The Retirement Confidence Survey (RCS) was conducted for its 32nd year in 2022 to measure attitudes toward, preparations for, and understanding of the various issues surrounding retirement by American workers and retirees. In 2022, the RCS found that Americans have near-record-high confidence in having enough money to live comfortably throughout retirement. However, unmarried women workers and retirees have lower retirement confidence than their married counterparts and are more likely to have lower incomes and assets. Unmarried retirees are also more likely to say that their expenses were higher than they expected and are more likely to have retired earlier than planned.

In this Issue Brief, the attitudes, considerations, and behaviors surrounding the retirement of women workers and retirees of different marital statuses are examined to provide greater insight into what can help improve women’s retirement outcomes. Key findings are:

• Divorced and single, never-married women workers are more likely to have lower levels of financial assets than married women workers. Just 27 percent of married women workers have assets of less than $25,000 compared with just over half for divorced women workers (58 percent) and single, never-married women workers (56 percent). Married women retirees are also less likely to have lower levels of assets than divorced and widowed retirees.
• Married women workers are more likely to say that they are confident they will have enough money to live comfortably throughout their retirement years than both divorced and single, never-married women workers. Among retirees, married women are also more likely to be confident that they will have enough money in retirement than divorced or widowed women.
• Married women workers are more likely to agree that they feel knowledgeable about managing their day-to-day finances than single, never-married women workers. The share of divorced women workers who feel knowledgeable about managing finances is not significantly different from the share of married or single, never-married women workers.
• Both divorced and single, never-married women workers are more likely to agree that retirement savings is not a priority relative to the current needs of their family than married women workers. When asked about priorities aside from managing day-to-day finances, single, never-married women workers are more likely to choose purchasing a home or starting a business as a top-three longer-term financial planning priority. Married and divorced women workers are most likely to say that saving and investing for retirement are among their top three longer-term financial planning priorities.
• When asked if individuals even know where to go to find good financial or retirement planning advice, one-third of women either strongly or somewhat agree with the statement that they do not know where to go for good financial or retirement planning advice. This is substantially higher for single, never married women, as 45 percent report that they do not know where to go for financial advice.
• Married women workers are the most likely to feel they have enough money to cover an emergency expense, while divorced women workers are the least likely to feel they can cover an emergency expense. Furthermore, married women workers are more likely to say they have done a retirement needs calculation than divorced or single, never-married women workers—49 percent compared with 35 percent each say they have done so.
• Women of each marital status who are offered a workplace retirement plan cite better explanations for how much income their savings will produce in retirement in their top four most valuable improvements to their workplace plan. However, divorced women are most likely to say that none of the possible improvements are the most valuable, whereas married and single, never-married women have three of the same four in their top improvements.
• Both divorced and widowed women retirees were more likely to have retired earlier than planned than married women retirees — 51 percent vs.42 percent. Women retirees of each marital status have equal likelihoods of retiring later than planned at just less than 1 in 10.
• When asked how their overall lifestyle in retirement now compares to how they expected it to be before they retired, a majority of women retirees say their lifestyle is about the same as they expected. However, married women retirees are more likely to say their lifestyle is better than expected, while divorced and widowed women retirees are more likely to say their lifestyle is worse than expected.

There are many supporting factors for unmarried (single, never married; divorced; and widowed) women workers having lower retirement confidence. First, they are much more likely to have lower incomes and asset holdings. They are also less likely to have done a retirement needs calculation or use a professional financial advisor. Unmarried retirees are also facing challenges in retirement. They are more likely to have low levels of savings, their expenses are higher than they expected when first retiring, and they are more likely to have retired earlier than planned.

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, such as emergency savings. The approaches currently being used do not appear to be as effective for many unmarried women workers. Employers may want to develop new targeted messages, methods, or materials to better reach these women to increase the chances of them having a financially successful retirement. Help from the financial sector in general could also be beneficial, as many of the unmarried women do not know where to go for help for good financial advice. Financial sector companies could develop more/better relationships with women by having a diverse population of advisors, as single, never-married women, who are typically younger, are looking for advisors who are similar to them.

