Retirement – What Women Want

 A Fidelity survey about retirement revealed some interesting facts regarding men’s and women’s differing hopes for retirement. The extensive survey, which gathered data from 9,372 preretirees and 2,293 retirees, showed that men and women have different expectations for their post-working lives.

For example, nearly 60% of men hope to spend more time with their spouse or partner while only 43% of women are hoping for the same thing. On the other hand, 71% of women are hoping to spend more time with their grandchildren. Some experts claim that one of the main reasons women want to retire is so they can offer emotional support to their children and grandchildren.

 

Emotional Support for Children and Grandchildren

The Fidelity survey revealed that more women than men say a relative depends on them for emotional support. Having the time to offer this support can be very important to women during their retirement years. As you create your retirement plan, consider your own hopes and desires.

If you want to spend more time with children and grandchildren, what can you do to make that happen? Would it make sense to downsize your home and move closer to relatives who need your support? Could you alter your savings plan to provide more money for traveling to family during retirement? You’re more likely to be in a position to offer support to your family if you plan for it now.

 

Greater Longevity for Women

Australian women live an average of four years longer than Australian men (84.4 years for women and 80.3 years for men, as of 2014). Therefore, women need to be prepared for a longer retirement. As you work through your retirement financial planning with your adviser, make sure you consider your greater longevity.

 

Realistic Perceptions

Men tend to think of retirement as an extended vacation, while women approach retirement with more realistic expectations. The Fidelity survey showed that more women report having seriously thought about their retirement age than men (59% of women compared to 45% of men). 

Women tend to work fewer hours than men and take time off for raising children, and these factors can make retirement planning more difficult. Combine this with the fact that women live longer, and you can see how important saving for retirement can be for women.

If you haven’t already done so, sit down and create a written retirement plan. Figure out how much you’ll need to cover expenses and then calculate how much you should be salary sacrificing now in order to reach your retirement goals.

For more information about planning for retirement, download our comprehensive retirement planning guide below.