The Retirement Confidence Survey (RCS) was conducted for its 30^th year in 2020 to measure attitudes toward, preparations for, and understanding of the various issues/products for retirement by American workers and retirees. The RCS found that Americans as of January 2020 had near-record-high levels of confidence in having enough money to live comfortably throughout retirement. These levels held as late as the end of March 2020.

Women were found to have lower levels of retirement confidence than men. Women were also more likely to have fewer resources and prepare differently for retirement. Consequently, this study more closely examines the RCS results for women, since they face particular challenges in preparing for retirement — from lower average earnings to higher likelihoods of taking time out of the labor force for raising children. Furthermore, in retirement, women have longer life expectancies and often are younger than their spouses, potentially leaving them with more years in retirement.

Women of different marital statuses also face different challenges. Having a significant other can help with providing more resources and sharing of expenses, women who have never married are going it on their own, and divorced women are going it alone but also had a major life event that was likely to have had a significant financial impact. In retirement, women are also more likely to become widows, leaving them again on their own at a later time in their life potentially without knowing the full details of their finances. Thus, the results of the RCS are examined across the possible marital statuses of workers and retirees and their perceived and actual retirement prospects.

• The study finds 76 percent of married women expressed being very or somewhat confident they will have enough money to live comfortably throughout their retirement years, with only 43 percent of divorced women workers and 51 percent of never-married women workers sharing this confidence. Divorced and never-married women workers also have lower confidence in other aspects related to retirement. In particular, 43 percent of never-married women workers were very or somewhat confident in knowing how much money they need to save by retirement to live comfortably in retirement compared with 47 percent of divorced women workers and 69 percent of married women workers.
• Given the disparities in retirement confidence among women of differing marital statuses, it isn’t surprising that the level of assets held by them is substantially different. The divorced women workers were markedly more likely to have smaller levels of assets, as 72 percent had less than $25,000 in assets vs. 54 percent for never-married women workers and 31 percent for married women workers. Furthermore, debt was more likely to be a problem for divorced and never-married women workers, where 74 percent and 67 percent, respectively, considered debt a problem compared with 56 percent of married women.
• Unmarried women were also less likely to have tried to figure out how much money they will need to live comfortably throughout retirement: 48 percent of married women vs. 30 percent of divorced women and 25 percent of never-married women. Yet, divorced women were far less likely to say that various education or financial well-being programs would be very helpful in planning for retirement. In addition, divorced and never-married women workers ranked none of these the highest of among common sources of information for retirement planning.

While divorced women workers stand out as having the lowest retirement confidence, never-married women workers also have lower levels of confidence. There are many supporting factors for this lower confidence, as both divorced and never-married women are less likely to have done a retirement needs calculation or use a professional financial advisor. Common information sources are more likely not to be used by unmarried women workers. These women also are less satisfied with their workplace retirement savings plan. Consequently, unmarried women workers are not finding the information from work as helpful or appealing as married workers.

Unmarried retirees also are facing challenges in retirement. They are more likely to have debt that is impacting their ability to live comfortably in retirement. Their expenses are more likely to be higher than expected, and they are more likely to have retired earlier than planned. Furthermore, they are more likely to have low levels of savings. In contrast, the one bright spot for divorced women and widowed women retirees is that they are more likely than married women retirees to have a plan for their expenses to be paid if they are not able to do so anymore.

The survey results clearly show that women in differing situations could benefit from receiving more specialized information and assistance with retirement preparations and everyday financial issues. The approaches currently being used do not appear to be as effective for many unmarried women workers, likely due to the resulting financial and life-circumstance upheaval of a divorce or death of a spouse. Employers may want to develop new targeted messages, methods, or materials to better reach these groups in order to increase the chances of unmarried women having a financially successful retirement. Help from the financial sector in general could also be beneficial, as many of the unmarried women need help outside of employment.

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How old were you (W whe orke n rs you — by ret Miarita red? l Stat If yus ou ) retired gradually, (Workers reti — rem by M e ant? rital Status) (Work y ou e rs w (Reti il— l ne by ree e d M se a — a rita F cih g by u l m re Sta M on 3 atus 2 rita th in ;l Pe Sta rerce tire tus nta m ) ege nt? 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The o d r ne a nt e e c ny t w tonsi w ir ir sa om e e a tv e se e a ss d ings o s sa s e re , g e n a w rt w e s/ om ttid ho e he g not d ut e te se he s 71 or ov m n a si a d y e e p p e ss ls rrd p a og o of id a lic ll ha g a rol a ha a e a rb e s, m dd le v ele s e r tor he ss a Benefit Research Institute-Education and Research Fund ( 7% EBRI-ERF), or their staffs. 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(— W ................................ or Housi kers E ng m Ep xpe loyns ede F s................................ ull.............................. or Part Time — by . 36 11 June 8, 202 10 00 % • No. 507 12% Figure 12 7% 7 50 0% % 3% (Workers Offered a W 67% orkplace Plan — by Marital Status) 6% 10% 7% 3% 100% (Retiree 5%s — 8%by 5% Marital Status) 7% 5% financial well-being program 5% s would be11% 3% in helping you better prepare or save d m sa p w v sa we la on’ or e e t m rr is n ( tye k hod e t fied p he c k Fi rla onfide now alpful. g s, or c t ur io e w . it p e ( h th H l a 50 m 11 nt N ow n o e a )v p e v t. e e s. r e ir eW v r 7% r r a ia e - c w 66 ido n ind m re ls ,or nt a w p w tk r) o e r om p . 12% e iiv re la b d c d id e e c e r tnt e ua n r e w t e t r om ir r of l r e e e trtir e e e ir e tts w he e a n w e ir m c ee h th ir s e m e or nt w a re e g k e nt e e sa e p rse e s ra a s found - v re 70 c ings p g tv c ic rount e oup -ula or n -m ry s in o la ly su oung or (n. Ilik RA e ch p C e lik r)o le d yns e v re r s. 31 p og t ly r co e ount tq tr o sa o a ue m inc y pnt e r s m te r e rhe ly p re fe ca a , e y ost rrse unm nt tha inc s. D the a he d om nd a iv lpful o a r c r or e p ie 38 ha la c st de nc n, a p d w f a b e e om a old ili rs of c s ny te y90 e e nt n w ( r lis unm 81 w for p te e om or p d r c d a e .k e e r iv re rc nt n r r ie or e s nt d r c e a e e t r w p t ir d eo o om 6% e a not re 19 tnd s w e ed n ha p fin nd e eeoing r rd v e cing v e e ing m rnt - or m so. ) t he a a e r rIie n d 90% 19% 19% b p m my eost or rtcha e lob e nt li ttha k b )p e. ie ly oint n a W s or t90 ido o , thir % ha ttw he ad v e k e d e r( e s p 38 m w tir om one osit e pm ee ry e ions c 9% n nt e in rne tc a t)on onfide ir w of ee o spe 9% m s w rka p nc c rla e ifi rr e ie ce c e d of 9% p l e sa w olic a w om v st om ings p y lik ep e n e rn w op ly wla or osa tor n o k ,k sa ea ls e rts . r y s ha 73 E sa tha B id RI pd te tspe rha inv he cery nt it nding d e e ly . s c xpe D biv om udg c w or ta m c te s in line o ed ed. nt r e Sixt w to ir om n th ey 12% a e - w four tn w it is or h r or e tb p he sea e e kfo e rir crr re s e c ent h. xpe w a e g of re ce tw 62 ale tom ions a , st aend n w lik and e only ly or m k to, eost 12 rs a t 50% 15% 10% 90% (Workers Offered a Plan — by Marital Status) 85% 12% Ma 9 90 r 0it % % al Status; Per A ce cnt ce ag ses Ve to rya or n Som Eme ew rge ha 10% tnc Hey lpful) Sav ................................ ings Account 18% 13%or Prog ................................ 13% ram ............. 25 11% 84% 62% 17% 90% 84% 50% 83% Which o 11%f the following do you use 31% as a source of informat 46%ion for 19 9 00 0 0% % % 43% 11% 17% 26% 12% 82% 45% Fi Fig gur ure e 7, 46, H 4H a 90% 5% v ow e yd ou oes y (orour your ov spouse erall lifest ) tr 14% y iele d in r to figur etiree m for re out ent h now ow tire m com m uce h mone pnt? are to yhow you w you ill 18% e ne xp ee dc tte o dha it vte o sa bev e bd e for bye t he you tim ree ti ryeou d? 81% 14% 11% 3% c inf c c w fin ont onfide om om or anc p rm e a aia n w st a rnt e tlly , ion fr d ne or tsu w ha k v it c e e n d h om c rr s, e -rm s e iv sf rw ta or e ir ul r ror spe e rcie e e ks e d d c a t ov tir s he y w iv oun eom e em r ly a le p . e g ll (7 nt ful n e r. r 6 p w e H or te om ir lp a e ep r e e c fr p sn r e e om w nt ae e lin ttrtir o e he ge 24 le a e s: 63 p fin s m a st pa e a nc lik rc rre e ia ie e nt ly F l se r d i c )g t e w o ( u c nt Fi or re tha or g 17% k of ur v 44 e in g e rd e s. a iv 15 or e pne l)a c . e n (52 r Thi d a l c w s a ould om ppep er n a e caa els r nt g s t o e )b .s o e71 b b ee or d ne r iv old fic eia n b el, r 25% y w a s m e wrido e acny w onfide e d of w the nt om aebn out 25% 5% 80% 16% 52 lik r pe ep e r p c o lye e r tnt r te o cd e e sa nt b xpe 1 e y 0 ( 9 ing 0 follow it 0c % % tw ed va e srte y o highe d or ne v e 6% som vre y r r — cre losely b e w a tir nd ha e.t m cy onfide uc ne h hig vent r- he m ara b rout (r19 ied ha p w ev rom c ing ent en w e ) noug —or tha kh mone en e rs axpe t 53 yc t tp o ee dliv r . c e e nt com ). fortably throug 42% hout 6% retirement, 45% 7% 15% 58% 15% 13% 17% 33% 6 40 5% % 14% 16% 90% 38% 78% 38% 78% Introduction 30% 43% 3% 37% 77% 37% 22% 56% 80% 40% 39% 16% 39% 30 80 %% retire76% ment p38% lanning? Select all that ap 76% ply 77% — top three shown. 80% 21% 7% 34% 7% 13% 15% (Workers Em 37% pl 8% oyed Ful37% l or Part Time — by Marital Status) Figure 28, ( r1 e Re 40% H 0 8 t 80 0 ow ir 0t % % e ir % e Com so t he es lpful, — ha pa tb y yred if a 42% ou Ma tc rw a a itn liv ll, d a ith l Sta o e w y tc ha us ou om ) t tfor ................................ y hin ou ta k b e tly he x pe in r follow c ete tird e in m w ge he w ntor ? n ................................ k (y W pou la oc re k 20% firs eerd s uc t — reti a b tiona yred Ma l o r, itr w a ................................ fi l Sta ou 9nald nc tus ia you l w ; Pe e s r llc a -e b y nt e the ing ag e p Y r................ o eg s) ra ......... ms 37 12 ha r unm etv iring e ae rr sie e , noug w d he wom rh mone e e 94 n ne pey e r cd 34% te o nt he la lp sa st id out thr inc oug sid om ehout of e st e m a the b pili loy irt yrm e iste irm nt em or . e ent im vps. or55 tant p.e rcent of their younger counterparts. While older 50% 53% 31% 74% 6% compared w 8it 0h 61 p % ercent who said so in the March supplem 48% e 44% ntal survey (Figur 35% e 48). Sugges 80 ted % Citation: Craig 20% Copeland, 20% “Retirement 9% Confide 34% nce Sur 33% vey: Attitude 73% s Toward Retirement by Women of Retire 380% 5 8 9me % 0 0% % nt Confidenc 72% e Survey: Atti14% tudes 15% Toward Reti 31% rement 24% 31% 21% 6% th 20% 7% 7% 9% 50% 4% 50% 30% 32% The Retirem 35% ent Confide 12% 27% nce Survey (RCS) was conducted for its 30 year in 20210% 0 t 5% 5%o mea 18% sure attitudes toward, 90% 29% (Workers 31% — by Marital 31% 29% Status) 29% 11% Ther Unme a ris rie a dn r8e e 0v t% ir ee n g es a rels at 30% o era rdeis fa pacring ity w cha he 12% lle n it nge com s in r es t eto irtehe me linkte . lih They a 7% ood of re ha mv or ing e lik a ed ly e fin to eha d v be e ne defit bt (tD ha B) t is pla im n: 43 p pacting erc te he ntir of 39% fol 24% lowing are hi28% gher or lower for you no 40% w than you expected? I n comparw isould on t o be the in h roug elping hly one you -b thir ettd e rof prw 7% eom pare en or w o sa rk ve er s for w ho retir ee xpe mecnt te?d (tW o or rek tir er es E atm ap gloy es e 62 d F or ull y oung or Pae rtr , Tim nea er ly — d b oub y le 80% Student Loan Debt Assistanc23% e widows we 5 4 3r0 0 0 e % % % more confident28% overall than younger widows, fewer of them were very confident: 16 percent vs. 29 70% 26% 26% F Fiigur gure e 1 21 1 44% Different Marital Statuses,” EBRI Issue Brief, no. 507 (Employee Benefit Rese 3% arch Institute, June 8, 2020). 