Expected, Survey Shows | Global News Avenue

For many women, their retirement vision may be far from reality, especially when it comes to retirement expenses.

A recent study from Corebridge Financial showed that half of the women surveyed said retirement costs would be higher than they expected, while less than half said they would retire earlier than they expected.

Experts say Retire earlier than planned There may be negative financial consequences: People who retire early may not have enough savings and may need to collect social Security in advance, resulting in a smaller monthly check. Because women have longer life expectancies than men, they may need to save more for retirement or keep their money going longer.

“Women are starting to retire earlier than expected, and managing the costs are higher than expected. These twin challenges illustrate the importance of having an action plan early in your career that can help you build retirement savings and make them last throughout your career exists,” said Terri Fiedler, president of retirement services at Corebridge Financial.

Most people say they want to start saving sooner

Most (63%) women say they wish they had started save for retirement Earlier. More than 40% said they did not start prioritizing retirement until they were 41 or older.

As investors benefit from The power of compound interestthose who start saving for retirement earlier may not need to invest as aggressively as those who start later. In fact, nearly one-third (31%) of retired women surveyed said that while they were working, they wished they could contribute more to their retirement plans from each paycheck.

And at the same time More workers could rely on pensions in the pastthe responsibility for saving for retirement falls largely on the individual. A third (33%) of retired women say they have a pension, compared with 9% of non-retired women. “The ownership reversal reflects changes in the retirement environment,” the report said.