Although the differences are not good, "Retirement Revealed," a brand new report from the ING Retirement Research Institute, concludes that males are more ready to retire than women. Source of article: Women slightly less ready to retire than men
More guys saving
Of those who reported having a savings, women had an average savings of 108,000 and men had an average savings on $149,000. Guys had 50 percent more than women on average. This difference in savings is probably where the biggest difference between males and females is seen when it comes to being ready for retirement.
About 58 percent of guys in the ING report said that they were ready for retirement while only 44 percent of women were ready. It is important to note that most Americans do not feel very ready. The numbers are far fewer than they have been in the past.
A 3rd of guys said they had retirement income investment plans while only a quarter of women had these plans.
Parenthood a bump in the road
More guys are starting to become a part of the motherhood process, but let’s be honest; females still carry most of the burden associated with children. This is a large bump in the road for retirement. Ladies have the birth the kids and often will stay home to raise them or take time off work for the kids. The Social Security benefits decrease a lot during these times also. It is also known that ladies make less than males in almost every field still in spite of the truth that the gap has decreased a ton over the years.
Here are some other statistics the study revealed about parenthood and how it affects retirement preparedness:
About 46 percent of ladies do not even know how you can get to retirement goals while 60 percent feel unprepared entirely. Ladies with kids at home had an average of $88,000 in savings. About 65 percent were using the full match in 401(k)s and other programs provided by employers, and 45 percent of females have less than $25,000 in those programs supported by the employer.
May have to do with generation gaps
There were more things considered by the study. One of these things involves generation distinctions.
Women 35 years and older said that they had “barriers” preventing savings 74 percent of the time while 25 to 34 year olds had a different rate. About 86 percent of them had barriers. About 47 percent of ladies admit they used extra cash in savings for entertainment while only 6 percent of younger females even put cash in.
Of ladies 50 and older, less than a third had ever even sat down and planned for retirement. Half never calculated what they would need for retirement ever.
Issue is life
Maliz Beams is the CEO of ING United States Retirement. She said:
"It is clear that many women — regardless of their age or life stage — must do more to save for their retirement. The combination of living longer and saving less can hamper a woman’s ability to reach her goals."