30% 9 7 70 0 0% % % 25% Fi Fig gur ure e 8, 47, DW id 70hic % you h o (or ne yof our the sp follow ouse) ing try b to est figur reper eout sent how s your muc bh eha m30% v one ior yw y he ou n it ne e com ded e s t to o ha yv our e sa levveedl o bf a y tss hee t ts? im e ( Re you tirees 1— 70 40% % Figure 29 29% 24% 45% 37% Figure 14 by Women of 25% Differ 44% ent 27% Marital Stat 23% uses 50% 24% 23% preparations 70 for % , and understanding of 51% the various issues/products for retirement by Amer36% ican workers and retirees. 270% 5% (Retirees — by Marital Status) a mbaili rr tie y d to w liv om e 70 e c % o n w mfor ork ta eb r 46% 42% s r ly e in r por ette ird e m tha ent t44% . the Their y or etxpe heirns spou es ase re ha mor d e su lik ch a ely p to lab ne , v highe s. 8% 26r pte ha rcn e entxpe of c dtiv ed or , caend d w the om ye a n w re m oror keer s 25% 80% 43% 15% 15% 17% W tha he t n loo amount k Ma ing 7,0 r it % or a at l 62 w Stom apte us e r55% c n b )15% e — nt y H of m ea lp w rit om C aa l st e lcn r ul atae us tting ir , 13% e the eH sow , sh ac a Muc tua re lly of h Y rne e ou tv ire e N rd -e m e ad a t ra tro g ie eSa ds w 62 ve om for or e n w ya oung Se ho cur e w r e e( rFi Re eg cur tonfide ire e m 17 en )nt . t11% 30% Thi ........................... abs out dis ha pavring ity w ea ns oug 25 h percent. 34% 25D %o you have a plan for whom would manage your financ17% es if you (and your 80% 35% 28% Figure 43 70%Do you (or your spouse) curr 32%ently have money in an employ 13% 53% er- Appendi r be ytx ir Ma edr it so t al Sta hatt us you ) ................................ T ch ould inkin live g cabo om 40% for utt y abo ly ................................ u in r r finan etirem cia 15% ent l priori ? (Retir te ................................ ies es — in re by tMa irement rital Sta ,tus ................................ ; Percentage Yes) ..... .. 37 12 20% 31% 13% 1 20% 0 70 0% % 40% 38% The RCS found 80% that Americans as of January 2020 had near-record-high levels of confide38% nce in having enough money 60% 35% How helpful, if at all, do 17% you think the following work 35% place educational or lik By and e C ly23 tra o pig ha er4v cCo 0 6e e % 0nt % rpela e of tirene dnd v ee a, rr-liPh.D., m era r tr ha ien p d E wla om mplo nne en d.ye w Fu orer k Ben te he 38% rs (F rme or igur fi 49% 23% et, R et he 36 es y) e . aa rerch I morens lik 39% te itut ly to e 18% have low levels of sav37% ings. 56% In contrast, 6 60 0% % 55% 37% 19% t m rue one for y for ea 4 c a 0 h ma 6 % c 0om % rfor itatl st able at us re. tiC re om mepnt ar e wda s found with thet o peha rce ve nt n aot ge cof ha 42% m nge arrdie b de w tw om eee nn w theor tw ke o rs w surho veysa s. I id n cont they e ra xpe st, ctthe to retire Copyright Inform17% a 47% tion: This report is copyrighted by 28% the Employee Benefit Research Institute (EBRI). You may 30% 36% 16 60% 5% 0 s % pous 27%e) 20% were unable to manage70% them on y 27% our own due to health is 27% sues 37% or 15% 19% 36% Compared with what you expected whe 13% n you first reti37% red, would you say the Figure 29, H 6ow 0% helpful, if at all, do w you hich thino k ft he th es follow e is inmo g wror e kimp place o retd ant uca t tiona o yo l o ur? fi nancial w 2ell-9% being 26% programs 70% 56% sponsore 41% d retirement savings plan? The RCS is t 6he 0% longest-r25% unning 25% survey of it 25% s k Hea ind, lthm Care easur o ing r Den work ta erl Ex and pe rens tire ee s confidence about 32% retirement, and is 46% to live comfin for 70% ta anc bly ia thr l oug wehout ll-be rin etir ge m p51% rog ent. ram These s 24% le wvo eu ls ld he b ld ea s la in h tee alp s t in he g e y nd o u of b Ma ette rch 2020 r prep . 50% a Hre owo ev r s er, atv he e survey 31% t Fi Fi he g gur ur one e e 9, 4 8, br D ight 10% Ov o 90y % e ou rspot for all, cur how rent d cly iv onfide or wc or ed knt w w a it om rh a e eyn a ou profe nd t 13% ha ss w t iona ido you wl fina ( ea dnd wnc o ym our iae l a n r spouse de vt is iror ee ?)s is (w W ill or t ha ha ke tv rte s he e — y noug b ay re Ma h mone mor rite a l Sta lik ye tly o tus liv tha ; en ma comfor rrie td ab w lyo men 17 0 6% 0 0 25% % % 50% p by e ra cg c eop nt es 62 or a yg , e p rof int y m , oung or ar rd ieow e dr , a nloa tnd wod d -ti v hir this ord c s e rd e m p w or oom re t solely for m en w arrie or dk w e p rom s w ersona eho n re w l a te irn re 46% e d e v s r nonc ereyp c or om onfide ted me rre c nt tia ir 22% l use d ing ec lin a, te p a d rg ov b ee side t62 wd e e or tha n th ytoung a e 48% ll ha tweo rr.d su Mor crop ve eie y ts, s ha re n tain 20% 20% 60% 47% 45% 42% 50% mental/cognitive decline? 2% 50% 29% following 28% are highe (W r ork or l eow rs — er by for y Marita ou l no Sta w tus tha ) n you expected? 26% 5 50 0% % w 3ould 0% be in helping you better prepare or save for retirement? (Workers Employed Full or Part Time — by 5% 50% 50% (Workers — by Marital Status; Percentage 13% Yes) The condone ucte d de 3 2b 50% v 5% 0 0y % ia % tthe 1 ion fr 00 % Em om ploy this ee tBre ene nd fit is Re tha sea t driv ch I orcns edt itw ut om e (eEn Bw RIor ) k ae nd rs ind wee re p e slnd ight ent ly rm ese ora er c lik h fir ely m tha Gn re m enw arra ie ld d & w om Asse oc n iates. also found t 50 ha %t many workers and retirees haven’t prepared or didn’t prepare for ret18% irement and, in some cases, lack for re 2% tirement? 26% 45% 8% 57% retirees to ha 20% ve a plan for 42% their expenses to be paid if they are not able to do so anymore. t Phr eroug cent hout age y Your e35% s) ................................ 4% retirem 45% ent years? 35% (Wor ................................ kers — by Marital Sta ................................ tus) ................................ ................................ 4% ............................. .... 13 38 p tw aic rte ic ula as m rlya 5 for ny 0% ne divvor erc-e m da w rrom ied ew n (16 ome n r pee rc t5% ir ent ee s r in Ja epnua orted ry rves. 2 tiring pea rt c e or nt b ie n M fora er c ah) ge. 62 Pa rc ao dm oxic paa re lly d , w the ith p ne ervce ernt -m aa grer ie of d any and 60a % ll copyright and other applicable notices contained therein, and you may cite or quot 45%e small portions of 50% 100% 12% (Retire47% es — by Marital S38% tatus; P24% ercentage Y 8% es) 10% 44% 6 8 0% 0 0% % 21% 60% 6% (Retirees — 7% by Marital10% Status) 26% 30% 35% 0% 15% 7 3% Marital Status) — Education or Ad 40% 39% v A iceT on HA ow to GConv L 16%A ert N Sav C ings I E nto Incom 22% e in Retirement ..................... 26 50% w The ork20 ers t 20o su ha rvveey aof n I 2,04 RA: 2 58 8% A m pe errc iceant ns c w om as c paond red uc wit te h 54 p d onli Fe ine gu rc e Ja r nt e nua for 3r ym 6 t arrhr ieoug d wh J oma enua n. rH yow 21e , v20 er20 , only . Al l r ab eout 38% spond 1 in ent 3 s w (36 ere 15% (Workers Employed Full or Part Time — by Marit21% al Status) underst 40% anding 85 0% 0% of important concepts with regard to retirement 46% . 47% 53% 3 140 4 0 0% 0 0% % % 90% 9% 40% 46% w div om orte c he e n w d r e w or pom 40% or kete r s p n w rw ov ho ho ide sa w d id e 38% trha e t he tsom y you eexpe w do ha cso ve tt t co onfide rrebta irte nt im a taa b or nd out bw e ha it for h p veing rto ha pee tnoug r 35% a c git ea . h mone tA ion. nd m Any ost y for us not e r eb a tir b ey ly eond m , feiv nt e the sh tim ot sc e op s a up es m fr of om a the ny 27 for d iv pe e or r gc c oing e ent d in 40% 48% 46% 24 50 % % 18% 50% 44% 37% 43% Fi Fi g gur ure e 10 49, , 2Ov D 0o %eyrou all, chow urre nt confide ly wornt k w ariteh a you prtofe hatss yiona ou (l fina and y nc our ial a spouse dvisor)? w (Re ill ha tire ve e s e— noug 13% byh mone Marital Sta y to t23% 47% liv us 25% e ; comfortably 90% 9% 10% 6% 39% 10% 7 40 0% % 46% 16% The p ag er ecse su 25 nt r) v or e ne y 5 old 5 v r0 0 e e % % su re -r m lt . s c a The rrle iea d su r ly w rv om sh eyow einc n w tlude ha ortk d w e rom 1,01 s re ep n in 8 w ortor ed diff k e he rar s a v ing ing nd sia t1,02 n I uatRA ions 4 r (eFi tcir g ould e ur ee s. D b 37 ea ne ).t 23% afit w fr erom e w reeight ceiveing d 23% bm y or age e ,spe gec nd iae liz r, ed 5 4O 0 0% % verall, how confident ar 24%e you that y 73%ou 40% (and your spouse) w25% ill have 25% 25% Education or Advice on 38% How to Convert Savings Into Income in Retirement Figure 30, How 8 he 0%lpful, if at all, do you thin 40% k the following workplace educationa 68% l or 55% financial well-being programs Ja wom nua ern r y te o t1 ir 59 5e % e p s esa rcid ent the in Ma y hard c h, retle ira ed ding at a to ge as highe 62 orr ypoung ercent era c gom e of pad riv ed or w ce itd h w the om peen h rc90% ea nt ving agesom of deiv le orvceel o d f wc om onfide en w nc orek ers requires E 40% BRI’s prior 29% express permission. For perm 31% issions, 6% please contact EBRI at permissions@ebri.org. 45% 47% 31% 18% 30% 30% 5% Overall Expenses/Spending t Phr e 3 4 3 roug 0 0 0 c% % % ent hout age y Your es) ................................ retirement years? (Ret ................................ irees — by Marital Sta ................................ tus) ................................ ................................ ............................. .... 13 39 The RCS als 30% o found that women had lower levels of retirement confidence than men did. Women were also more likely 90% 8% th inf educ orm ata ion, tion a hous 30% nd eahold ssist a inc ncom e w eit , h r and etr iraecm e. eThe nt prm ep aa rg ra in of tionse a rrnd or w evoeuld rydb ae y fin ± 3.13 ancia p l iss ercue ent s. The age p oint apps for roache bot s c h w urror ent ke ly rs a bend ing 30% 80% 32% 27% 20% The Retirem eno ent u Confide gh mo ncen Sey urv ety o ( liv RCS) e w com 42% as cond fou rt cably ted for tit h s 30 rou g ye h ao r u in 202 t yo 0 t uo r m retire easure men attitude t ys t ea ow rs? ard, w 7 26 ould 0 00 % % % be in helping you better pr 11% epare or save for retirement? (Workers Employed Full or Part Time — by 40% 30% a sa by out ing ha the ving 1 y 10 0e 0 % % xpe enoug 70 c% ted h mone to retir y ein Ma by tha rch r t ae gla e.t iv Ce onv to eJa rsely, w nuary.hil e 27 percent of divorced women workers expected to retire 4 30 0% % 0% 66% 24% 9% 40% 16% 15% Among wom 3e 0% n retirees, married women were most likely to have a workplace retirement savings p 46% 28% lan, an IRA, 100% 59% to have fewer resources and prepare differently for retirement 6% . Conseque 40% ntly, thi 38% s study more closely examines the RCS 7% 7% 14% 57% us reteirde e ds in o not 2 a0 % a sip m pila earrly t o sib ze ed a rs ae ndo ffec m tiv sa e m 37% for ple m . any unmar52% ried women wor 3% kers, likely due to the resulting 3%financial and life- 30% 4% 4% 10% 37% 10% Fi prg eur pR aerep a 20% 11 tions o, rD t Availabili 2o 0for % you , and havunde ety a 9% :47% p rThi ls atn fo as r nding e r p w or hom of t ist42% he a w 63% v ould a vila arious b le m a on na issu t ghe e e s/ y int our pre od rfin ne uc a tt nc s for ate w s if y w re wt.e ir ou e bm r(i.or a end ntg b y y our Am spouse erican w ) w or e 32% r ke 41% e runa s 42% and bler teo tirm ee as n. age 20% 2 20 0% % (Wome 19% 6% n Retirees — by Marital Status and 31% Age) 53% Ma 30 rit %al Status) — Access to an Emergency Savings Ac 39% count or Program .................................................... 