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D a, iv nis or tche ed sam 11 e by Marital Status Craig Copeland is the Director of Wealth Benefits Research at the Employee Benefit Research Institute (EBRI). 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Neither EBRI nor EBRI-ERF lobbby ies or Mar tak ital S es posit tatus ions on specific policy proposals. EBRI invites a w a t r y w he e e g nd ill it p a rh r e rsu ne e s. 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You are d................................ oing a good job of prepa ................................ ring financially for your r................................ etirement ................... 24 How confident are you (and your spouse) about the following aspect related to retirement? 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P a a g v s er c v s r is s e r e a or ce ie p is d , r si la d eti n ne a su m n tnd a w ?rv b ila g emen om (P e st e w r rlea a - Yes ido lik m e nt n w sa e ia e t w rlih s rlly se a ie or elec ood d v d highe k in r e w e tg r s of ta om s. ir sll pl er te h e c a for s. a n b onfide n t a H si e p ow ing ngle ply nc e . )v m , e e or r ne in t , e w v e he ido lik r-e ir m w ly r a e e r tdo tr ir ie w d e d om is m w a eg e om nt rn e p e r ee r n tosp tha , ira ets e e ts c 45 he ts y inv estment options avaRe ilab tir le eme ;y b ou s ette nt a r y sa e th v xp e inla fg ollow na s is tions in not a pr g a fo re r h w ig ior he hity r er the orr elat low you iv era e fre or to o yth ou now n e tra cur ck rtw ent needs ha ith n yyou e our x re p of tire ec my ted me ?fnt amily. savings; more one-on- Are you currently contributing money to the retirement savings plan24% ? Net Major/Minor Source Retirees Workers Retirees plans. Women of each marital status who are offered these plans cite better explanations for 32% how much income their Int • r oduc Wom tion en of ea ch marital staW tuork s w ers ho are offered a workplace retirement plan cite better and financial planning. Percentage Disagree Data are weight 5e 0d % by age, sex, household incomeby , and Mrar acita e/el S thni ta citu ty, sso that the results are nationally representative. Th e Perfe 10c 0% t Storm —O F ff Em erea p dloy ac n e er t m o of plo fer r yes s r- sa p Con o rn et so irrem ed rent etirt e r m sa eibu n vtin sa g vs in pt gs laing pn lan to Lower Suggested citation: Copeland, CraSav ig Wo , “ed The rkerfo sPerr R feetir ct St eme orm — nt , Fa by ctor M s C ar on ita tribut l S Reti ta ing tu rees tso Lower Retirement Confidence ha a ( pFi r ee r v g c e ur sl e ight b nt ee 10 e re n tr lyp ) . or m A eor ta m tte ha ong e d lik t fa 90 e trhe ly ir e % ly t y ir t o e ( dFi e ha o sg, not v ur m ee a highe k r22 now rie )d . r Fu w w Worker le om he rv the ere ls en a r m of to or s ra g ee ss o m , e fo 1 or ts t rin efin ha lik 4a w n e nc ly om dia iv to l a e or n b d c e sa e v d ic cy onfide e w t . ha om t et nt n r he in y eR t d et ir ha is eirees v e aing s. gre e e noug with th h mone e staty e m in r ent et ir tha em t etnt he y one, personalized 80% education; more online educational tools; more investment options designed 30% for after you retire; more 44% Fi Fig gur ure e 33 11, , C Pe onfide rcenta nc ge e in Ha of Wo vm ing en Wor Enoug ke h M rs Wh oneo y A to grLeiv ee Th Co em y H for av ta eb E lynoug Throug h Sa hout vings to Ha Retirem ndle ent, a bn Em y Mae rit rg ae l Sta ncy tE us xpe and nse10 , by 100% 100% 27% 23%75% (Women Workers and Retirees) 42% savings will produc 10 e 0% in retirement in their top four most valuab 10le 0% improvements to their workplace plan (Figure 41). explana4ti 51 % o 0n 0% s 95% for h94% ow mu 94% ch incFo am mily e an th deir Frie n 73% s da svings will produce in retirement in their top four most 100 100 3% 5 %% 100% 91% 90% Tur The The nin Re ma gtr ir t go ein of m qe ue ntst e rC ions ronfide or Be w tton eould r enc xp plr ae ior nb ati S e on it ur ± sie fv or s r e 2.5 p wy he e th (la RC ert e yiv orS) uc e ar e et w nt o ona a trrs c g ae ce t kir ond wp e ithoint m you u e rc nt rs for ettie r ed sa m efor v nw tings, or itk s e32 b rsot nd ah d nd y e iv ± aor r3.0 c in ed 2022 for and rett si o irngle e m ee s a , in a su 32% nerv e si e a rm - tt m ila ita ude rrly ri es t si dze ow wd om a rr ad e ndo , n m 100% 87% 39% 90% Among Women Who Are Not Ma38% rried,” E93% BRI 4% Issue Brief, no. 567 (Se 93% pt4% ember 1, 2022). b t eha nvi elie n d ro ve nme iv fin ornta c ae nc dll ia y a l se nd or sw ro 80 vicic d ia % o e All llw s c y ere 11% om d sw pp o om 15% a ns nie e ibn le s unde 16% ( inv Fige ur 16% srtme e st 11) and nt 17% . o how Ther ptions 22% e t 25% o a a he rvea lp il no atbhe le sig m (nif ESG) w icitah r ;nt fe ed w tiff ir ee r em r inv eenc nt 22% ese , tme s in t witnt h he 31 o 5% p tions cp onfide er 32% c e ant va nc iof la eb le si lengle v ; e ols ne , b -ne e on tw v -e o ene re -n Retireme 90% 9n 0%t Confidence Among Wome 41% n Who Ar 41% e Not Married I Ma ncrom ita4l Sta e 0 90% %(Wtom us ................................ en Retirees) ................................ 83%................................ saving................................ s ................................ ................................ ................................ 9% ..................... ........ 13 25 9036% % 77% 77% 13% 10% All 26% 21% 18% 14% 9% 13% Married 74% 17% 90% Married and single 70%, never-marrie 31% d12% wome 42% n offe 8% red a plan have 28% three of the 31% sa 51% m10% e four in their top four 6% improvements 1. In 80%90% 66% 14%71% 11% 71% 9% valuable 90 im %90p % Not ro in vem cluding ents So to cia th l Se eir w curityo or rk em place ployer pl -p arn ov . id Hed ow m ev oney er, d , h iv aor ve ce yd ou w (or om y 29% e our n a 34% 51% sr pe ous me) ost likely to say that 90% 68% 53% p sa A w r s for or e m p k p a ele r ra d s a .t eions brte , si m for ngle or, e 80% a , lik nd ne ely unde ve tro -m a rs a gtrrarending ie e dt ha w om tof ree tthe n w ire m vo ae rrk nt ious e rsa s a v isr ings is su e tehe s66% su m not rost round a lik pre ing ior ly it tro y e tc rir e on e lam si tiv e de nt e rt o b dy e t b he Atm ace ur m ric rae a jor nt n w ne oor r e m kde inor s of rs a p nd the rob r ire l e t fa ir m m eeily s. 40% 26% 8% 80% 80% When you look(ed) for a professional financial advisor or repr19% esentative to work m a ds iv a sor is rrta ie ce nc dd w ea om in nd ce w on b ns ido 70% oeli w li de e av d ting ing wom o this th eer n r ( Fi re eg ttire ir ur ee e me s. 23 nt ). s avings balances into your curre 62% nt plan; ability to inv62% e 83% st in cryptocurrency Onlin 70 e% Resource M sor a en in d ve R ste