According to findings from the 18th Annual Transamerica Retirement Survey, only 12% of women in the workforce are “very confident” that they will be able to retire to a comfortable lifestyle—and 53% say they’ll keep working or not retire at all.
Among those who intend to keep working, 85% cite financial-related reasons for doing so. But they’re also concerned about health issues, with 71% also citing healthy-aging reasons (staying active, keeping their brains alert, having a sense of purpose, etc.) as reasons to continue working.
Not that they don’t dream about what retirement could look like, with 71% envisioning a future of travel, 61% spending more time with family and friends and 48% devoting themselves to hobbies they may not have time for while working. In addition, a substantial 28% are looking forward to a retirement filled with volunteer work, while 25% still focus on doing some kind of paid work; among the paying opportunities they envision are an encore career (11%), starting a business (9%) and continuing in their current field (9%).
Women are also preoccupied by financial and health fears, with 55% afraid they’ll outlive their savings and investments, 53% fearing that Social Security will be cut or eliminated altogether, 48% afraid they won’t be able to meet their families’ basic financial needs, 47% dreading ending up in long-term care and 42% fearing lack of access to adequate and affordable health care.