27 at ages 70 or older7, 0only % 19% 3 percent of this cohort said they did so. 13% 42% 20% 35% 3% 36% 10% 50% 60% 36% 36% 8 20 0% % 49% 35% 38% 30% 48% 7% retirement sa 90% vings outsi 7% de of a workplace plan or 34% an IRA, or a 8% DB plan (Figure 38) compared with women retirees of results for 10 wom % en, since they face particular challenge 8% s in preparing for retirement — from lower average earnings to 15% 10% 31% c ircumstanc 3e 0 % upheaval of a divorce or 6% death of a spouse. Employers may want to develop new targeted messages, 9 20 0% % 30% 30% 29% W omen retir 0% ee confidenc 11% e in having enough money to live comfortably throughout retirement also held up from The RCS found the 30 m % on thay t our Am e ow ricn d ansue a s of to he Ja anua lth iss 12% ry ue 20s or 20 ha md e nt neaal/rc -r og ecni or tid v-ehigh declin levee?ls ( Re of 15% tcir onfide e 12% es — nc bey in ha Maritv 27% aing l Sta enoug tus; P h mone ercenta yg e 100%20% 26% 26% 60% 4% 25% 30% 3% 23% 23% 37% 23% 26% 23% 10% 12% 10% 20% 50% 5% 60% 27% ot Fi The g he urr RC e m 3 S a 1, rfield itH a 10% 1 1ow l0 0 s a % st % ahe nnu tus lpful, eas. N lly if a 20% in Ja eve t ra nua -m ll, d arry o r ie a yd nd ou w , tom thin his 23% ek n y tehe ra ert ,ir follow field ees w ein d e g rp e rw ior tor he k t o p ne la txt he ce m c eor ost duc ona a lik tv iona eir ly us g l o rcoup rris fi is na of tha nc wtia om g l w re ee a n r ll tly -26% e b tim eir ing e pea s t c ptre o od g ha rta he v m e s U. the S. se All Retirees All Women 25% Married Women19% Divorced Women Widowed Women Never-Married higher likelih 4 20 0 ood % % s of taking time out of the labor force 23% for raising chil 9% dren. Furthe 18% rmore, in re8% tirement 17% , women have 1 20 0% % 18% m ethods, or materials to better reach these 11% groups in order to increase the chances of unm 16% arried women having a 80% 18% 6% 49% t Ja Co om nua livp ea r y c ring om to Yfor e Ma t 10 s) he t % ra ................................ ca b h ( c ly tua Fi thr g l r ur oug ee tir 49 hout em ). e nt On re ta e ir g e m em ................................ s of ae jor nt w . eThese om xcee pn w tion is for leit vh th e12% ls he e id rld ................................ iv expe or as la ce cd tte e w d a om 12% rs t ethe e irn r e m ee nd etnt ir e of a e ................................ g s, w Ma es, rh c5.9 t h 2020 o agim ain h e . s a ad s m a a dny r..................... op d in t ivorhe ce d sh ar e14 80% 25% 14% 14% 14% 70% 10% 53% 9% 14% 20% Ret 66% irees Retirees 24% 23% Retirees Retirees Women Retirees 52% 16% 7% 90% 10 1% 0% 31% 30% 20% 30% 29% e sour conomy ces of . w Re rould 2 e0t c% ir og e 4m b niz 0e % e ing nt in h ate ss h 28% lping e e tim s, in ma p ya ou ct b thi ny ets m t e ca r a ses pyr elik p ba e erly ing e ha or r e v sa le a v th iv ea e d for ly on crlose eRC tire S tm o re etsu nt he ? lt le s a (W ve nd or l o kk e f th e rs E y e m m m ep ta rloy r ic rs, a ie ed d rF su eull tir p e p or e les. m Pa D ernt iv t Tim or al sur ceed v — aend yb y of long er life 1 e1 0xpe % 0%ctancies and often are young 18% er than their spouses, potentially leaving them with more years in 50% 63% 24%3% financially successful retirement. Help from the financial sector in general could also be beneficial, as many of the 0% 15% w wom ho e wn w eree v re e 0% r r ye c tir onfide ed bent for in ha e agv eing 60 e cnoug ompah mone red wity h th forose ret ir we ho m 32% eent xpe (23 cte p de tro ceb nt e. vMa s. 3 rrie pe dr c w eom nt)e . n w Divor erc ee m d or we om tha en n ha retir lfe a es s Table0% of 30 5% 1C 0% 0 0% % % ontents 0% 10% 30% 22% 70% 33% 50 10% % 0% 22% 28% 32% 60% 41% 70% 31% 27% 30% 19% 30% 21% 9% Figure 12, Whic Moh o ney f th in ane E follo mploye wring -Spod nso o ry ed ou Reus tiree m ea ns t Sa a vi sour ngs P cle an of infor 18%mation for retirement planning? Select all that apply — w keido y qw ue ed st r ions Ma etH ir r 0% eit e lw pa e C l Sta s w a Ja as r ln cu ue la e A atr trfield ll us iy n e Re g ) m H o tir M — e uc w a e d r M e ch h le E s ufd ch rom uc ss Ja E a d n t Ma lik uion u ca a Ae rtll r y io ly Wom c n or h 20 otr M o A A a d e d ha rvi – ch nv c30 ic e v e oe , n Ja a H 20 on M ny o nw u a 20 a rH r rof iyow e . A dThe cc t Wo he M etso a s se m r ch tsu Ma o e a nrp ne na p Et Ja m Di le irg n e e vo m u rg e m a e re rC ce n y e nt cy om nt da Wo M l sur a p E ass e d rm ch u te ing ca evt n te s. ioy n Ja Wido Fi 14% oinc n r na u Aa dlude we rnc vi y14% ce d ia Wo oM d l P n a H50 r m o r ch w ior e5 w n Sit tuJa ie dor e Neve n s nu t k ............................ a Le o ryr a r-s nM Da a M end rbr a tied rA ch ss 49 ist9 r ance etiree s 27 16% 27% retirement. A Allll Wor Worke kerrs s A All12% ll Wom Wome en n Wor Worke kerrs s M Ma arrrriie ed d Wom Wome en n Di Divo vorrce ced d Wo Wom me en n Neve Neverr--M Ma 15% arrrried ied Wo Wom me en n Women w 80e % r 1 6e 0 0 % % found 30% to have lower levels of retirement confidence than men. Women were also more likely to have unmarried women need 10% help outside of 25% employment. All Workers All Women Workers Married Women Divorced Women Neve 26% r-Ma 18% rried 9% Women lik did ely not (2.17 hav e tim the es ) sa tm o e b em ra eg tir nietd ude be fo ofr e inc 45% argeea se 60 in som than th ee w yha expe t con ctfide ed tnt o b re esponse compas r11% e tha d w t it dh d ivoriv cor edc e wdom 28% wom en e w n (Fi orkegrur s sh e 18 ow)e . d, 0% You Nee 4d 0 % to Save for a to Convert Savings Into Sa7% vings Account or Pro25% gram to Manage Competing 1 5% 0% 55% Introduction 0% ................................ All Wor 25% kers ................................ Ret All W ireom esen Workers Ret 26% ire................................ Ma es rried WomRet en irees Divor................................ ced W Ret ome iren es NeveW r-M om are rin ed .......................... Re W tir oe me esn 7 Workers 77% Workers 77% Workers 20% 53% 76% Workers Wo 20% rkers Workers top 0% three shown. (W 75% orkers — by Marital Status) ................................ 75% 31% ...................................................... 15 60% All Retirees All Women Retirees Married W 23% omen W47% orke Dris vorced Women WW or id ke ow rsed Women N W eo ve rke r-M rs arried all ages 25 or 60% 0% A old n IR eA r. Data were weighted the same as Ja 55%nuary data (by age, gender, education, hous 52% ehold income, and Secure Al Rle W tire om rke en rs t Inco Alm l W e o in me Re nt iW reo me rke nrs t Married Women Workers Divorce Fd in a W no ci me al Pri n W ori otrike esrs Never-Married Women fewer resources and p Ar lle Wor 47% parke e rd sifferen Atllly Wom for erne Wor tireke mre snt. CM onseq arried Wom uently en, this st Divo ud rce y d m Wo ore m e cnlosely e Neverxa -Mm arrine ied Wo s the me RC n S results 0% 46% 20% All Retirees All Wome34% n Married Wome W norker Divo s rced Women W Wido orker we s d Women Neve Wor61% ker r-Ms arried so the percentage of divorced women retirees who had some level of confidence in having enough money for Figure 32, How helpful, All Woif a rkers t all, do yAl ou l Wt ohin menk W t ohe rkers follow Main rrie g d w Woor mek np W la oc rke e rsedD uc ivoa rce tiona d Wome l o nr W fi ona rkenc rs ia Nl w evee r-Ma ll- 43% 30% b rrie ed ing Wo me prnograms 70% All Workers All Women WorkerR s etireeM s arried WomR ee ntirees Divorced Wo Rem tire ee ns NeverW -M oa mre ried n R Wo etirem es en Workers 0% M Au llch Re B tir ee tte es r Than Exp Alle Wom cted en SM om are rwha ied Wo t Be m tte en r ThDi an vo E rxp cee dc Wo tedmeA nbo Wido ut thwe e Sd a Wo me m as E en xpe Neve ctedr-Married 30% Less Than $1,000 $1,000–$9,999 Wo$ rke 10r,0 s00–$24,999 Wo $r 2 ke 5,0 rs00–$49,999 Workers Women of d 40iff %erent marital statuses als A M o a fa jor 25% c P e rd oiff blem erent c Aha Min lle o24% rnge Pros b. lem Having Not a asi Pg ro nif blem icant other can help with providing 0% 0% 50% All Workers All Women Workers Married Women Divorced Women Never-Married Women Re racte ir)e a m nd ent t he Confide survenc y A ll w e W ................................ a om s fie en Wlo d re ked rs us ing Ret Mair t rri he ee eds W sa o................................ m m ee n W sa orkm Ret ers ple ire ep srD ov ivoide rcedr W a o................................ s Ret mein nir W eJa e os rke nua rs ry (D Ney Ret ve na r-M irte a ae rri )s. e ................................ d Wome W n o W W m o ork e rke n ers Re rs tirees ........... 7 Very Satisfied Somewhat Satisfied Not Too Satisfied Not at All Satisfied Not Sure 10 0% % Retirement Savings Invested Outside of an IRA or Employer-SW po o nrso kerre sd Retirement Savi W no gr s ke Plra sn Workers for women, 5si 0% nce they fa 19% ce particular challenges in preparing for retirement — from 24% lower average earnings to higher 5 0% 0% 52% Figure 13, Which of th All e Wo follo Vr er ke y w rC sing onfide do nt A Ret y ll Wom ou iree us Ssom ee n Wor ea ws ha a ke t sour C rson Ret fiir de ce e M e nt s of arriinf ed Wom N or ot m Ta oo e Ret t nion for C iron eefi sdDi en r vo e t rtce ir 17% 45% e dm Wo NRet ot ent m at A ire ep n ella s l C nni Neve onfing? dW en r-M o tm Se are ried n le Re c Wo t tir ae m ll t ee sha n t apply — r etirement w fe ould ll fr 1b om 0e % in h 58 e plping ercent y ou in Ja benua tterr y p rte o p43 are p or er csa ent ve in M for rae rtcir h. em ent? (Workers Employed Full or Part Time — by Very Confident Somewhat Confident Not Too Confident Not at All Confident Note:S To A A hm ell ll a Wor Wor e va wha ilab ke ke lt e W fr ra s s ct o orrse s w e T re h A A F ae n ll lle Wom Wom E s, xp Pe3 re foct e e rm n n e Wor Wor ad nce/M gke ke ro u w r r ch ts s h Wor over tim se M M ea a , T r r M r rh W a iie e ta ch d d o n Wom Wom e r E ke s yo xrp s ue r e e rcte isk n n d tolerance Di Di , E vo vo asy r rW ce ce in o ve d d r Wo Wo ke stm rs em m nt e e thn n at adju Neve Neve sts forr r yo - -M M Wo ua ar rr r ried ied ker Wo Wo s 47% m me en n $50,000–$99,999 16% $100,000–$249,999 $250,000 or More All Retir V13% e ee ry s ConfideA ntll Wom S eo nmewha M t a Con rriefid d Wo entmen Not Divo To rce 13% o Co d Wo nfid m ee nn t Wido Not we a dt Wo All Co men nfideNeve nt r-Married more resour 60%ces and sharing of expenses, women who 13% have never married are going it on their 12% own, and divorced All Workers All Women Workers Married Women Divorced Women Never-Married Women based on age or risk tole E ra anrce lie,r I tTh ’s th ae n e P mlp aln oye ne r d default optA iob n,o R ue tco W gh ne iz W n e/ kn o Prlo a ke w n n trh s e ed name of fuL na dt /ie nr ve Th st W m ao e nr n ke P t co la rm s nn pa end y, Investments Workers 20% Very Helpful Somewhat Helpful Not Too Helpful Not at All Helpful lik elihoods of taking tim All e W oout rkers of the la Alb l or Wo me for n W ce or ke for rs rais Ma ing rrie dc W Wo Wo hil ome r rd ke ke r ne r r W s sn. orke Fu rs rtDhe ivor rce m dor W W W oe o o me , r rke ke n in W r rs sr oe rke tir rsem Ne eve nt r-Ma , w W W rriom e o od r r ke ke W eo r rn ha s s men ve longer life A D Ne oftien : e Td h eB oe pn tio en fis t a ova r Tr ilab ald e iw tie orn ea M l o P re e n fusi nd o n or P inlve an st , m W eh nte orp et io th ne s aA va m ilo ab uln e;t M Yoo re u eR nvi ece ronim ve e nIts alTyp ly or iso ca ci lla y lly Bra ese spo d n si ob nl eS in ave last ry ma en nd t o Y pte ioa nr ss of Service Retirement top P la thr nni *e Oe fng th sh o se ................................ ow who n. gave ( Re a resp tiorne se e .s — by ................................ Marital Status) ................................ ................................ ................................ ................................ ...................... ............. 15 11 0% A Major Problem A Minor Problem Not a Problem Ma 40 rit %al Status) — Student L Ret oairn D eesebt AssisRet tanc iree e s................................ Retirees ................................ Retirees Women Re ...................... tirees 28 m S0% o au tch rce a: w 20 e2 ll0 -kn Ro ew tirn e m ine dn etx ,C Io nn ve fid ste m nce en tS is ura ve cty, ive E ly Bm RIa a nn ad g e G dr e be y na w fa uln dd & m AaWo sso nag cir ea ke r,t e R s. re s commendations of a W pro o fe rke ssio rn sal financial advisor, Workers 4 40 0% % Very Confident Somewhat Confident Not Too Confident Not at All Confident available (ESG); Less investment options available; More investment options designed for after you retire; Better explanations for hoW w o m rke uch rs income S So ou ur rce ce:: 2 20 02 20 0 R Re ettiir re em me en ntt C Co on nffiid de en nce ce S Su ur rve vey, y, E EB BR RII a an nd d G Gr re ee en nw wa alld d & & A Asso ssoci cia atte es. s. women are going it alone but also had a major life event that was likely to have had35% a significant financial impact. In 30% R S S S o o eo u co u 42% u r rce ce rm ce :m : :2 2 e 2 0 0 n 0 2 2 d 2 0 0 a 0 R R t iR o e en e ttiits r rie e rfe m r m o m e e m e n n n ta t tC C fC ro o io e n nn n ffiifd d d id e e o e n n rn ce ce fce a m S S S u iu lu y r rve ,ve r ve Oy, y, ty, h E E e E rB B ,B R R aR n II Id a a a n n N n d do d G G n G e r re e r o e e ee fn n n tw w h w a e aa se lld d ld .