m se e na t op rch tio Y nsou de D sigo neo d n fo Y r a ou fter O r you w rn etire 30% 80%All 44% 66% All 45% 44% 61% 32% 27% 11% 30% 40% 39% 21% 26% 80% 70% 80% personally saved any money for ret 80ir %ement? Percentage, Yes 51% 51% 37% contrast, divorced 60% w 80 om % en are most likely w ittho 53% , h sa ow y imp tha 27% otr tnon ant a er eof /art ehe th ep foss olloible win 13% g im critp er r 27% ia ov ?eme 59% nts are the most valuable, and none of 30t% he possible improvements are the 58% most valuable All , whereas m 56% arried and 3% si 19% ngle15% , ne 55% v 8% er-married women By C Fi Fio g gp ur ur C ye er ra ig 34 12 ig h , , t In E CCo xpe haform nge pela cte d in C 80 a nd Re ti %o onfide , tir nPh.D., e : m Te his nc nt e rA E ein Ha g pe mplo or of t v is W ing cye om op Ee y noug er Ben n Wor ighth M ee d k fi e one brt ys, b R ty he e y ts o E Ma e L m a iv r prch I e it loy aC l Sta om eens for B tus etne titut a ................................ b fit ly e Re Thr 57% sea oug rchout h Ins tRe ituttir ee .............................. ( m Ee Bnt RI ) D . ue You to m the ay cop 26 y, The t (ha Fign ma ur RC e S 6 r) rfound . ieA dm w ong om tha 70 e % trn w e A 8 All t0m ir %e or ee rk s, ic ea rm ns s, a w rin rit ieh 2022 d d w ivom or ha cee v n d e aa ne rnd ea trhe si -rngle e le cor ast , dne - high lik ve ely r -c m tonfide o ac rr on ied si nc d w e eom rin ha de en btvsh ing a ow pre o ing noug bleno mh mone , d wiff hil ee re w y nc ido to es liv w in e ed tc he a ond m ir for td ho iv ta ught or bly ce d s 60% 56% 25% 10% 9% 23% 55% 25% 60% 60% In 70 ve% stment options that provide guaranteed lifetime income after you (Bitcoin, Ethereum, 50% Binance Coin, etc.); other; and none of the above. 60% 35%70% Workers and retirees working with or thinking of workin 15%g with an advisor28% 70% 71% 22% 70% Repre 80% sentatives From Your Workplace Retirement Pla re n tire 25% 40% 32% 38% 2% 69% 12% Please note perce 50% ntages in the figures may not total to 100 percent due to rounding and/or missing categories. they also cite mor 6e 0% 70 one % -on-one, persona 68% lized 69% education as a valuable improvem 66% ent. ha Pa vnde e thr m eic e, of byt he Ma sa rita m l Sta e fou tus r i n th (WPom e erir ce e tn Wor nop tag im e Sk p a 51% e r yov r ins) ge ................................ V m ee rynt os. r So mewhat Importa 40% ................................ nt ........................ 13 print, or download Marr t70 his % ie d repo71% rt solely for per 50% sonal and non 72% Fig cur om e m2 e5 rcial use 39% , provided that all hard copies retain any and w t of A The hr not om roug ep he teir a n hout e nde r m ha pla ev m nt c e ric e e si sa t A ir ha m m e vila m ings p d e r e r aic nt n im 7 lik a 0. % ns e rThese ior lih pr 5% a ood e itc c 10% yte riv on s of le e 12% e la v m e inf tiv ls sa ae or 17% ny ha y ting m o v A a e tm the d ion o he e e 24% r ir b ic ld tc a n r is ur d ns era’spit e e c tnt pir onfide r32% e ob ene m tle he e ent m dnc song . p ( e Fi la in liv oing g nni Marr urng eing ie im 8% 18 disp ). c t a om hr c H toug ow for of e tth th a v he e br ly , C e w OVI tw hr hor e oug D n a k- 47% p 19 hout la sk cp e ea d . nde rY a ee b tir tout m , e18 m ic p eap rnt nd ior e ra c it inf nd e ie nt s a la t he tof ion siir d . e 30% 25% 52% 46% 71% 6% 16% 21% 20% 15% 72% 21% 206 % 0% 60 Bett% er explanations for how Pro mv uc id he inrcome your savings will produce in 23% 51% 65% Figure 35, Share 40% of 50 W 60% om % en Retirees Who Retired E 72% a 45% rlier, Later, or 7% When Planned, by Marital Status 49% ......................... 27 50% 69% 31% 120% 70% 60% 61% 27%30% 20% 81% 50% retirement 14% 14% 30% Percentage Who Feel They Do Not Know Who to Go to for 77% 30%60% 49% 21% all copyright and othe 60r % applicable notices contained therein, and you may c 15% ite or quote small portions of the report fr w a Hb ow om om ilite y em v n tea o r d na , is sa ta he gvg ing er e su for ed r 5 w v a 0 re y % e ity -th th to ir ae -ls d m o e ae y st found nt fin a tov e am nc etr e ha e nt ts, he t tsi m ha p ngle a a tny st the , y w ne e y or a fe r v k . e e e Single r 27% rl th -s a ma e nd ryr, 'ie vn re d e e t b v w ire ee om ree -n fa m s ha ean w rirrv ie ly eor d n’ t rk w te ep a om rt r s a e ed p er n w ae in t r e m d or he or or kir e e d rlw ik s a idn’ or ely rke tp tp m la o rc e or ce p hoo e a ( rFi lik ese g e for ur ly pe ur tr o e 24 ctsa ha ir). ey si m Single ng te ha ntt a, ov , and er 10% 7Marr 0% 60% ied 49% Married 70% 23% 7% 47% 20%38% 16% 50% 40% 7% 50% Fi gure 13, Confidenc 40 e% in Doing Fina na c ia Gl Exp ood e rts Job or G Purru ep s in a r th ing e Me Fi dna ia ncially 50 % for Retirement, by Marital Status (Women 20% 40% None of the above* 0% 43% Good Financial Advice, by M 11%arital Status 35% • Both di 10v %orced and widowed women retirees were more likely to have retired earlier than planned 20% A T A G L A N C E 40% Not surprisingly, 40% si 40ngle % , never-married women workers are more likely to agree that debt is negatively impacting their Figure 36, Percent Diva og rce e d of Employ46% ed Women Workers Who Are 72% Offe 4% red a Retirement Savings Plan and the Percentage 50% 61% 51% 41% 7% provided that you 25d %o 50so ve % rbatim and with proper citation. Any use beyond the scope of the foregoing requires EBRI’s t t ne hom he he v e p p e ra a -a st nde m nd ayre m rst ie aic r a d , r m ttw ing he ost om 10% C a e a OVI 5n a b ff 0us % ec D rine te -e 19 d m ss or tp hose a a es a nde lik e le tm op ly aic st - t o t m hr ad b a e is le d ea e long g t o trhe eha em e tndle rha -le tess tr t m t he he c onfide fin y fin ha anc avnc n ia et ia l p bin t e l im la en he nni pta r irng e c a rte tof p e tir r dior e it fa m . it ir eyly nt t ha in th prn ma ospe e w r cr or tie s kd tp ha la or 97% n ma c e d iv tha or rrc n ma ie ed d a w rnd om ried e n or (Women Workers and Retirees) 42% 103 00 % I% n 40 ve 4% s0 tm %ent options that provide guaranteed lifetime income after you 4% Workers)................................................................4 ................................ 0% ................................ 36% ............... 