We commemorate and encourage the study, observance and celebration of the vital role of women in American history.
The Nationwide Retirement Institute® recently conducted a survey that focused on women and retirement.1 This study uncovered how some women are feeling about their retirement planning.
The survey revealed key findings, including how inflation has shaken women's retirement security and confidence. Additionally, female participants are delaying their retirement at a greater rate than their male counterparts due to concerns about inflation and market volatility.
More than 6 in 10 female retirement plan participants (62%) are either expecting to retire later than originally planned or don’t believe they will ever be able to retire because of inflation, compared with 47% of men. That’s a significant jump from 2021, when only 1 in 4 women expected to postpone or cancel their retirement due to the COVID-19 pandemic.2
More than half of female participants (56%) feel worried when thinking about where they are with their current retirement plan and financial investments. That represents a 22% uptick from 2021. And 57% of those who are delaying or cancelling their retirement due to inflation say it has negatively affected their mental health, versus 48% of men.
Additionally, the survey also showed that 92% of female participants would be at least somewhat likely to roll over a portion of their current retirement savings into a guaranteed lifetime income option if they had the opportunity to do so.
These stats highlight a big opportunity for plan sponsors to support female plan participants with solutions that can help provide confidence, such as investment options that offer guaranteed lifetime income.