& & & A A A sso sso sso ci ci ci a aa tte e te s. s. s. Source: A 20ll 2 Wo 0 Retrirke emre snt Confi den A ce ll Wom Survey,e E nB Wor RI anke d Grrs eenwaldM & a Ar sso rieci da Wom tes. en Divorced Women Never-Married Women S yo ou urr ce sa:vi 2n 0g 2s A 0w ll R i Re le l tp irre o tir m du e ece e nts C ino rn eftiid re em nce eA n ll S t; Wom u Bre ve tte y,r E e ex B np R la I n aa ntd io M G ns ra efr e orn ri e w wd a hl Wo e dt h &e A rm yo sso eu nci aa re te Di o s. n vo tra rce ck d w Wo ith yo m ure rn etire Wido ment we savi dn Wo gs; M m oe re n one-Neve on-onr e-,M arried e xpectanc 50ie %s and S So ou uoft r rce ce::e 2 2n a 0 02 20 0 R Rre ee ttiir r e ey m moung e en ntt C Co on ne ffiid dr e e n nt ce ce ha S Su un th r rve vey, y, E E eB Bir R R II spouse a an nd d G Gr re ee en nw ws, p a alld d & &ot A Asso sso ent ci cia aia tte es. s.lly leaving them with more years in retirement. Source: 2 V 0e 20 r y Re S tia retisfie ment d ConfidenS ce o S m ure ve wha y, EB t R S I a atisfie nd Gre d enwald & Not Asso Tci oa ot S es.atisfie 27% d Not at All Satisfied Not Sure Endnotes 10% Figure 16 Figure 35 Source: 2020 Retirement Confidence Le S ss T urvey ha a nn d 6 M0 arch 2060 20 – R62 CS Supp63 lem– e65 ntal Surve 66 y,– E69 BRI and 7 G0 re o en rw O allde d & r Associates. in S S So o o -p u u ue r r rce ce ce rso ::: n 2 2 2 0 0 0 e2 2 2 d0 0 0 u ca R R Re e e tittto iiir r rn e e e;m m m M e e eo n n nrttte C C C o o o on n n nlfffin iiid d de e e e e n n nd ce ce ce u ca S S Su u u tir r ro ve ve ve na y, y, y, l tE E E oB B B olR R R s;III O a a an n n th d d de G G G r; r r ra e e en e e ed n n n w w w Na a a ollln d d de & & & o A A A f tsso sso sso hese ci ci cia a a . ttte e es. s. s. Retirement Age ................................ Source: 2020 Retirement Confidence................................ Survey, EBRI and Greenwald & Asso ................................ ciates. ....................................................17 30% Retirees Retirees Workers Retirees Wor Ret kerirs ees Women W Re orke tire re ss Figure 14, ThinkSing ourcea : 2b 0out 20 Re ty ireour ment C fin onfa idnc ence ia Sl p urvery,io Er Bit Rie I ans in r d Greene wt air ld e &m Asso ent cia, tes. which of these is more important to you? (Workers — Fi reg tir ur ee m 3 e3 nt , , In w om tota el, n a ab re out als how o m or me uc lik h mone ely to y b e w could ome y wou idosa ws y, yle ou av(ing and the your m aspouse gain on ) c the urrir e nt ow lyn ha atv a e la in sa ter v tim ings a e in t nd heir life 30% 28% 37% 31% Note: The available choices were a professional financial advisor, family and friends, your employer or information you receive at work, 45% 30% Figure 48 Do you (or your spo use) currently have retirement sav 50% ings invested outside Realistically, at what age do you expect to retire? If you expect to 40% Go0% ogle or other search engines, online calculators and planning tools, online financial advice platforms that offer personalized advice, S So ou ur rce ce:: 2 20 0M 24% 2 20 0u R R ch e ett High iir re em me eV n ne tte rC C T ro o y n n hHelp ffa iid dn e e E n nce ce xp fu S Sle u ucte r rve vey, y, d S E EB B o R R m II a a e n nwha S d d o G Gm r re et e e eHelp n n wha w wa alld dt fu & & Hi lA A g sso sso heci ci r T a aNot tth e es. s. an T E oxp o He ecte lpf d ulAbout Not the S at aA mll e He as E lpf xp ulected by Marital Status) .................................................................................................................................. 16 p otentially without knowing the full details of their finances. Thus, the results of the RCS will be examined across the W omen of d inv 2iff e 0% st er m ee nt nt m s, no arita t l st inca luding tuses a th ls eo vfa a34% lue ce d of iffy eour rent p c rha imlle ary nge resi s. Ha denc ve ing ora d s eignific fined a bnt en e ot fit he prla cn an he asselp ts? w ( itW h p orrkov eriding s — by W orkplace Retirement Savings Plans ................................ 25% ......................................................................................20 20% hard copy publications, online publications, specific financial company websites, specific government or non-profit websites, other, Figure 34 1 20% Source: 2020 RetirA ell m Wor ent C ke onrfs idence Su A rve ll W y, om EBR en W I andor Gker rees nwaF ld & i Mg A au sso rrie re ci d W at e8 om s. en Divorced Women Never-Married Women Overall, how confident are you that you (and your spouse) will have enough 18% Workers in the survey of includ an eIRA not o or e nly tho mspl e coy urre er ntly -spo eF mp ns igloy uore re e 37% d 31 b d ut reti alsorem all no ent nretire sad v in ind gs ivid pl uaa ls n? who are not currently Somewhat Lower Than Expected Much LoF wer ig T u hre an E 2 xp 8 ected and none 35% of these. 35% Figure 23 35% retire gradually, at what age do you expect you will begin to retire? Figu Wr oe rker2 s Workers Workers Fi Fig gure ure 420 2 m poss oreible resour m Ma arcr ite it as a l st l Sta and atus tsh us ea )s of r ................................ ingw of ore kxpe ers a nsneds, w retom iree ................................ es n w and ho the Fi hair g v u e p re e ne rc v 4 ee iv 0 r em d................................ aarnd rie d a c atrua e g l r oing etire it m on entt ................................ he prospe ir owcn, ts.a nd divorce....... d 29 30%20% Figure 47 Source: 2020 Retirement Confidence Survey, EBRI and GreenwaF ld & ig Asso ure ciat e5 s. 27% C onclusion 10%In total mon , ab ey out to how live c muc omforta h mon bly ey F Fi throu i g gur w uould re e gh 1 37 0 ou you t ysa ou yr y reti ou rem (and ent your yeasp rs? ous e) Figure 15, Thi Dnk id ing you about (or y y our our finsp ancous ial pre) iortr itie ys in r to figu etirem re ent out , whic how h o 17% f th muc ese h is mon mor 19% e ey im y pou ortane nt ted o yed ou? to (Retirees — e Fimp naloy ncia ed l We sucllh -B ae s ing stayP-rat og -ho ram me s ................................ parents, unemployed ind ................................ ividuals, and students................................ . See the appendix of this ............................... study for the full 24 (Worke M rs aint — aininby g Wea M lta h: ri Prtea se l rvin St ga Pt rus; incipa l A Pm eo rc une t/B nt alan ace ge s Yes) Note: The columns may not add to 100%, as the percentage answering “Not Applicable” is not shown. 10% Source: 2020 Retirement Confidence Survey, EBRI and Greenwald & Associates. 13% Ho How How w sa he het lp lp isfied ar ful ful, , if if a at a t a e ll ll y , , o do do (W u w y y ork ou ou ith e thi thi rs thnk nk — e fo by the the llow M fol fol arita ing lo low w l in in as Sta g g p tus w w ec ork ork )ts pl pl oa afc c y e eo e eu du du r w c ca ao tio tio rkplace na nal l or or To wha 10% t extent do you agree or disagree with the statement that debt is Overall, how confident are you that you (and your spouse) will have w A com ross en a all m re g aoing rit T ao l st it w aa ha tlone ust es, w e bx ute tom ant ls eo n w do haor y d k a ou e m rs aa not jor gre e lif de e t ha e or d vt e nt be is t ttha a ergre t e w xpla ae s lik w nae ith tly ions tthe o for ha v s how eta ha te d m m a uc e si h inc nt gnif tha om icant e t de tfin hea bt irn sa cis ia vl im ings w pacill t. In Have you w (W orke orked rs f 7% — or bypa May ri tsince al Status) you retired? 7% Source Wh : 2020ic Retih remon ent Coe nfi dof ence Sthe urvey, Efol BRI alo nd Gw reenin walg d & A be ssocis atet s.represents your behavior 10How % confident are you (and your spouse) in your ability to choose the right survey deta by ilc s Ma .urren Als rit oa s l Sta etly e “2020 tus ha ) v ................................ e Re in tire s ma ev nt in Con In gs cofid m a ee S nd nc tabe il................................ ity: in Surve Ev nsu es ry ing tm S aumma Se et nts Amry ou,* n R t ono e f p Ino ................................ co t i rt, me nc ” fo Ap r L lu ri ifel di 2020, ng the and the va ................................ lu ase so o cia f y ted ou fact r sheets.. a 16 t 20% haDo ve s y ao vu ed curr by Do the y ent o ti u ly m (w o e ro y y ou rk o u w reti rit spo h red a prof u sse o tha ) es curr t y sion ou ent al cly ou f inan h ldav liv e a cia e cn l a omd forta visor? bly in Fi Unm gura er r3ie 4, d Iw n tot ome an l, w ab or out ke rhow s and 39% mru ec tir h mone ees hay v e w low ould e ry lou evesa ls yof you confide (and nc your e tha spouse n mar)r ie cur d rw eor ntk lye rha s a ve n din sa retirve ings a e 39% s. Thi nd s 0% 60% R Ass eettir s................................ em 1 fin e 0 10 0nt % % anc Pia lannin l well-g ................................ b eing programs w ................................ ould Fig b ure e in 18 helpin ................................ g you better prep ................................ are or save ..28 financial well-being programs would be in helping you better prepare or save ne retire gativ men ely im t sa pav cing ting s plan: your a t bih lie i ty n to vli es ve tmen comtforta optbl ion y in s a reti vail rem able? ent? r pe rtod ire uc me e nt in r , w e 0% tom irem en a 31% entr ew a ne als s o o ga ne mor tiv of e e tlik he ly e ly tim op to pa tb hr ec e ce tin om me g ost w y ido ou imw p r or s, le atbi ant ali v ty im ing p to rtov hes e m a m v a ee g nt a fo s in on tr hareti t tc he orem uld ir ow be e n nt m ata ? a d ela tto erw tor imkep lin t acehe ir life Deb t enough money to live comfortably throughout your retirement years? All Retirees (Reti w Aree ll Wom hes n e— it n c by om M M ae rra is erita d F to Wo igu l y mSta ou e re n r 13 tus Dile vov r29% ; ce e Pe d l Wo of rce ma es n nta sWido ege tswe ? Y de Wo s) men Never-Married https://www.ebri.org/retir Soue rreti ceme : 202nt/ 0rem Retre iremtire ee nt nt Cm onfe idprod ent nce- Sc uo rve nf y, uc E id BR e ts I nc and e or i Gr- esu enwrv anv ld e & y Ae sso fo s citm r ates s.pe ec nts ific re for y sultsou from r s the itu 2020 atios n? urvey. primary residence or defined benefit plan assets? reti 26% rement? differenceinv 100% is e est ve m n la entrs, no ger w t he inc n loo luding (Reti king ree the a ts v w a — lue om by e of n w yM our ho arita p ar re im l daSta iv ry or rc e tus e si dd . e ;D Pe nc ive or rce or ce d dnta e w fin om e ge de n b Y ean e re e sfit )right plaful n a ly ss le et ss s? c (onfide Retirent es d— ue b tyo individual retirement account or IRA? All WorkeR rsatio of A A ll Wom ctua 21% eln R Wor etike rerm s en F tM i g A au g rrre e ie dt Wom o 4 5 Exe p nectedDi R vo ertce ire d Wo mem ne t n Age Neve 21% r-Married Women R etire1m 0%ent Confidence 12% Figure 16, Realistically, at what age d Ret o ir yeou es(e Rxpe etire ct for re e tRet o s r— e ire tir eby tire se? M Im f you e ari ent? ta Ret l xpe S irtea e ct stus) to retireRet grir aed eua s lly, aW t o w mha ent Re ag tire e ed so you One of the most basic tasks of retirement planning for re is doing tire a m rete irnt? ement needs calculation. As a whole, not many 15% (Workers (O Wffe orkred ers a — Pla by n Ma — ritby al S M taa tus) rital Status) p re ot tir ee nt m ia elly nt w saitvhou ings p t know lans. ing Betthe ter ful exp l d la en ta ails tions 16% of tfor he ir w fin het ahe nc 7% re s. Thus they are , ton he trre asu cklt w s of ith th 16% the e ir RC re S tir ae re m e exa nt m sa ine vings d a cw ross as a tls he o Debt ................................................................ (Reti (Retree ire ................................ e ss — —by by M Ma ari rita tal l SSta t................................ atus) tus) ....................................32 One 2 of the moreW prh ess ich o ing fin f atnc he fo ial issllow ues for ing (W work or dk o e e y rrs s o a— nd u by u re se tM ire as a eri s is t aa s lt he Sto a du te us) r bce t the o yf hold info . Irn fa mat ction , 63 f pe orr cent of women 10% (Retirees — by Marital Status) 90% (Retirees — by Marital W So ta rke tus; rs Percenta W ge orke Yre ss) Workers While the o 0% verall confidence levels of 12% workers and retirees in March held close to what they were in January, workers who their signif Ma icar 0% nt italy l Sta highe tusr) ................................ like 13% lihood of having ve ................................ 13% ry low amounts of 13% sav ................................ ings outsid21% e of 13% their hom ................................ e. Ma 21% rried women m ....... ay 29 Compared w(W ith orkers what you — e by xpe M carital ted w he Status; n you Perce first reti ntag red, e wY ou es ld ) you say the 35% (Workers Employed Full or Part Time — by Marital Status) Fin ancial expeWel ct you l-w Bill e in be(g g Pr W in t ork o o e re gr rs tir e E am ?m (pl W sor oy ke ed rs Ful — b l y or Ma Pra itrt a l St Tim ate us — ) ................................ by Marital Status) .................................. 