14 30% 13% 60% 56% Divorced 55% 36% 35% Endnotes 3 0% 0% 31% 44% 29% 13% 31% 8% than ma Driv ro ied O rc ne lin d e w Ad om vicen e or Ad reti visr oees rs Tha t — Pro 5 v1 id pe e Gur id caen nce t vs.42 perc 91%ent. Women retire 91% es of each marital status have 28% 23% 21% 8% 10%re 10% tire 8% ability to sa Wv ho e for Pa rrte ict6 ipa irem te 49% e W nthe tha n O n b 49% ffot erh ma ed, bryr ie Ma d ra itnd al Sta divt or us c e ................................ d women w 55% orkers (Fi................................ gure 7). Forty percent 2%..................... of single, neve 28 r- 40% 47% 44% prior express permission. For permissions, please contact EBRI at permissions@ebri.org. 45% w w div or ido or kw e ce res d d ( w Fi wom g om ure e en w n 0% 19 — or ). 40 25 k % Ma e rp se r r w ric e hi e dnt le a nd a com ls 48% o dp iv ba or ering e cd e d w m w it or h 15 p om e lik en w ee lyr or cte o knt e sa r s a a ynd tr ha e9 p tm tost he ercy e lik a nt re, ely rm e tsp o or 87% sa e e43% c c y tiv onfid te ha lyt. e sa ntv b ing eca aus nd e inv of e the sting pa for nde mic 20% 40% 9% The Retirement 30% Confidence Survey (RCS) was conducted for its 32nd year in 2022 to me40% asure attitudes toward, 2 10 5% % 30 3% 0% Based on Formulas 30% 20%Better explanations for whether you are on track with your retirement 20% 38% 39% 39%5% 39% 35% Women 48% 3% 22% 20% 7% equal likelihoods of retiring later than planned at just less than 1 34% in 10. 29% 33% Divorced I m n th arrie is dI ss wue om B en w rieWo f, D ot iv me rhe k oe rc n re rs e dd tir iseam ge re nt 56% e p writ ospe h decb ts, k t12% nenow g 11% ativ leedly 20% g e sim a, vinp p gr saecp ting ara ttions heir for abili rt eyt ir t59% e o m sa ev nt e, for and reet 26% xpe irem rie e16% nt nc e vs s in r . ove ert ir 50 em peent rc e ant re Figure 14, Confidence in Having 37% Enough Mone 43% y to Keep 20% up With the Cost of Living/Inflation, by Marital Status and 10% 30% 26% 50% 4% t rha etir n d em iv eor ntc a er de w aom m 80% ong e 30 n w % the orir k etrop s ( Fi thr ge ur e 20% e long 12)e . rD -tiv eor rm c efin d 28% a wnc om iae l p n w lanni orkng ers a prior re im tie or s. D e lik ive or lyc e to d sa wom y tha en a t tls he o p indic ande atm e ic p ur did chnot asing p reparations for, O 1a 0 nnd % lin 2 3 e 0 0unde % C %ommu rsn ta itie nding s That Fof ocutshe on S ve arv rious ing a Spe issu cife ic s surrounding retirement by Amer46% ican workers and retirees. In 20% Figure 37, How We20 ll D %o Women Re To tir we hm at e ex ntt ent Sa v dings P o you a la gn P reea or rt ic dipa isag nt ree s Und 10% with e th rst e a follow nd Cin eg rt ?a in Investment Options, by 22% 1 10% 20% Figure 34 34% 15% 32% 2% 7% 20% See the appendix of this study for the More s on urve e-on-one y d , 31% pe erta sonil als iz. e d Als eduo c ats ion ee the 2022 Retirement Confidenc 26% e Survey1% , April 2022, at R eport availabil0% ity: This r 29% eG pro or ut p is or C aommu vailab nl ity e on the int 29% ernet at www.e 29% bri.org 15% e of xa m m aine rrie dd I for nc and om wd om eiv 1( 0or e W Sin %n o c om ge le d f ,e d w n Wor iff om ere en w nt ke rm s) or a k ................................ re itrasl st saayting uset s. his Unm . How arreie ................................ ve dr ( , si for ngle re, tir ne ee vs, er w m om arr................................ e ie n o d; f d diviff or e 13% cre ed nt ; 28% or ma w rit ido al st ..................... we ad tus ) w eom s do ennot 14 0% 29% 0% 12% 20% 18% Widowed 20% c lif ha e nge insur ta he nc ire c a onfide s a high 20 nc %e e rle p vre ior l th ity a 26% . n single , never-married women workers. 48% 22%26%17% 7% You 1d 0% o not know who to go to for good financial or r 1e 0% tirement planning advice. Percentage Ag 5% ree 2022, the RCS found 2t 0ha % t Americans have near-record-high confidence in having enough money to live comfortably Marital Status ................................................................................................ 19%........................................ 28 10% 34% 20% • When ask Ne ed ve h Marr r ow ie20% d their ov Divo 19% rceera d ll 23% Sin lifes gle, 16% tyle in Marr 6% 13% ie r 17% deti Driv em orce e dnt n Sin og w le co , m Marr paie res d to Div h orc oe w d thSin ey g exp le, ected it to be 40 B% e 0% tter explanations for whether you are on track with your retirement 16% Expected Married DRe ivorctir edement Widowed Age Marr of ied Women Divorced W Wid or oke wedrs, Marr by ieM d ar Dita ivorc l S edtaWid tus owed https://www.ebri.org/docs/default28% -source/rcs/2022-rcs/2022-rcs-summary-report.pdf and the associated fact sheets at 26% 31% ha hav ve e b sie ge nif n found icant d iff in RC erenc S teo s in a haveg rlow eeing er inc tha om t dees a bt nd is ne ass ga ettiv s, on ely im avp ea ra ctging e, atnd heirt o ab bili e tle y ss to fin live a nc com ially for ptraebply a rin r ed e for tir ement 10% 10% Single, 32% 60% So Soc cia ial l Se Sec cu urity rity P Pe e55% rs rso on na al l R Re etire tiresme me avinn n gt t s An An I In nd div ivid idu ua al l R Re etire tireme men nt t A A W Wo orkp rkplace lace Re Retire tirem me en nt t Wid 50 Marr % o 10 w% e ie dd NeverNone of These Never Never 10 0% % 53% 51% 0% 19% 42% 7% throughout retirement. However, unmarried women workers and retirees have lower re 29% tirement confidence than their 10% 51% All Married Divorced Single, Never Married Fi gure 15, Confidenc 0% e in Having Enough Money to Keep up With the Cost of Living/Inflation, by Marital Status and Table before th of Cont 5% ey ent reti s red, a majority of women retirees Wid s ow a ey d their lifes 55%tyle is abo 15% 34% ut the s 12%ame as they Never Overall Expenses/Spending Housing Expens0% es 20% Hea 4lth 0% Care6 o 0r De % ntal E 80% xpe 39%n1 se 0s 0% Better explanations30% for h12% ow much incom 41% e Sav Sav your in in sg g avi s s o o ngr I r I s w n n ilv v l p e e r29% o s stm tm duce e en n in ts ts,, Ac Acc co ou un nt t o or I r IR RA A Sav Savin ing gs s P Pla lan n, , Su Suc ch h as as a a https://www.ebri.org/retir 0%ement/ 20% retire40% mentMarr -co 60% nf ied idenc 80% e 11% -surv 100% ey for specific Marr re 11% ie sd ults from the 2022 surve Marr y. ied All Married Divorced Single, All Married Divorced Widowed Figure 38, How Well Do Women Retirement Savings Plan Participants Unde45% rstand Certain Investment Options, by r ( W W e Fit he it g ir h r ur e n a m e e e g sk 8) nt ar e .. d d Thu tto o ot sele s, he the c r ta a tspe he ttitir c ud tov s of ee s, c ra re ronsi c thin ired m ge e rfin a nt ta ions , nc the ia , l p sh and r aio re b r it e of y h ain d viv ior ror es su tc ireed m r ra e ound nd nt 0% — siing ngle ma 2 r, int e 0% tne ir ae ini vm e 4ng 0 re % -nt mw aof r e 6r0 a 26% ie w % ltd h (p om w 8e om 0rn w %ese en w or 1 rv 00 k ing % e or rs kearnd s fe re elting ireenot s of 30% 0% retirement Married All Married Divorced (such as MeWi dicdow are oed r insurance 5% 0% S Su uc ch h a as s M Mu utual Fu tual Fun nds ds,, 4 40 01 1( (k) k), , T Ta ax- x-D De ef fe erre rred d married counterp4 a5r% ts a 0%nd are more likely to have lower incomes and assets. Unmarried retirees are also more likely to Income 0% (Women RetireeV s) e r................................ y Confident Somew................................ hat Confident Not C................................ onfident ..................... 15 0% 20% 40% 60% 80% Nev39% e1 r 00% expected. H Wo ow rkie nv ge W r, ithm an a A rrd ie vd iso w r Wh om o Ha en r s etir Wo ee rki s a ng W re 0% ith m an or A 5% ed li vk is1 o e0 r Wh ly % to o 1 I 5ssa % y2 Wo t 0he %rkiir n 2g 5lif W %e ith st 3 an 0y % le A d is 3v 5 is % b oe r Tt 4h t0e a %r t Ha tha 4s 5 a %n expected, I ntroduction ................................ Income Fun................................ ds or Options Man ................................ aged Accounts ................................ Environmental, Social, and .......................... 6 premiums, deductibles, plus costs Marital Sta 40% tus ................................ All C Ce ertif rtif ................................ ic ica ate te Ms sa o o rfr f D D ied e epo pos sit it ................................ Divorced An Ann nWi u uity ity dow ................................ o or 4 r 4ed 0 03 3( (b) b), , T Th hrif rift t ........ 29 c p d 2onfide r iff inc eripa ent nt l/ m atc ha a crount it t a the l st b ya aa tla us re nc e d s a eoing s)r e o ride a inc gnt ood om ifie e jd ob st to a p b M p rili or e reov tp y on a ide lr ( ining e e ns e du gur cfo rat eiing r ona a tre e l tr ota ol ir ins sset a em ight ent m int ount is o highe w of hainc rt tcha o am n he n th e for lp at im lif ofe p ) m r ov — are rw ie w om dom w eom e n w n’e s r or n e k w teir o re s rk m sh ee rs ow nt ( Fi ngo ure All Married Divorced 24% Widowed 0% Married A previous EBRI IssueH Bri ad e af Simi exa M lamine r Upb arrie M d rin d a r g find rin ieg d o in r L gifs e from Aff the ilia t2020 ed Wit Divo Di h R Y rCS vo c ou e rr Emp c d be yd m loa ye rita r inl sta Simi tus la Si :r R n Cop g ac le ia , N el/E la Sie n th nd ver g nlic , e M , B Cra aa cirkg rg ie ,ro d “R une dtire to ment Re Vea rylis Ctica onfide lly,n a t t wha Som t aew ge hd ato C yo onu fide ex np t ect to Nortetir Con e? fide nt say that their expenses were highe Less Th r atnha $2n th 5,000ey expecte $d 2 5a ,0nd 00–$a 4r 9e ,9 9m 9 ore likely to $5 G 0 ha o ,0 v0v e 0rn e –$ ar 7 ne 4c ,t 9 e ir 9 ( 9 e Ed SG e ) a Inr vlie estm r t eha nt n planned. 0% 20% for d 40% octor or h 60% ospit 8a 0% l visits1 , 00% Marrie (C d Ds) or C Divh oe rc ce kin dg/SaSin vin g g le s, Never Married WidoweSav d ings, Money Purchase, while div4or 0 0% 2 % 0 c% ed and widowed wom (C e Dn r s) oe r C tir he ee cs a kingr /S ea m vinor gse likely to say their life Sav sty inle gs , is Mo w ne oyr P se urcth ha asn e e, xpected. 0% 20% Inc 4o 0% me Stab 60ility % : Ens8 u 0ri% ng a Se 10t 0Amo % unt of Income for Life Single, never-married women workers are more likely to say that non-mortgage debt has a major or minor negative 2 IMa nvesrr tm ie ed nt opE Not tio xpe nAll s tMa h rie at n pr rrc ie ovi ed s de as , L g ivin Y uar o an g u Wit teMarr ed hli P feie ta im d rtn e in ec rome D a ivo fterrc you D e So iv d o o me rc r Se e W dp aa yrated Sin Wg id le ow , Ne ed ver Single, Ne Wid Y vo eu r Ma owerr died Figure 16, Percentage of 0%Worke 1r 0s Wh %Veryo C 2A 0 on % gr fie de e nTha 3 t0% t P Som re4p 0ew a %ring hat C for 50on % Re fide tir n 6e t 0m %ent No Ma 7t 0 C %kon es Th fN ide e 8ve 0n e % O tm rp M tio St a nrr sr 9e ie 0ss % ded, 1b 0y 0% Marital Status out 13 diff ). e c o rThe e m nc es esh .s in t are his of tchose hoicefe , a es 7 in ling ve10 ry c sa onfide y thant t inc W in t or oke m he erir sst w par ho b eili pa g t 36% y ra a is v tion e m aor s for n ag e im e re ptor ire ta m nt e nt (Fi ag pre m ur o se cng rip 20 tio d) n iv . dr or Au m c ge song )d a nd wom single en r, et ne ire ve es, r- Demographics ................................ $75,000–................................ $9St 9,9 ro 99 Ac ngl cy ou Agr nts, e O eutsid $1 e 0Som o 0,f0 ................................ a 00 n e –w $1h 4a 9,t9 Agr 99 ee Di$ s1 a 5gr 0................................ ,0 e 0e 0 21% or M or P oro refit-Sharing Plan ....................... 6 Confidence Survey: Attitudes Toward Retireme Acc nt oub ny ts , W Ou ots me iden o fo a f nDifferent Marital Statuses,” o r P EB ro R fit- I Sh Isa srin ue g P Bri lan ef, no. 507 All Offere Marr d aie P dlanretire ContribD uiv tin orc g t eo t d he PlanSingle, Never Married Workers Retirees Figure 39, Top Three Factors Women Workplace Retirement Plan Participa Ma ntrrs C iedonsider When Selecting Investment Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. Not a Problem Minor Problem Major Problem Source: Employee Benefit ResearMain ch Insttain itute an ing d G We reea nw lth a: ldP Re re se se arrv ch in 202 g P 2 rin Retc ire ipa mel/Ac nt Con c fio de un nc t eB Sur ala ven y.ces 20% impact on their ab 35ili %ty to participate in or cont IIR Rr A A ibut o or Wo r Wo e rkp rkp to la la ac c n e eemployer’s retirement plan than are married women workers Higher Than Expected Abo Veryu /S t o th me e Sw ah me at W ase E llxpecte No dt Too Lo /No we t r T at hAll We an Expe ll cted Not Applicable (Women Worke Rr es) tire ................................ d Earlier Than Planned R ................................ etired About When Planned................................ Retired Later Than Plan................................ ned . 