U.S. Faces Retirement Crisis, Working Women Say

News May 01, 2024 at 03:57 PM

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A senior woman looking at paperwork and a calculator

Eight in 10 working-age American women believe that the United States faces a retirement crisis and that the typical worker cannot save enough to guarantee a secure retirement, according to a research infographic released this week by the National Institute on Retirement Security, a research group that promotes defined benefit pensions.

The research was based on a nationwide survey conducted by Greenwald Research in October among 1,208 working individuals 25 and older.

Female respondents said that retirement is only getting harder, for these reasons:

Inflation: 77%
Rising health care costs: 77%
Rising long-term care costs: 70%
Debt: 58%
Fewer pensions: 58%

Eighty-one percent said that employers should contribute more money to workers' retirement plans.

According to 82% of women in the survey, all workers should have a pension so they can be independent and self-reliant in retirement, and 75% said the disappearance of pensions has made it harder to achieve the American dream.

Three-quarters of female respondents viewed pensions favorably and said those with one are more likely to have a secure retirement than those without.

Nine in 10 women in the survey said it is important for the next administration to work with Congress to develop a Social Security funding solution. The program must remain a priority no matter the state of federal budget deficits, they said, while insisting that Congress should act now rather than wait another 10 years to find a solution.

Eighty-one percent of women said they are worried about the costs of long-term care, and only 38% were confident that they will be able to pay for any needed long-term care costs.

Eighty-six percent said the government should do more to help Americans get access to quality long-term care when the need arises.

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