17 100% Much Higher Than Expected Somewhat Higher Than Expected About the Same as Expected 18% To worg ka euge rs ha how 1v 90% 0e 0 % p w eror fokre m rs a ed nd this r ebta irsi ee c s stfe ep el : a 42 bout pe rtche ent ir r of eta irll em we or nt k eprrs a ospe ndc 40 ts, t p 19% he erc RC entS of haa sll w annu omae 19% lly n w ask ore kd er A s m reepro icra ted ns how that universally1 5 1 6 c 0 0 0 00 it % 0 % % % ed in the top three choices (Figure 26). For divorced women workers, this was by far the most important possible m 0% 1 a0 r0 it% al status Alle Wor s of kew rsorkers a Alln Wom d reetn ir Wor ees ke arnd s the M ir a rp rie ed rc Wom eivee d n and aDi ct vo ua rce l r de Wo tire mm enent Neve prospe r-Macrt ried s. Women All Retirees All Women MarriedF Wo igur mee n 15 Divorced Women Widowed Women Never-Married workers consi 100% dered debt4% to be V e ar y m Help ajor fu lor mS inor ome wha prob t Help lemfu ( lFigur Not e 39 Too ). He Itlpf w ua l s evNot en mor at All He e lik lpfe uly l to be a problem for either had or expecte retire d to ha men Lv ee s s a T t ne hp a gn lann a t6iv 0e job ing sta ?tus S60–62 ele chact ngeall ha t d h muc at ap h low 63–65 p ely r le — velst o o f p co t nf hid re ee 66–69 nc esho about w 5% v n a.rious7 0 a so pr eO cts ld eorf 100% Re be tm ire or e eSp confide ending n ................................ t from fol dire lo cw t kin now g a le re dg ................................ hi e, gh or 7% e the r or l y could owe b r efor y liev ................................ 7% e ou the no ir spouse w tha n is y tou aking ................................ excpe are c te of d? retirement p .................. reparations. 35 When aske5 7d 0 0 % % what factors are considered when selecting 5% inve 48% stments in t 32% heir workplace retirement savings plan, 7% Workers Workers Workers Marrie S do A mg e 7% e wha s 3%M t L ao rr wer ied T Ah ga en Ret s EDi xp ire vo e ecte r sced d Ag M eu sch Di Ret L vo ower r ir ce ee d s T A hg ae ns E Wido xpect Ret we edd ir A ee gs es Wido12% wedRet A 11% gir ee seNeve s r-MW aro ried menNeve Retirre -M es arried 47% 9% 8% 17% 8% t c Fi he onfide gur y ha e 3 n v5, te tthe D r 8ie o 0y % d yare ou tEdu o Hel figur (tor ha c p tya e our tCal tio he out ys n c p a how ul ouse) nd or a tA tin m he dv uc cir g ur h mone spouse ic 9% rHow ee nt on ly ha y M w How till v uc he e h y rh a ev w 55% tY to e ir ill ou e e m n n M e oug e Ne e a nt d na 15% h mone sa te o ge d vha ings in to vCom ey Sa sa to vve v e pe liv st e de e b tin for a dc y o out tm g he for si Fi Se td im tna e a b c e of ly nc ure the atn hr ia y I oug Reti l RA re Prioriti t ir hout or erem 10% so t em the p e ha e loy nt s irt e rte he r- tir ye c m ae n liv nt e The RCS asked the employed workers how helpful, if at all, a series of workplace educational or fina 10% ncial well-being improvement cited, consistent with some of the earlier findings about 12% this cohort’s greater-than-av6% erage concerns Thinking about your financia 9% l priori 16% ties in retirement, d reiv tire orc me ednt a,nd in ma nev ny er-cm asaersr 10% ie reda c w hing ome 20 n w por erc ke enta rs, w geh p eo rints e 74 low pee rc r e fo nt 4% r s ao nd me67 of p the erc a es nt p, ec rts espe . S 13% ecet iv “2020 ely, cR ons etire ide m re ent d d Con ebtfid a ence Figure 17, How old were you when you re(Reti tired?ree If you r s —eby tire d M ga rrita adua l lly Sta , how tus ) old were you when you began to retire? 90% 6% (Retirees — by Marital Status) 80% 90% 70 or Younge 16% r 71 or Older 70 or13% Younger 71 or Older 70 or Younger 71 or Older Ages 70 or Ages 71 or p Ite is rfor not m adnc isc 9 e0 e /gr % rna ob wle th o from ver tthe im e su of rve the y, a op s m tions a 15% ny w of as the the 44% q m ueost stions sele u cse tedt he fac m tor od aifi meong r “y ou eac(h o and f th your e m spouse arital st ).a”t us There es of m ta he y A ssets 90% 21% 15% 90% 10% 20% 45 9% 0% S So ou ur rce ce:: 2 20 02 20 0 R Re ettiir re em me en ntt C Co on nffiid de en nce ce S Su ur rve vey, y, E EB BR RII a an nd d G Gr re ee en nw wa alld d & & A Asso ssoci cia atte es. s. 8% Marc •h Re The fieldst of udy finds 76 p Key RCS Que est rcions ent ................................ of married women exp ................................ ressed being very or som ................................ ewhat confident25% the ....................... y will have 38 N So ou te r:ce T:h 2 e0 co 20lu R m en tis rem ma ey nn t o Cto a nd fid d e to n ce 10 0 S% ur,ve as y,t h Ee B p Re Ir a ce nn dt G ag re ee a nn w 7% sw ald er & in g A sso “Noci t A atp ep s. licable” is not shown. c p y A om e rlog larfor s. ram Itn J as w bsponsor ly a9 nua ould in r 0%re yb t e ir 20 ed e in he m 20 ree t, ir nt te lpin he m (Fi ec g g nt onfide ur t 2 he .sa e 5 5 m v 7) ings p nc . bMa e et tle e rla rr v 43% i e e n? pd ls r e w (in t p W om ar or hi e 1e k s a .o 6 n w er4 r s spe sa o — v rk e c b te for y rof s w Ma rre e erttrit ir ir ea e e l Sta m d m r0 e a e.nt m nt 6t3us a . for tFor ic ; a P blly eot arll ch r m eent or m ea te p ir g loy lik e ee Y e e s a 0ly e d .6 s) nd 4 w to ................................ om ha wor evn e k e w drone or s w ke e r trhis se, 0a he .( 3 t48 2 lp or ne ...a 30 r about retiring 30%at ages 70 or older or never being able to retire. Divorced women workers wY eoru en g the er only g Old roup er to cite Survey Summa 100%ry Report, 13% ” April 2020.w 24% hich of these 15% is more 8%important to you? 50% 29% 29% 29% p roblem. W (Re he tir n a eesk s — ed b if y dMa eb 24% r t itwa al Sta s ne tus ga 31% )t iv ................................ ely impacting their ab ................................ ility to save for retire................................ ment, one-half of 30% wom ................ en worker s 18 45% 31% 10% 26% 26% 26% be some support S ofor urce : c 20onfide 20 Retirem nc ene t C in onfidtehe nce S spouse urvey, EBR’s r I ande G tir ree e nm wae ldnt & A sso prci eap tea s.redness, given the m 16% uch lower confide 26% nce levels of women wor7 k0e % rs (Figure 16% 25). Married a 15% nd ne 10% ver-married women workers had the same two factors filling out their top 43% Given the d 10 is 0p %arities in re 8% tirement confidence among women of differing marita14% l statuses, it isn’t surprising that the 45% 38% 9% All Wome ennoug 580 0% %h money to live 2 c.om 17 fortably10% throug 41%1 hout .307% their ret 41% irement 0. 6 y4 ears, with only 43 0. 8p 4ercent 11% of divorce 0d .3 9 women p all e-rtcim ent e )highs o tha 70% 8n b 0%fot th d he 30 ivor yce ea dr s of and tne hev su er-rm vey ar: ri69 ed p weom rc Hous eent n w of in or w g kor eEx rk s (3 epe rs sa 0 p ns ie d e r c s the ent y a w nd e 58% r e 25 c onfide percent nt, , r w ehil spe e c77 tiv e p 24% ly er)c . e nt of calculating 6how 8 8 00 % 0% % much to 27%save for a secure re (Reti tirem ree ent s sc —or by ed M highe 4% aritast l Sta in b tus eing ) helpful (Figure 27). Indeed, this was true t 3hat more fund or investm 5% ent op39% tions being 5% available was a k13% ey impr10% 38% ovement they sought, consistent with their C onclusion ................................................................ 20% ................................................................ 22% ...........................39 regardless of 80% marital status said that it did. However, while approximately 1 in 5 16% 27% 7% married or never- 11% married women said The question 80% s in the survey ask about the family and use the modifier “you (and your spouse),” so the re 20% sults for those Figure 36, 4 4D 0 040% o % %you (or y5% our spouse) currently have a defined benefit or traditional pension plan, w38% h 9% e 25% re the amount you 90% 36% t dhr ive or ec : em d aw tc om 8 he 0% e s y n. our How ris ek v etr ole , driv aor ncc ee a is nd g e ene asy ra inv lly e est xp m ee ns nt iv teha atnd adcjrus ea ts for tes tw yo ou hous based ehold ons i ans get e or a d 30% r is of k t one oler , afor ncc eing . How dive or ve ce r,e s 35% 22% Married Women 2.17 12% 1.09 0.92 0.61 0.29 le Fig ve ur lse of 18a , ss Ra etts he io of ld Ac b 45% ty ua the l Re mt ir are em su ent b st Aa gnt e ia to lly E xpe diffc etre ed nt 51% Re . Thi tire rtm y-efour nt A g pe e r................................ cent of married wome................................ n work46% ers reported ha... ving 18 The RCS w aor skk ee dr s a wor 1n 0k d 0e % 51 rs apnd erV cr e e e rnt y tir Con e of efid s ne a en b vte out r-m w aha rrie t d sour S w oom m cee wha e s n w of t Con inf ork or fid em e rs sh na t tion aring the Notty his T us oo Co e confide for nfid 33% r ee nnc t tire em . D eiv ntor Not pcla e 33% a nni dt A ang. llnd Co ne n Of a fidvee n rtb -m ata te rrrie y d Ages 70 or Younger 24% : 54% 5% N for reot tir ee only aecs sa h w wiom e dr e this a d n w iv (or Foigur c rk ee dre a 16% c1 nd ohor and netv Fi e ex r gc -ur m ep e at r 2 6% rfor ie ). d ne wv om ere -m n w arror iek de w rs le orkss er s, like wly ho to sc ha orveed m ed one uca y 25% 49% t iion n a or w o ardkvpic la ec e on pla how n, btut o cw onv hee n rt g reater-tha9 n35% 0 -% average d 50% is 12% satisfaction w 44% ith investment options 11% 11% available in their plan. Ot 13% 23% her cohorts cited that additional 60% 31% 10% 31% 38% married could be a conse 53% quence of faith 52% that 12% the spouse is doing tasks referenced or the actual actions of the spouse, not they strongly a1g 0r 0e %e that debt is negatively impacting their ability to save for retir 9% e 6% ment, more than one-quarter of 7 70 0% % 13% 7% re60% 7 c0 e% ive is typically based on salary and years of service? (W 30% orkers — by Marital Status; Percentage Yes) .... 31 A tD o p iv p fa oerc cndix ee d p ot W ................................ 2 e 7 o 5nt 0 m % % ia en lly more current 5 ................................. 9 fin 3ancial challenge 3s t .16 ha ................................ 4% n when marrie0d .4 . 1 Eithe ................................ r 10% way the su 0.r8 v5 ey sh 3% ow ............................. s that the 0.r 0e 69 is an 40 d Aiv ccor ess ce d to w aom n ee m n w erg or enc key rs c sa 5% it ve ings a d othe ccrount fact or ors m prog ore ra oft m e ra nnk : re ed com , on ma ev nda e5% ratg ions e, t he of tahir pr dofe mo ss st iona helpful in l financia be l a tte drv is pr or ep aand ring for 30% 28% 15% For $250 re ,00 tire 0 o es, t r m he or e sh in are a ss sa ey ting s out Verty he si Cd on ye ha fide of d nt t he t8% rie v da tlue o figur of St om he e out eir w ha hom how t Con e fide a m nd uc nth th any edye N fin ne ot T e eoo d d e C b de on ne to fidfit sa en v tpe la tn a o liv sse e N t ot cs ( om at Fi A for g ll C ur ta on eb fid ly 33 en in ).t This of choices, w Ag 8 70 e 0om % s % 71e o n w r Oor ldek re : rs overall ranked family and friends (31 percent), their employer or information they receive at wom 70e %n workers also have lower confidence in oth 61% er aspects related to retirement. In partic16% ular, 43 percent of they did have a plan, they were less sa 23% tisfied with it (Figure 22). Eighty-one percent of married wom 15% en workers said savings into income in retirement as slightly more helpful 5% . Interestingly, along w 11% ith their higher d 6% issatisfaction with the e ne dc uc esasta ion w rily 35 d 7ould ire % 0%ct k bno e 9 0a w % le top dg e im op r ra ov ctions eme nt of , the in 19% p paerrs tic oula n bre in ingt he as kfor ed m the of qone ue 23% 4% 30% 3% st-ion on- . one, in-person education. Figure 19, Did you retire...? 6% (Retirees — by Marital Status) ................................................................ 40% ..................... 19 divorced women did so (Figure 40). 18% Never-Married 25% W9o 0m %en 2.42 10% 0.98 23% 0.70 0.43 0.00 58 00 % % 21% 24% 48% 21% 21% 31% 21% 5% 25% 46% 6% r r ae e pt cp ir og a erm niz ent ee nt /k ne , now readn g for ing the d iff fr na om em ree nt 76 of i nfor pfun ercm d e/i nt anv t ion sour of esne tmv ee nt c r-e m c s t om ao rrp ie he ad ny lp e. m dT iv phis loy orc e a ed g d a w w inor om unde ke ern w s sa rsc ity or h p ing es re it tp ha w ar tou in th g ld e for b ne e e rv e de 27% ts fo ir rye m or r e d som 6% nt iv.or e ce wdha wtom hee lpf n ul 32% W r Ee xa t ido irm ew m ini eeng d nt w 4jw 5 0 om us % 0 a% ts sl ew n r om ight ete ir ly n w e e highe s or wke er rr: es, t 45 als he o pe lc e ronfide c aest nt lik for nc ely e a ll tle o rv e sa e tir ls ye tsh e ha s ow a t nd he no a 44 ltsi h ca p ge nif rrcic e e 5% a nt ont r for dd eiff nt aell w arl e enc om xpe es fr ens n r e om e s w tir w e eo e re s ( rk a eFi b rs out g ur ov ee t he r8) all . sa .H T m ow he e e ra e vs e are r, compares w 6it 0h o % nly 7 percent for divorced women worker18% s and 17 percent for never-married women workers. Divorced w E Findno or gur k e( t25 3 e7, sne p ................................ D e v 6 50% r e 0 o c % re - ym nt ou a ), r(ra or ie nd d y our w a om p rso e pfe n w ouse) ss ................................ iona orkceur l rs w fin rea nt e nc rly eia ha vl a ev rd y ev o a isrn ind or som ................................ (24 ie v w idua pha e 20% 22% rc tl r ecnt e onfide t)ir e am s te nt he nt in k ta ................................ op cc now ount thring e eor chow hoic IRA e ?m s( uc W (Fi h mone or gk ur ............................. ee rs 12) — y 17% t .b he Thi y y Ma s r ne ra it enk a dl t o 40 620% 0% Source: 202047% Retirement Confiden31% ce Survey, 21% EBRI and Greenwald & Associates. 19% 31% e the duc y a w tiona ere v l ma 6e 0r % y tor er ia som ls te he wy ha ctur sa retnt isfied ly re w ce itiv h th e, d eiv ir or wc or ek dp w lao cm e e re n w 44% tireor mkeent rs w sae vr ings p e least 18% la 41% n vs likely . 73 to p fin er dc e ant ny for of td he iv or ed ce uc da w tiona omel n 4 23% Source: 2020 37 0 R 0 % e % tirement Confidence Survey, EBRI and Greenwald & Associates. 3% 42% Unmarried includes all marital statuses except for marrie 20% d (divorced, widowed, and never married). 27% 60% 80%80% 41% 20% 60% 11% 13% 15% 5% w to or 82 ke p rs eracre ent uni of qd ue iv or whe ced n it w o cm om en e es t m o pw loy orekd 25% p la wc or e ksa erv s sa ings p ying la ns so (F . igure 30). While divorced women 26% rated such programs Figure 20, Have you worked for pay since you retired? (Retirees — by Marital Status; Percentage Ye7% s) ..................... 19 a m e dxpe nd is ac rrrne e ie ct pd e v a d e nc w rw - om ie m 7 he 60 s of 0 a e % % n th rn r rieonly e det y ir w e fir om 2 e s st or ew n r e 3 ew trp ir eor e esi r d kc g e e (nif r31 nt s w ic a p g 39% a ee e nt rr ec p ly e oint c nt onsi m)or sa d e b nd e e lik rta w m e be ly ost ly e n e tm o lik or ha aec ely v h conf lik e t o d eone ly sa ide ty o ttnc ha his he 8% e v y ne e cw a le e e te d ss re g s c or thighe ha a ylc n $1,00 (ula ve r rtty ion ha , som n e 0 in (55 xpe e a w pss e ha crte c ette d , s: 38 p nt not (46 ), w tp ohil e e or r, e c ca e e d nd nt nt iv )or fo not c r e d a t or der was 3 a0 ls % o true of married women workers (32 percent, 28 percent, and 27 percent respectively). S 28% trikingly, sa St 2 v0 a e % t us by; rP ee tir rceem nt ea nt g e 39% t o Ye liv s) e ................................ com 10% fortably in retirem ................................ ent compared with 47 p ................................ ercent of divorced 34% w ......................... omen workers a nd 31 workers and 62 percent for never-married women wor 46% kers. The relatively high percentage — 18 percent — of divorced p Dreog btr a wm as s lis of tle ed ss he conc lpful e, rn for with th wom e not en r ab ele tir e exc es b eput tion sts ill of sig ani ccfic ess ant to , a es 49 p mergeenc rcy e nt sa v of ings a womcecn r ount etir s or ees c pronsi ogra dm er se a dnd deh be t lp to be 50% 10% 56% 5 While divorc 4e 0d % women w 51% orkers stand out as ha 40% ving the lowest retirement confidence, never-married women workers 5 40% 0% 27% 16% 3% 6 50 0% % 70% Younger w5 o0rk %ers overa 47% ll were more likely to consider student loan debt assistance programs to be help 36% ful in preparing for m ore helpful than did other cohorts, they still had a much lower p 44% ercentage saying the emergency sa 5% vings account 70% 43% 25% a a (Fi ll) nd g. ur ne He ow v 44 ee r- v ). m e r a, rtrhe ied st wor om y 45% e cha n rnge etire s w es he we n loo re sik ging nific aa tnt wly om leess n b lik ye tly he tir o m haavre it a dlone sta tso us. (Ma 29 rp re ierd c ew nt om and en 34 ha d p e the rce highe nt, st level divorced and 5% 42 for never-married vs. 14 percent for married women workers. The divorced women workers were however, 69 d 4 iv 0 p % or erc ce ed nt w of om mean a rrie nd d w ne om vee rn w -maor rr43% ie ke dr s. w omen ranked the “None of these” option more highly 43% than they did 50% 8% 51% 43% w a om proe bn w lemor (6 5 Fi k 0 0 e % g % rur s w e ho 41 )w . e M ra er n riot ed aw t om all sa en tis refied tire ew s itw h th eree le pala st n st like aly nds to out find , ads eb only t a p 3 37% r ob pelre cm ent , a of t 30 ne p ve er r- c 36% m ent ar. riH eow d w eom vere , n the c Fiaglc ur ula e t21 ing , D how o y ou mu(c or h y your ou ne speouse) d to sa cur ver e for nt ly a ha secu ver m e one retirye m in a e49% nt n e . mployer-sponsored55% retirement savings plan? (Workers 51% 8% 46% 29% Fi als go urha e 3 v8, e low D 5o 0% eyrou lev(e or ls y of our confide spouse) ncec . ur Ther 45% rent ely a rha e m vea… ny ? ( su Re ptpiror ee ting s —fa bcyt or Ma s for rita l Sta this tlow us; eP re cronfide centag nc e e Y, 36% ea ss b ) ....................... oth divorced a nd 32 retirement. See “2020 Retirement Confidence Survey Summa 10% ry Report,” April 2020. Never-married work 37% ers were younger on 0% 60% 27% 45% 2 34 0 5% % 0% 8% w ould be very helpful, at 14 percent — compared with 30 percent for all women workers. 53% 59% m r of ea spe cronfide ke cd tiv lye m nc ly4 5or )e 0 0. % % , e W w lik ido ith ew ly 76 etd o p rha eer 59% tcv ir ee e nt e sm s’ of a lik lle m ea r lih rle rood ie vd e l s w of of om ha aess vn ing ertes, a p dor one s 72 p ting the be e c ing ra ce lcnt ula ve ha rty ion w d or le som ss as in b tha ewn $25, ha ettw ceonfide e 00 n a 0 in t nt 40 a t ss ha pe et t r s v cte he nt s. 54 p y . will e ha rcveent for family and fr 30% 30 ie % nds, and neither cohort ranked their employer or information they 59% rec13% eive at work, or a professional Figur • eGi s v4 4 e 0 0n th % % e d 60is %parities in retirement confidence67% among women of differing marital statuses, it isn’t surprising that workers re2 p0o % rted this. I6% nstead, never-married women workers were more 27% likely to 41% report that they are not too satisfied si In supp tuation is q ort of uitthe e ddiff iffeerreent nc a em bong etw eunm en eaxp rrie ecd t ew dom rete irn em ree tint re e as. Tw ges of o-w thir om de s o n w f d oiv rkor ercs a ed nw dom the e n r acteua tirl r eees d 45% tire em sce ribe nt a dg tehe s of ir — by Marital Status; Percentage Yes) ..................................................................................................... 20 5% 25% ne ave vra erg -e m . arried women are less likely to have done a retirement needs calculation or use a professional financial advisor. 15 50 % % 50% 52% 56% 25% Housing expe 40% nses were 47% more likely to meet expectations or be lower than expected 46% for married women retirees than 40% 25% 35% 30% 31% enough money to live c4% omfortably throug 18%hout their retirement 32% years (compared with 64 percent of 17% all women workers). A ne Fig gv a ur e in, t re- m 3he 9, ar rThi m ieost dnk w ing p om ope a ula n w bout 23% r or p ry k oour e grrs a a m cnd ur for re 31 nt m p ost fin era c 31% w nc ent om ia l sit for an w ua ma or tr ion, 9% rkie er d how cw ohor om w e tould s w n wa or s he yk ou erlp s. dec sc alc ribe ula tying ourhow leve m l ouc f d h th ebte ?y ( W neor ed k etro s sa —v b e yfor fin ancial a the dv 3 4 is le 0 0% % or ve,l o am f a ong sse tts he heir ld top by t hr the ee m sour is su ce bs. staThi ntia s llsu y g dg iff ee st re s t ntha . The t diffdeiv re or nt c esour d wc om es eo n w f infor orke m ra s w tion er 10% e are m a ne rke ed de ly d m for or e d we itb h th t lev ee irl a pla s n a ( p31 rob ple em rc,e 30% nt wit ). h ne arly a quarter saying it is a major problem. Seven in 19% ten widowed women retirees women retir 4e 0% es, nearly one-half (49 percent 20% ) of women retirees reported having retired earlier than expected and only 20% 50% 6 33 00 % % 37% C D Ed om ivuc or m a cte on ion o d a inf nd 20% ror an m dev a vic teion sour e r- on marhow rie cd e s tw o a om m rea e m na n w or ge e or lik ckom e e43% rly s p e a not t ls ing o tha o fin b ve a e nc us loia w el p d e rb rcio yonfide runm ities w anc rra e ie s a d in oth w lsom o highly ee r n aspe w or ra ckt te e s r rds. The ein he latedse lpfulne to wrom etir ss e en a m in p els nt ro e . p a Ia r n e ri ng less Figure 1, Ov 3 2 30 e 0 0% % % rall, how confident are you that you (and your spouse) will have enough money to live comfortably A for not Th w e T he om h dis r e c e trib bn r a h si ution o e cic t ir w es e 4a 0e o y % f s w f t o the o rho m he alp s o w sse e p t v ts rree is a p un lu aorm nly e a a ble for rfo rie 12% im r rd e tho t(ir p 76 e s re m o p v w ee em nt ho rc e is g en nt ab v ts y v e s. 64 p us to an ing th amo a eir r e un rfin ce t. a nt eti nc Th or r ia o em s l a low e d w en v e ho is rt s or fo da . id r v H n’ unm in ow t g kno e s av pl re w rire a , o dn r only r re e w tfu ir ere 27 e se e d s) p m w e . or re A cre g e ea nt fun no in, of t d d inc w iv or or or lud k ce e ed r ds . Figure 22, How satisfied are you with the following aspects of your workplace retirement savings plan: overall? 94% 40% 15% 17% I an cont securrea r st Ma e, tir only re itm al Sta e 43 nt, p tw us eit r)c h b ................................ ente tof we deiv n 76 p orcede w rcom ente ................................ n w and or 85 ke p rs erha ced nt c of onfide eac................................ h w nceom in t ahis n w aor spe kec rt c of ohor re ................................ ttir not eming ent. su The ch he confide lp would ....... nce b 33 e divorced and never-married women in helping them with their retirement planning. likely to have sm 12% aller levels of assets, as 72 percent had less 29% than $25,000 in assets vs. 54 percent for never- d 7 p esc er rc ibe ent d la the teir r tdha ebn t e lexpe vel ca te s d a (p Fi ro gb ur le em 19 , w ). itMa h 14 p rried e rw ce om nte sa n r ye ing tireite s h is aa d m t ahe jor sm prob alle lest m p . e Arm ce ong nta g ne e v sa ery-ing martr ha ied t tw he om y reen tired 30% 18% 30% 51% 32% 30% 30% satisfied wit2 h th 0% eir workplace retirement savings plan. 11% Consequently, unmarried women workers are not finding the p for ar tric etula irerm , 2 e 43 0nt % paecrrcoss 27% ent m of arne itavl st er-a m tus are rie s of d ww om om ee n w n eom rkpeloy rs e w de r w eor vk ee ry rs. Ei or som ght ein t wha en ma t27% confi rrd ieednt w in k ome now n th ing oug how ht su m cuc h h money 7 investtm hr 3 3e 0 oug 0nt % % op hout t4ions 0% your av a re ila tir be le m ; e m nt or yee a er nv 81% s?ir (onm Wore knt era s lly — or b ysoc Ma ia rit lly a l rSt esponsible atus) ................................ investment op26% tions ............................... available (ESG); 8 Unm w cur om rea e nt rn r rly ie e d us t ir w e eom e fin s st 3e a 0n r nc % ood ia etl a ir out edev,s w is sa or e ysring e a nd at ls ha o 26 25% tfa hous p r em rcor e ing nt e lik e of xpe ew lyom ns to ee ha s n w v w e eor rtehe k e highe rlow s do e r sso (t18 a(m Fi pount e grur ce es of nt 9) ) . or a Ma ss mr euc rtie s. I h hig d n p wom he are r tic n w (ula 17o rp r, k e51 e rc rs e p ’nt c eur ) r cte rh e nt a nn tof (Workers Offered 24% a Plan — by Marital Status) ................................ 18% .......................................................... 21 This could be due to qualified domestic relations orders (QDROs), whe 77% re divorced women would receive a portion of their le Div ve or l o ce f ne d av 10 nd 2 e0 % r% -n m ea ve rrrie -m d aw rrom iede 76% w n w oror kek rs e rw s w ere a s in b also le etss w esa en th tisfied e t w wo ith cer extretm ain a es asp t 51 ect s o perf th cene t. p H la ow nse c vom er, p19 ar epde rw cit ent h ma of rb ro ietd h somewhat 1or 10% 0% very helpful (Figure 28). Howeve21% r, divorc 75% ed women were much less likely to say the program would be ma 12 2 5 r0 % r 0% ie %d women workers and 31 percent for married women workers. Furthermore, d73% ebt was more likely to be The av1 a 0il %able factors were fees, performance/growth over time, matches your risk tolerance, easy investment retirees, 50 p 30% ercent said debt is a problem, with 1 in 10 saying 37% it is a major problem. And while 29% the majority of married earlier than planned, at 36% 37 percent. In com 36% parison, the share of t17% hose retiring earlier than planned was higher for 16% 10% Figure 40, To what ext 8 ent do you agree or disagree with the statement that debt is negatively impacting your ability to information from work as helpful or appealing as married workers are. 16% t phe rog y rne am es w d to ould sav e b eb y he rlpful, e 24% tirem ae long nt to wliv ith 73 p e come for rcteant bly o fin d iv reo tir rceem d ew nt om com en w pao re rk de w rs a ith 47 p nd 74e p rc ee rc nt e nt of of div ne orv ce erd- m wa om rrie ed n women use of less a inv fina enc stm ial a ent d v op isor tion ws a as highe vailable r ; atm 3or 1 e p e inv rce ent stm . B eut nt only optio 1 nsin d5 esi dg iv ne ord c efor d or a ft ne erv 24% y eou r-mra ertrir ie ed ; b weom tte 31% e r n expla work ne arts ions rep for ort ed e d ex xpe iv -or spc c ote us edd e w s (’ Fi om re gur tir en r e 2 e0 me % 45 etnt ir ).ep e la s, 30 n ass peets rc a et nt d iv of orc we ido and we tho d w som e p 22% 6% e ro n ce re etdir s 13% e a ere s, a the nd n 29 pla c pe ed rc into ent the of 34% ne IR vA. er -married women retirees 10% 19%12% The so 20 2 2 u 0 % 0r % % ces of in 30% form 11% ation giv 19% en were a professional financial advisor, fam 30% ily and friends, your employer or d wiv om ore ce n w d aor nd 2 k0 e% ne rs. ve Mo r-m rea trha rien d 1 wom in 5 en w (22 or pe krecre snt sa ) id ne tv he ery- m wa errreie not d w om at a ell c n w onfide orkernt s w 27% in ha ere n ving ot too enoug satis h mone fied 29% wit yh th throug eir p hout lan’s v Fiegrur y he e 2, lpful (25 Overall, how percent confide vs. 42 p nt e arrc ee y nt ou 22% for tha 4 m t ayrou ried ( aw nd om ye our n). spouse Never-)m 17% w aill rr ie ha dv e em ep noug loyed h w mor one key r s ha to liv d ea csl oight mfor lyt alow blye r that a a d pjrus ob tle s for m for you div b17% or ased ced on and agn ee o ve r rr-is m ka trole ried ra w nc om e, e itn w ’s the ork e em rs, w ploy he err e d e 74 fa ult p26% e rop cetnt 16% ion, and re c 67 og p niz ere c 38% /k ent now , re t sp he e cna tivm ely e , of 20% Fi w wom om gure e en r n r 23e e, t tir ir He e ow e es (7 s w sait t9 p is hin fied e 19% racll t e ant rhr e) ,e y ou e w ido unm ww ith th a erdr ie w ed om follow ce ohor n ring ettsir a — espe e s (6 and ct2 p s of waes high rycour ent )w e, st or a nd for kpla ne w ce ido ve rre w -tm ir ea d er m w rie e ont d m w e sa n r om vings p eetn r iree ela s t14% ir n: th at ee 59 s (8 e p 3 p inv erce e est rnt cm e. nt e At nt ) 24% 2% 2% 10% 34% 14% 42% sav 0% e for retirement? (Workers — by Marital Status) ................................ 4% ................................................. 33 w wor ork ke er rs (F s anigur d 2 1 10 0 0 69 % % %e p 31 er)c . eD nt 21% iv 40% or of cm ed a rw riom ed e wn a omg ea n in ha 40% 31% word ke trhe s ( Fi low gur est e 4) sh 31% . aA re s fa sary ing as fe the elin y g w ould confide bent ve in c ry he hoosin lpful. 20% g the right 19% 19% 39% r us 8ep ing ohow rta e dfin m ha auc nc ving h inc ial a led o ss v m is te ha or y29% 18% . n $1,00 our Re tsa ire ve in 0 in s ove gs w ass rill ae ll w p ts c rod eo ruc e m m p e a or in re er d e lik 12% t w ire it ely h m only teo nt b; e 11 b us e tp ing te err ce a expl nt fin a of ana nc m tia ions al ra rie d for v dis w or w om he (32 e the n r pre e ry tc ir ou e ent ea s ( rof eFi on agll ur rte r ea t ir 34 ck e e )w . s itah nd 10% 0% 10% 30% 17% inv r eTh tir ee st e inf m fig m or ee ure nt m nt, a op nu c tion you r om t mb ions pe ars r e — d de ow m c no e it or iv ht e e only a ta d ha td w n d to 7 p or 100 oub ke, rc Gp e le oog e nt rc t ha of e le nt, t m o of ra a ot s rar ll the ie he w dr om s w se ha oe a m re n w rc e h w n w ho or engine k or a ens k rs e w rs, (sFi e.r o g enli ur d d e ne o 23 n’ ct a ). k lcno L ula ik w et w or or is s a no e, nd t ne ap v pp e la lirc nni -a m ba ng le r ra ie tre ools, d no wom t o snli ho en ne wn. share than other Ja cohor nuary ts sa Ma ying rch a pr Ja og nur aa rym heMa lping rch with Jancua alc ryulating March retirem Jae nunt ary savings ne March eds Jaw nuould ary beMa he rchlpful, at 76 ct onsi hroug derhout ed d e yb our t a rp ertob irele mm ent c om y 26% ea pras? re d (Re wt itir h 56 p ees —e rbcye nt Ma of rita m l a St rraie tus d w ) ................................ omen. ............................... 8 fund/investment 20% company, investments match a well-known index, investment is actively mana25% ged by a fund d Unm isagarrere ie dd op t r ha 1e t 0 0% ions t % tir d ee e b a s a t v a is ls ila o ne bale g re a ? tfa ( iv W e cing ly or k im ecrha p s Offe alle ctinge ng rets in r d he air P a e la b tn ir ilie— tm y e tbo n yt liv . Ma They a e rc itom al St for rea ttm a us b or ly ) e ................................ in r likeely tir teo mha ent ve , td his eb tw ta ha ............................... s tnot is im the pa c ca ting se for the ir 21 the same time, the widowed women retirees also had11% the highest sha 23% re saying that they retired late 12% r than expected. 15% 0% 9% 8% The overall 1e0xp %ectations All Wor for 7% ke lif rsestyle A in r ll Wom etire enm Wor ent ke w rsere m Mor arre ie d lik Wom ely e tn o be m Di evo t for rce 17% d m Wo 8% ar m riee nd aNeve nd ne r-M va err ried -m Wo arrm iee dn women 10% 6% 25% retirement products and investments for their situation, just 44 percent of divorced women workers were confident vs. 31 py eour rcent re of tiream ll w ent om sa ev n ings; retire m eor s) e( Fi one gur -on e 10 -one ). For , int-y p-e four rson e ped rc ue cnt at ion; of mm aror rie ed onlin wom e een d18% uc reta irte iona es rl tools eported ; o tw he or r; king and wnitone h a Fu rthermore 1, 0% 64 percent of divorced women retirees and 60 percent 17% of widowed women retirees had less than $25,000 Therefore, the 1 0% 0% diffe 0%rence between 100 percent and what is shown is the percentage who answered in this way. For example, Figur fin e a 4nc 1, ia Thi l a 0% nk dving ice A a p Al llb la R l out W tetir for o 19% rke ey m es rs our s t ha cur t roffe A ell Al nt W l W rfin om op me e a er n n nc sona Wia orke l sit liz rs Ma e ua rd rie ta Ma d Wom ion, drri vic e dhow e W en , oh me aw n D r d W ould iv or oc rke op ced W rsy you p Do iublic vo m drce e en sc da W r W tibe ions oidow me ny , W e our o d Wom ornli ke le rs ne ven ep N l o ublic evef d r-Ma Neve e arri b tions rt e-? d M W ar (Re o, rme ied stp nireece ifi s c— by workers were more than twice as likely — 36 percent — to report being not too satisfied with the educational materials percent. 0% 0% W17% orkers W17% orkers Workers m • ana Un ge m r,a r rr eie com d w m om enda en w tions ere of alsa o p le rof sse lik 16% sse iona ly to l fina havnc e ia trie l a dd t vo isor figur , re ec out omm how enda m tions uch mone from y a tfr he iey n d 16% w ill or ne fae m dily to , o liv the e r, a d I Dnt b iv eili spit e or try e c e st e td o ingly su w liv c 1om e h a 0% , cst e o n r la m ude rfor g ee tnt ir t a p e loa b e er ly s. I cn d ein r nt nd e ae e b gte te ir d a e of , ss m nis e w ent a tom a r. nc lyTh e e ha n r e plf (4 ir r eog te irxpe r ing 6 p am ns e e sra c e w re s lie e nt a rre r ) e tof c ha highe onsi d niv p d or la e r r c nne te e ha d d n d tw he , tom he only ley ea n r e st 2xp 3 p e lik t eir e c ee tly re e c d s e t o nt r w e b he p of eo n fir he rw teom lpful dst te ha rn r . etSp t ir e ding te eir c be ifi t, e w c a s a nd a rlly s ep , the o 48 rty e d are 9% 10% 8% All Retirees All 8% Women Married Women Divorced Women Widowed Women Never-W Mo arr ke ried rs r Fi eg tir ur ee e s ( 3, Fi Ov g 5% ur ere a ll, how 46). A Thi ll Wor cr onfide tyke pre srnt ce a nt r eof A Ret y ll Wom ou dir iv et or eha s ec ne t Wor d y ou w ke om ( rs aRet nd en r iry e M e our et a sir rre i espouse e ds sa Wom id e Ret ) nt ha w irill ete tha she Div vo ir e rov ce enoug d e Wo ra Ret ll li m h ire e fe m n est s one y Neve le y in r tW o r-M oliv e m atre e ir ried n ec Re m o Wo m e tirnt for e m e e s w t na ab s ly 48 percent of 0% never-m Alla Wo rrie rke d rw somen w All Wom orkee rs n Wor and ke 69 rs perM ce ant rrie of d Wom mar er nied wom Divoern w ced Wo ork m eern s (Fi Neve gurre -M 5) ar. r ied Ag Wo ain, b menoth of these. 5% in a Fi the fin A g si a ur m nc ss ma e ila e ia rrie t24 s. Ma r l a p , d d a H v w tow tis re oror r me ie n e sa , dn w tw m is hic re A om e fied ll A tire r R h is ll g Wor e e etir e n r s for a r nu e m e ke es e or tmb y rir sou re e e e e ttrs ir s w ha we it a e n d Ah th d e A s lld r W ll . e W oub A to om e si s not om g 96 follow e le nif e nn W t p e ic he ed a rc or ing nt e num ker M ea nt, ly ars ra li rim e spe e b sr d Wom o e or , r4 rc M e e of t p a t s of lik ir re ren d ie rc e e iv e d W ly ey s in g or nt our D tom c o iv o e or ha f d en w ced W e ma a ne v or nd errie k r$2 p a o w l h la m d D 50 ido c en iv w a e or ,00 v o w r e ced W me W e ehighe 0 in tidow d irn e w o m re e o m 4% a d Wom e tire m rss en nt le e ee n r v tsa s s: 51 p e N en ls a e v eve ns ings p t ir of w re -N M e c ee eve s onfide r ar r ela c d rd ied W re oing -n: th M nt do ar nc n’ v ro ied s. 2 t so: e m e k en e no t d ha 5 p 17 uc wn /e a p no r te iona crt ecnt ent l theyfin rea cnc eiv Ma ia el c rcit om om al Sta p pa arn e tus y d w )w ................................ eitbh sitthe es, ir sm pe ac rifi rie cd g c ov ount er................................ nm erp ea nt rt s or ( Fi non gur -p er ofit 24) . w Me ................................ eba sintw es, hilo et, he 14 r , paend rce n none t................................ of of divtor he cse. ed women sa ....... id the 34 y 0% Retirees Retirees Retirees Retirees Women Retirees com0% fortably Al t l hr Retoug irees hou Letss T Al re l W th ir oa me e nm 6 n R 0 e ent tire: es48 pMa errri ce e dnt W oof menmarrie Divo d rce wdom 7 W 0 o o me ern vs O n lde. r30 Wid oNeve p we e dr W cre o Re me ntn tiof re Nd eiv veor r-Ma crri ed ed w Woom menen and 25 and none 0% of these. 60–62 63–65 Wo 66 rke –r 69 s Workers Workers m neor ga et iv lik eely ly im to pha acv ting e re A tthe llir Wo eir d r a ke eb a rili s rlie ty rt o tha li Av n p lle Wom cla om nne en for Wor dt. aFu ke bly rrs tin r here m M tior arre W re im e, o dre t Wom ke he nt rs , y w e anit re h 17 p mor Di evo e lik rW rc ce e e ont d lry ke Wo t rst s o m rha ong enve ly Neve low agr re le -M e W ving ao e rr rls ke ied tof rha Wo s sa t m tv his eings. n waI s t n he ha per vc ing entw of orm keadr ra ie ftde r w rom etir ee n mw eor ntV k ( ee ry Fi r s, 38 p C gour nfie de n20 te) rc . e The Snt om eof wp he ad tr iv C co e or nnt fic de a e ng d t e w of om Nod t e iv Tn w oor o Ccoor e nd fid k ew e nr tom s, a e N nd n r ot ae 56 t A tir l l p e Co e e nr s w fc ide ennt ho t of wor nekved er -a m ftaerrr ie redt ir w eom mee nt n 0% Retirees Retirees Workers Retirees WorkeRet rs irees WW om oe rke n Re rs tirees somewhat or much worse than expected. Only 10 percent of never-married retirees and 15 percent of married retirees throughout your Yo ur T et rir y e tom Ine cr nt ea y se e Y ar os? ur A (sse Wom t Lee ve n lRetirees Y— ou T bry y Ma to Mra itint al Sta ain Yo tus ur Cur and renA t g Asse e) ................................ t Level ...... 9 d ap ivpor liccaebd le a . nd never-married women workers had low Ree tire r ele s vels of confide Retireesnce when it Re tc ireo em s es to know Reting irees how much w and ork19 ers p . e Ma m rca e rtr nt e ie r, ia dr ls e wspe om y 0% Aou ll Re cetn r iv tir ee rc e e ly e etiv s .ir e e Ne ? e s ha v (W erA or -d m ll Wom kta e he rrrs Offe ie highe ed n wom re std M e c aa n o r rnfi iP r ee la dt d Wo ir n ee nc — e mse e ’b n le us y v Ma Di ee vo l in w rira t ce a s ha l Sta de Wo q vua ing m tus l to th en e )noug ................................ Wido e h ov wem d e Wo r one all w m ye om n to la e Neve n r st tehr rt -........................ ir Moug e are ried num houtb er at 31 22 or less for the 0% otherA m ll Re arit tira el s estatuses. All Women Married Women Divorced Women Widowed Women Never-Married All Workers All Women Workers Married Women Divorced Women Never-Married Women Workers Workers Workers were not at all satisfied All Wor with th kers eir pla An’ ll Wom s invee nst Wor me ke nt rs optio M ns ar ri( ea dg Wom ain m enore tha Divo n twic rced Wo e tm ha en t of Neve their r- M m ara ried rrie Wo d c m ount en erparts), 5 per0% 0% cent of never-married women. Yet, divorced women were far less likely to say that various education or Source: 2020 Retirement Confidence Survey, EBRI and Greenwald & Associates. c c w w a ont a or se s t kr e a (he Fi rst s r g , highe ur e the p eo 42 ron tst e) d e S. a o t ub t rha ce r32 ight : t 2 0p t 2he 0e spot for Rrec se A tie r lle R n mp t etir e.r n og t e C es od r nfa iv idm eor nce s w c S e A ud ll re ve W rw y, e om om E he B eR nIe lpful, an n d G a M rnd ea ew rn rw iee w a d Wom lll did &b ow Ae sso low ene cid at D etw s. iv he or om ced W ot ehe n om rre en p tir rog e We idow rs is am ed Wom s ( tha Fi t en gtur hey e N eve 32 are r). -Mm ar ror iede likely than Figure 42, To what extent do you agRet ree ir eor es disagree Ret wit irh th ees e statem Ret ent ire t eha s t debt is Ret ne ire gea stively W im op ma ec nt Re ing tire ye our s ability to All Retir Yo eS u e L S s tr ess T o pn eg nly A h da Do ng A $ rwn ll e 1 Ret Wom e ,0Y 0ir o 0e ue e r A s nS sse $o 1m ,0 ts e 0 M wha 0a –r $rt 9 iRet e A ,9 dg 9 Wom ir r9 e ee es en Y $S 1 o Di 0 o uvo ,0 m Ha 0 e rRet ce 0 wha ve –d $ No ir Wo 2 t e4 Di e,9 s A m sa 9 sse e 9 gn re ts/ eW Not $ido 25 A Ret we ,0 p0 p S d 0 ir li tr Wom ca – eo $ en b 4 sg le 9ly Di ,9 en 99sa W g Neve o re m eern - Re Martir ried ees reported that their life Vst ery y le S aw tisfie as w d orse Sot m ha ewha n et xpe Satisfie cted d. NotW To oro ke Sra stisfied Not W at oA rke ll S rs atisfied NotW So urrke e rs m 9 oney they would need each month in retirement compared with married women workers (47 percent for both never- Workers Workers Workers r pe etrir ce em nte . nt a 0% t 80 percent (Figure 2). Divorced women retirees had the lowest level of confidence (58 percent). Widowed W Th om e e3n r peerc tir ee nta es ove ge p A Ao ll ll r Re Re a int ll a tir tir dls e e iffe e eo s srm e Vnc ost ere y Help c is A A om ll llno Wom Wom fu m t l Ret s only ta e en n irtis eS e o sr tical m ank eM M wha ly e a a d r rs r rt ii ig e e“ Help Ret d d none n Wom Wom ific ire fu ea ls nt, e e of n n ts Not he o Di Di in vo vo se T Ret o r rs ” ce ce ota ir He in t e d dtis e Wo Wo slpf he tical u m m lir e e n nte top rms W W Not Ret ido ido thr ir a ethe we we e t e s A e d d ll Wom Wom He p of erc lpf t W he e e e o unta m n n l ecnhoic Re gNeve Neve etir ce eo es g r rnf s- -M M id iv a ae r re r rnt ied ied n for is un sour chang ces ed Much Higher Than Expected Somewhat Higher Than Expected About the Same as Expected a Find gur18 e 4, peH rc ow ent c onfide were not nt aarte ayll sa ou (ta isnd fied y our wit h th spouse e ed )uc tha attion you al ma know ter ia how ls t he muc y rh mone eceive, yc o ym ou pa ne reedd w to ith ha 7 p ve esa rcv ee nt d of by tthe heir Source: 2020 Retirement Confidence Survey and March 2020 RCS Supplemental Survey, EBRI and Greenwald & Associates. financial w Noe tell : - Tb hee aing vailablp e ch rog oicer s a wm eRet res w a ir pre oould e fes ssion ab l fie na nv cie al r aRet y dvi so he irre , flpful in e am sily and friep nl da s,nni yo Ret ur ng e ir m epe lofor s yer o rr ie nft oir rme atm ioRet n e yont uir re e. ce eIs in a ve at d wod rk,it W ion, omen d Re ivor tirc ee es d and never- Figure 25, What factors do you consider when selecting investment options within your workplace retirement plan? m arried women retirees to have a plan for their expenses to be paid if they are not able to do so anymore. However, $250,000 or More live comforA ta ll Wor bly Don in r ke $ S'5 t tr r0 K s o,0 e n V nt g o 0 eir ly A w 0 ry e –$ Help m g 9r A e 9 ell ,9 nt e fu Wom 9? l9 (Re e Sn S o $ t Wor o m ir 1m 0 e e0 e wha e ,0 ke wha s 0 r— t 0 st A – Help $ gb 2 re y 4e 9 M fu Ma ,9 a l9 rr9 r ie it S da o Wom Not l Sta me wha Te o tn us o He t Di )................................ sa lpfg uDi r levo e rce Not d Wo S a trt oA m nll g e He ly Di n lpf sa Neve ulg................................ ree r-Married Women ... 34 Very Confiden Ret Ret t ir ire ee eS s somewhat Con Ret Retfid ir ire ee e en s st Not TRet Ret oo Co ir ire ee e ns s fident Not Ret Ret a ir irt e eA e es s ll ConfidW W eno o tm me en n Re Retir tire ee es s Google or other search engines, online calculators and planning tools, online financial advice platforms that offer personalized advice, married and divorced women workers vs. 65 percent for married women workers) (Figure 6). w beom twe ee n r n the etir e tw es’ o s curve onfide yS so .nc m Vee e wha r y w Con t as Lo wer fid jus e T n t tha ab n E ov xp M S e a o e int cte m the ae in d wha i nd gM Wea iv t u Con or chlc L the fid : oP d wer e r e n w se tTom rh vin an ge E P Not n r xp rincip e e T ctt o a eir o l A de Co m eos n u’n fid a t/B e t a n64 lan t ce p seNot rce nt at , A lla Co nd nne fidev ne tr-married women of information used in retirement planning (39 percent), again suggesting other sources are needed for women retirees *Of those who gave a response . m arried count timee yrou parrte s. tirThi e so you c s suggest ould s tha livte d c iv om orc for edt a w bom ly in r en e a Wo tnd ire r ke m ne re sv nt er ?- m (W aor rrie ke dr s W wo om — rke b e ry sn w Ma or rit ka el Sta rs retW q us uir o) rke e ........................ rd sifferent 10 hard copy publications, online publications, specific financial company websites, specific government or non-profit websites, other, m Pa le rr aie se dS sel o w urom ce e:c 2te 0 2n w y 0 our Retio re r m tk op ee ntr C s r t ohr nfia de en nek ce e fa Sd uc r ve t none or y, Es. BR ( Iof W andor t G he rk eee se nw rs P alt dhe &a Ar sso t highe ic ciipa ates.tsing t of in a am ong Wor c kom plam ceon Pla sour n —c e bs y of Mainf ritor al Sta matt ion for us) .......... 23 An often-discussed conundrum facing retirees is how they will use their assets in retirement — spend them down too never-married women retirees are least likely to have such a plan. S So ou ur rce ce:: 2 20 02 20 0 R Re ettiir re em me en ntt C Co on nffiid de en nce ce S Su ur rve ve Iny, y, co E E m B Be R R S II a a ta n nd d b il G G ity: r re ee eE n nw w nsu a alld dr ing & & A A sso sso a Sci ci ea a t ttA e es. s. mount of Income for Life S So ou ua r rn ce ce d ::n 2 2 o0 0 n2 2 e0 0 o R R f te e htte iir rse e em m . e en ntt C Co on nffiid de en nce ce S Su ur rve vey, y, E EB BR RII a an nd d G Gr re ee en nw wa alld d & & A Asso ssoci cia atte es. s. S S So o ou u ur r rce ce ce N ::: o 2 2 2 t0 0 0 e:2 2 2 T 0 0 0h R R R e e e e co tttiiir r rlu e e em m m mn e e es n n nm ttt C C C ay o o on n n nfff oiiid td d a e e ed n n nd ce ce ce to S S S 1u u u 0r r r0 ve ve ve %y, y, y, , a E s E EB B B thR R R e IIIp a a a en n n rce d d d n G G G ta r r re e e ge e e en n n aw w w na a a sw llld d de r & & & in A A A g sso sso sso “Noci ci ci t A a a ap ttte e e ps. s. s. licable” is not shown. S So ou ur rce ce:: 2 20 02 20 0 R Re ettiir re em me en ntt C Co on nffiid de en nce ce S Su ur rve vey, y, E EB BR RII a an nd d G Gr re ee en nw wa alld d & & A Asso ssoci cia atte es. s. r etirees were aEBRI Is bSov oure ce :t s 2ha u0e 2 0 Bri t R a ee tt if r e 70 im s re en tp g Cie o st nre fc id re e en dnt ce in . S t uA h rve et y, U t he E .S B.R P Isa a an te dm n Gte r e a e nt nd im w a Tr lde a &,d A ew sso mido a ci ra kt w eO s.ed ffic ew . Iom SSNe : n r 088e 7t –ir 1e 37 eX s w /90e 0r8e 8 7t – he 13 7le Xa /9st 0 $lik .5e 0+ ly .5 0 to be very ( Fi Fi gg ur ur ee 4 13 3, )C . om Thip s w are ad s a wls ith w o true ha tfor you div eor xpe cecd te , d w w ido he wn you fir ed, and st ne rv ee tir r-e m da , rw rie ould d w om you en sarye ttir he ee follow s. As a ing ma ar te te highe r of farc o t, r tlow his er Source: 2020 Retirement Confidence Survey, EBRI and Greenwald & Associates. messaging to understand the investments and other features of their plans. retireme So nt urce p : la 202nni 0 Reng. tirem ent Confidence Survey, EBRI and Greenwald & Associates. quickly, spend them down in a measured manner, try to maintain them, or even try to increase them. Across all marital Source: 2020 Retirement Confidence Survey, EBRI and Greenwald & Associates. Source: 2020 Retirement Confidence Survey, EBRI and Greenwald & Associates. © 2020, S oE urm ce: plo 2020 y Re ee tire m B en enef t Confiit de nResea ce Survey,rc EBh In RI and s Gt rit een ute wald – &E Asso du cica ates. tion and Research Fund. All rights reserved. confident at 18 percent, compared with 23 percent for the next lowest marital status (divorced). resulted for for r e yt ou irenow es ove tha ran you e ll, suggxpe esting cted a? m (Re ore tir g eeene s — ra l n bye e Ma d rfor ita l Sta bette tus r inf ) — or m Ov ae tion so rall Exur pe cns es for es/Sp re etnding irees. ................... 35 e e e e e e e e e A e e e e e e e e e e e e e e e e e e e e e e e e e e e e e eb b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b rr r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r re i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i.s o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o oe r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r rg g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g a rIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIc s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s sh s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u re e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e ep B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B or r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r rrief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief t fr o • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • m J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J Ju u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u tn n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n he e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 E ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, B 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2R 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 02 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 E d • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • u N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N co o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o a.......................................t ion 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 507 a nd Research Fund © 2020 Employee Benefit Research Institute 22 25 14 27 28 35 19 32 21 10 12 30 37 39 24 38 15 31 17 26 23 16 18 33 11 29 13 36 34 20 40 2 4 3 5 6 8 9 7 Better explanations for how much income your savings will produce in Performance/growth over time None of these retirement Family and friends Better explanations for whether you A professional financial advisor are on track with your retirement Matches your risk tolerance Your employer or information you savings receive at work Family and friends More one-on-one, in-person Fees education Google or other search engines None of these Better explanations for how much income your savings will produce in Performance/growth over time Family and friends retirement A professional financial advisor Better explanations for whether you Your employe are r o o r n in fto ra rma ck tw ioin th yo yo uur retirement Matches your risk tolerance Family and friends receive at work savings More one-on-one, in-person A professional financial advisor Fees A professional financial advisor education Better explanations for how much None of these income your savings will produce in F Pe am rfio ly rma and n ce frie /n gd ro swth over time retirement Your employer or information you receive at work Better explanations for whether you Your employer or information you are on track with your retirement Matches your risk tolerance receive at work savings None of these More one-on-one, in-person Easy investment that adjusts for you A professional financial advisor based on age oe r d riu sk catto io le nrance Family and friends Better explanations for whether you None of these A professional financial advisor are on track with your retirement Performance/growth over time savings Better explanations for how much None of these Family and friends Recommendations of a professional income your savings will produce in financial advisor retirement Family and friends Google or other search engines Mo R re eco fug nn di ze or /ikn nve ow st m the en n t a ome ptio o nfs fund/inve ava stm ila eb nle t company A professional financial advisor Better explanations for how much None of these income Perf yo orma ur sn ace vin /g gro s w witlh l p oro ve dr utce ime in None of these retirement Family and friends Better explanations for whether you are on Ma tra tch ck ew s ityo h u yo r u rir sk retto ire leme rann ce t A professional financial advisor savings Google or other search engines Family and friends Easy inveMo stme re n otn te h-o atn a -o dn ju est , is n-p for erso youn based on age oe r d riu sk catto io le nrance

Volume 507

Pages 40

EBRI Issue Brief

June 8, 2020

Craig Copeland

Financial Wellbeing Retirement