15 d miv aor rrie ce dd w w om om ee n w n aa r 1e s 0% p m aor rtic e ul lik 32% ae rly ly tsm o p arlle efe r rt ha inc n th oma et st of ab m iliatryr ie tha d n ma wome rrnie . d women retirees. Figure 40 I (Emp n this loy Ie ss eue Be ne Brie fit So f,R ur c tehe es : Ee m aa plrc o tyth eit eu In Bed nse etit fis t Re , ute c seonsi ar,c hJ Iun nd stie te utr ea 8, an tions d 2020) Gree, n wa a.nd l d Resb ear echa h 202 v2 0% ior Rets irem su 5% enr t r Co ound nfi 1de 0% ncing e Sur 15 ve % the y. 2r0e %tire2m 5%ent3 0of % wom 35% en 40w %orkers and Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. There areOp ma tions ny su , b py p o Ma rting rita fa l Sta ctor tus s for ................................ unm R Re a etire tire rrie me me d n n( t t si Sav Sav ngle in ing gs s, P Pne ................................ la lan nver married; divorce................................ d; and widowed) wom ...................... en workers 29 A ssets and Debt .................................................................................................................................................... 9 So Sour urc c e e : :E E m m pl p olo ye ye e B ee Be nen fie t Re fit s R e e ar se ca h rIc nh st itIu ntse ti t an utd e G an red e n G w re ae ldn Re wa se ld ar R ce h s202 ea2 rcRe h 2 tir0 e 2 m 2 e Rn e t tCo iren m fie de nt n c C e o Sur nfive de yn .ce Survey. ( Figure 9). However, divorced women workers do not show any differences in their perceptions of debt affecting their Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. Data Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. 30% SourceP : Eer mplocenta yee Benefit Re ge searcof h In stW ituteome and Green nwaW ld Re or sear kpla ch 2022 ce RetiremRe ent Co tir nfieme dence Surnt vey. Plan Participants retirees of differe Sou So nt rSo So ur c e c ur ur m :e c c E : m e e Ea m ::pl r E Epl m m o it y o pl pl a e yo o e el s y y e Be e e B e e nt e B B e a ne e fi et t n n fius R e e t e Re fi fit t s e Re Re e sar es ar s sc e e h c ar ar a h In c c r Is h h ne ti stu IItn n its s te e u t tiitt t exa an u u t tan e e d an an m d GG d d re ine rG G e en e r re e w ne ed w a n n la d w w lt d R a ao e Re lld d s e Re Re p sar er ar s sc e eov h c ar ar h 2c c 0 202 ide h h 2 2 202 202 2 Re Re 2 2 tg iRe Re rte ir rm e t te iim r re e ea n e m m t nt Con e e te n n Co t tr Co Co fi nins d fin n e de fi fi nde de c night e cn n e Su c c Sur e e rv Sur Sur e ve yint .ve ve y. y yo .. what can help improve women’s So So So So So ur ur ur ur c c ur c e e c c e ::e e :E E : E m :m E m E m pl m pl pl p o o pl o ly y o o y e e yy e e e e e e e B B e B e e B B e n n e e n e e ne n e fi fie fi t tfi t fi Re Re t t Re R Re s s e e e ss e s ar ar e e ar a c ar cc rh h c c h h IIh n n In I s s Ins t n tsiit t tst iu u t tit iu t t tu e e u tt e t e an an e an 27% a an d d nd d G G d G Gr rrG e e re e e re e e n n e e n w w nw n w a a w a lla d d a ld l ld Re Re d Re R Re s se e e ss e s ar ar e e ar a c ar cc rh h c c h 202 202 h h 202 202 202 2 2 2 Re Re 2 2 Re R Re t te iitrrie t e trie irm m re e m m e e m e n n e e n t tn n t Co Co tt Co C Co n n o n fi finfi n fi de de fi de d de n n e n c c nc n c e e c e Sur Sur e e Sur Su Sur ve ve ve rve ve y yy ..y y . .. One of those most pressing issues now facing the economy is the historically high inflation rates. Despite the escalating ha 3 ving lower retireSo m ure cent : Em c plonfide oyee Benenc fit Re e s. earFi chr Ist nst, itut tehe and yG a rer en e w am ld uc Reseh arcm h 202 or 2 e Re lik tirem e ely nt Co to nfide ha ncv ee Sur low vey. er incomes and asset holdings. They Fi gure 17, Percentage Who Agree They Are Knowledgeable About Managing Their Day-to-Day Finances, by Marital 0% S Fo avings r those ma and Pre rried 0% Marr , ma ieny par d of at the 17% ions question s us 13% e the mo13% difier “you (and26% your spouse).9% ” Therefo 12% re, some 11% of the responses could Figure 22 W a Re bhe ili tirtn a e y m to sk ent p ea dC r tw onfide ichic ipah tenc a in a pe p ................................ ro n e acm h p the loy ye a r’rs r e e lik tir ee lym te o ................................ nt ta p ke la n. bet ween manag ................................ ing their savings/inve................................ stments on their own o ......... r 12 Figure 40, Percentage of Women Workplace Retirement Plan Participants Satisfied With Various Aspects of the Plan, by Satisfied With Various Aspects of the Plan, by Marital Status 25% r etirement outcomes. KMa eyrr fin ieddings a Divor rc ee :d Single, Never Widowed Married Divorced Single, Never Widowed inf Re lat tion ireb ee ing Ex pe in itct s inf at aions ncy w he and E Al n RC l S x wpe as fie rie lde nc M d,ae ov rrs iee dr half of divor Dicvo ed rc a end d single Si, ng nle ev , N er e-ver ma M rra ierd rie w domen workers are are also leSt ssa tlik use ly (W to om ha en Wor ve done ke ra s) r ................................ etirement needs caFlc ig ula ................................ utrion o e 27r use a profess................................ ional financ22% ial advisor. ....................... Unmarried 16 Percentage Who Feel They Have Not Been Treated Fairly by be because of collective knowledge, understanding, or belief as opposed to just the respondents’ feelings. There is not a way The Retirement Confidence Survey is conducted annually by the Employee Benefit Research Institute (EBRI) and One purc ha of si the ng m a ost prod buc asitc t ha task t g s of ives t rehe tire m m g eua nt rp ala nt Mnni arrie eed ng d inc is om doieng for a lif reet, ire dm ivo ernt ce ne d w ed om s c ean w lcula or Marr tk ion. erie s a dOv ree r m aor ll, e only like ly 4 in to 10 be w uom nsur en e Marital Status ........................................................................................................................................ 30 A majority of women workers, regardless of marital status, agree that preparing for retirement makes them feel Financial BackgP round ercenta and P ge riorW itieho Wor s ................................ k With or Thin ................................ k They Will Work ................................ With a Professiona ....................... l 16 Source: Employee Bene Fin fit Rean searcc h Iial S nstitute an e d rG v reic enw e as ld C Reseo arm ch 202 pa 2 Ren tirie eme s n, t Co by nfideMa nce Sur rve ital S y. tatus not confident that 2 0t % hey will have enough money to keep up with the cost of living/inflation (Figure 14). This lack of retirees are also facing challenges in retirement. They are more likely to have low levels of savings, their expenses are to W he disn a cern ske wd hic how h is ta he co irll ov ectiv era el l life beliest f y vs le . s in r inge ula tirr em beelint ef now on the com se q pue are stion s to s how for tho the se y ma expe rrie ctde.d it to be before they retired, a How satisfied are you with the following aspects of your workplace retirement savings plan? Greenwald Research. The 2022 survey of 2,677 Americans was conducted online January 4 through January 26, workers report having pWo erfo rkir nm g W ed ith t an he A b da vissi oc r T h st ae t a p Fof rie nfigur d or Fa ing milyout how Wo m rkiuc ngh mone With an Ay d vtis he or With y will Expe ne rtis ed e it no Yo h ua rve saved by the on which approach they would take and less likely to say they would purchase a product that gives them guaranteed Figur •e 18 Di , P ve orrcc eed nta a gn e d W si ho ng Ale, gre n e ev Tha ert- Re ma tir rr e (ied W mome ent w o Sa n m W ven ings I orke wro s N s ra knd ot er s a Re a Ptir r rior e m ee itsy o ) Re re lik lativ ely e t to o C h ura rv ent e lo Nw eeer ds, lev byels Ma of rital Status Financial Advisor or Representative, by Marital Status stressed (Figure 16). However, single, never-married women workers are more likely to agree that preparing for C Wo onc rkpl lus ac ion e Retirement Savings Plans Percentage Very Satisfied or Somewhat Satisfied Fi confide gure 41 nc, e Top is m Fo ucur h low Most er Va forl ua ma b Me rle rie mb Id m e w p r H rom a ov s W e em ork n w e ent do Wit s t rke ho rs Re , a tm ireong me nt w hom Savings P only 29 la Pans rti p c, u ela a rc s Ra r e Fin nt an n e ckxpr ia el G d e oa bss y ls W not om be en O ing ff ce onfide red ant P la in n, higher than they expected when first retiring, and they are more likely to have retired earlier than planned. m Expe ajor rie ity nc of e w Wom ith Fina e1n 5 %renc tiria ee l Se s sr avyic te he s C ir om lifep st ay nie le s a is a nd bout Em tp he lo ysa erm s e ................................ as they expected (Fi................................ gure 45). However, m................ arried wom e 19 n (Women Workers and Retirees) 2022. All respondents were ages 25 or older. The survey included 1,545 workers and 1,132 retirees. Data are 4 t inc imom e the e for y r e lif tir ee t ha so n ma that rtrhe ied y a cnd an liv single e com , ne for ve ta r-bm lya in r rriee dt ir we om meent n w (Fi or gk ur eres 31) (Fig . ur Ma e r21 rie)d. w Siom mila er n sh wor ark ee s of rs am rea r m rie orde alik nd e ly to (Women Workers) ................................ Employer o ................................ ffers a retirement savings p ................................ lan ................................. 17 Sarah Ffin lood a,n Miria cial a m sKi sets ng, R th ena an e m Ro adrg re ied rs, w Ste ovm en en Rug wg ole rk s,ers. J. R o Jus bert t 27 W ap rre ern c eant nd of Mic mha are rile W d ew stb om erry en w . Inte orkg era rs ha ted v Pe ub aliss c e Utss of e retirement makes them feel stressed than both married and divorced women workers, who show no discernable One of the most important savings vehicles for retirement is a workplace retirement savings plan offered through Unmarried (single D, ivne orcv ee dr married; divorced; and widowed) women workers have lower levels of confidence than A ke n e epm ing erg up b ey nc w Ma y it h infla or rit So a su url Sta cd et :d Eion. m et pln la us oyeMa e 6% ................................ r Bg er ne r eie fi te Re d xp s e 14% w ar ec om ns h Ine se ti tun r c te a an n d e d tG ir 15% e re er ee a nw s ................................ il aa la d r Re n ind e s em arcor hi v 202 e idua 2 lik 25% Rete irl’ ely s r me nte to Co tir fe nfie de e m ................................ l c nce ent onfide Sur 13% ve p yla . nni nt ng, in ha so ha 20% ving vm ................................ ing one enoug y 7% to k h mone eep up yw to ith ... 31 retirees are more likely to say tEmp heir lo lif yee r o stff yele rs is a r e bte irt etm er e nttha san vin e gxpe s pla cn te ad n, dw ushil ede t o doiv l a or t le ce ad st o an nc de widowed women retirees are To what extent do you agree or disagree with the following? weighted by 1 a0g %e, sex, household income, and race/ethnicity, so that the results are nationally representative. say they have done this calculation than divorced or single Fig, ur ne e v1 er0 -married women workers — 49 percent compared Fi S single na our nc, ia ces ne l Adv ve ro -im cf eaI a rnc rnd iedo A w m dv om is eor ein s n Retir ................................ workers e choose ment the diff ................................ erent approaches. Ma ................................ rried women retirees ............................... are more likely to say 21 Microdatale S ss erie tha s,n $25,0 Current0 P 0 c opom ulation pare Sur d w vit eh jus y: Vetrs o ion ve r9. ha 0 lf for [data sd eiv t]or . Minn ced e waom poli esn w , MN: or kIP erUMS, s (58 p 2021. erce nt) and single, never- differences in their thoug Doht yos on u currep nr tly e p wo arr king with a for pro r fe e st sir ion eam l fin ea nt nc ia m l a ad kving isor otrhe repm res e fe nte atl st ive?r ne =s 2s ,6ed 77, . Pe rcentage Yes The survey results clearly show that women in differing situations could benefit from receiving more specialized employment, such as a 401(k) plan. Nearly three-quarters of those employed report being offered a retirement savings married workers. However, unmarried women workers Fig areur me or2 e4 likely to have lower incomes and assets, which is inf Fi cov gla ur etrion co e su 19 ch a , Top mn e pa r Thr xpe ed ew ns eit e L h ong is d iv im e or rp-c or Te ed tra m a nt nd Fi for na w ido indiv ncia wl P e idua dla w nni ls om tng o en r st Pa re io yt rir on iteie ets, s, w ra b ck yhil . Ma Ma e d rrit iv ra ie or l Sta dc w ed om t us and e (n w W w om id orow e ke n Wor e rs a d w re om k e the re s) n h m ........................ ost ave lik sie mly ila tro fee l 17 You feel you have been fairly treated by fFigu inancia re l s1 er9 vices companies and their representatives. more likely to say their lifestyle is worse than expected. When asked about expectations of specific expense categories, Do you thinC k yonf ou will w idenc ork withe a p in rofeH ssav ional ing financE ianough l advisor or re M pre one sentaty ive to in thL e iv futue re?C Thom ose no forta t currenbly tly working The margin of error would be ± 2.5 percentage point Fig s for ur e wor 9 kers and ± 3.0 for retirees in a similarly sized 100% Figure 2 Fi w tha it gur h 35 p t te he 42 y e , w rE ill cxt e nt m ent a sa na of yg ing e E xpe the the c irty e sa d ha vSour v ings/ e dc one inv es of e so. stRe m etn irtes on ment t he Inc ir om owe n, (N wehil t Ma e the jor /Min selec or te Sour d app ce roa ) of che Ws for ome n Wor divorck ee dr s, b andy w Ma idow ritael d https://doi.org/10.18128 5% /D030.V9.0, and U.S. Census Bure Fig auur . Pe ub7 lic Use File, Household Pulse Survey: Phase 3.2, Week 37 Nine in te m n am rrie ard r ie wdom and en w divoorrkceerd s (5 wom 6 peen w rcent or) k. eMa rs w rrho iedFig pw laom n to r ure e n r 1 e2 e tir tie re e expe s a 87% rcet a to lso re le ce ss iv e lik Soc ely ia to l Se hacvur e it low y inc er ole m ve e ls in of assets 85% with an ad F vig isoru , Pr ee 37 rcentage Yes 84% Percentage Who Feel Fig Th ur ey e 4 H 3av (cont.) e Not Been Treated Fairly inf Sav or ings a mation a nd Pnd re p aa ss ra is tions tanc e ................................ w Top ith re Th tirre ee ment Long prep er ................................ ar-aTer t Pions erce m n aFin tnd age an eD ve iscial raygdree a yP ................................ fin laa nn ncin ial iss g Pue rior s 82% , iti su es ch a ,................................ s emergency savings ..... . The 24 st pla rong n thly roug corh th relat ee ir 9d 0 e %w m itp h loy low ere . rMa confide rried e nc m ep , loy and edd w ivom or Fig 81% ce eur n a Fig ise g re ur e 4 ne m 2 e or r(a 2 cont.) e lly 1 lik ee xpe ly tns o iv be e offe and rc erde a at e ws t orw kp o lahous ce pe lahold n ats ins 80 p te ea rc de n of t, t che onfide y hanc vee e le noug velsh mone in being y tao ble cov to erk a eTh n e epr oug m up erw ghou it eh infla ncyt eRe xpe tion ( tir ns Fig eme e Fi ( ur gFi ur e g nt e ur 4 , 15 80% eby 33 ). )M . D ar ivor ita ce l S d ta wom tus en wor 80% kers are the least likely to only expectations about N hous on- ing 75% Mor and tghe ag alt e h ca Debt’s re ex pIm ens Fig pa es ur ct diff e on A e5 r betbi we lit en y tto he P m ar articip ital stat atus e ein s (or Figure 46). Divorced Figure 39 74% random sample. Debt’s Impact on Ability to Save for Retirement, Figure 20, St Ia m tp us or ................................ C t 8a 0% ha nceng of e Inc in om Confidence e Stab................................ ilitWom y vs. Ma in en’ H ints av a ini Ain ges ng g W Enoug ,................................ e by alth, Mar b h y M ital S Ma oney ritatatus l Sta to tus ................................ Liv ................................ e Comfortably ................... ................ 32 18 w ( Som epte en r mbe etrir 1 e– e13, s ha 2021) ve sim . W ila ars hing likelih toood n, DC: s. accessed via site https://www.census.gov/programs-surveys/household-pulse- than divorced and widowed rin The etirees. ir Workplace, by Marital Status retirement, but jH us ow t be W low ell D 8 ino 10 W si ome ngle, n ne Re ver tir -m eme a by r(rW ieM ome d nt w ar Sav om n ita W ein l S n w orgs ke ta or rtu P s k)e la srs w n P ho arp 66% ticip lan to r anets tir e Und expe er cs t ta to nd have Social 0% Extent of Current Sources of Income (Net Major/Minor Source) approaches currently being used do not 63% appear to be as e64% ffective for many unmarried women workers. Employers may compared with 69 percent M of an Ex divag tent orcin ed g of em Sav Ex ploy pected in egs d w v om s. So eFig P n ur ur aur nd cha ces of e 71 1 s 6 in pe g rRe ce a nt tir P eme of rodu single nt ct , Inco P ne rov veme rid -m in ag rried employed women one, forcing divor 7c 0e %es to potentially face more current financial challenges than when married. In addition to the lower feel they can coverSin ag n e le, mergency e W xpe ome nse. n’s Health Status, by Marital Status 45% Contribute to an Employer by Mar Fig ’s ur R ital S etirem e 2tatus 9 ent Plan, by Marital Status w Re om tire em n e re nt tir A eg ee s ................................ are mTh orr eoug likely hou to sa t Re y ................................ tW ha tirome teme hous (Wn’s omen nt ing Due A expe sW sets or ns to ker e,th s ................................ by sare an e P M d highe an R ar eti demic, ita rrees tl S ha )ta n e tu by xp se................................ cM tear d tita han l S m ta artu riesd and ................... widowed 26 Top Three Factors Women Workplace Retirement Plan Participants All Married (Wome Div n oW rce or d 42% kers) Single, Never Widowed 35% survey/datasets.html 60% 41% Security as income Ne (Fi ve grure 42 10% ). A C per p10% rta oxim in aInve te 9% ly 70 stmen percet 23% nt O of pti wons ome, n w b 9%y orM kea rs e r15% ita xpe l Sta ct ttu o rsece23% ive income from personal Percentage ofof W W orome kers Wh n Re o tir A ees, by gree ThM atar Pr ita epa l Sta rintu g sfor Retirement 40% (Women Workers) want to develop new (tN aret g C er tM e iter daj m ia or ess I /Min mpor a Gua ges, m or rta antee S ent our thod W ce) of s, or d hen (W (IW nco ome Fig Fig Fig ome m Looking a W tme ur ur ur n en ome rW e e e ia W ,or ls 1 1 3 or by ke 4 7 1 tke n o fo rb s W Mar rs ) e r) a tor ter ke ital S Fin rera an sc, h th tatus by cial eM se A ar w dv om ita is e l S or n to inc ta , tusrease the chances inc ( Fi Fi Fi g gg om ur ur ur e ee e 21 43 s36 a, , nd )E Ma . xt Of th ana ess nt g e ing tof ose s, C unm Sa ur offe v re ings vs ant rre r ie d Sour d a . w pP c lom a e ur n, s of c eha a np w I si p nc ng r ooxim rom ke ar e P sa r(ta od N erly e euc t le 9 Ma tss in P jror lik ov 10 /Min e iding ly m a tor o rr G ie ha Sour ua dv a e ra nd c d nt e one ) e d Ma e of iv d or rra W ie I c nc r de om et d om ir e e en Re m e m , p eb loy nt yt ir Ma ne eedee rs, b w it da s c om l Sta ya eMa lc n ula tus c rla itt a .................... im ion o l Sta to rtb us us e e ....... a 18 33 50% women retirees, and Marr Cons d ieiv dorce ider When d women retS irele ees a cting re also Inv mor estme e likely nt to Opti say ons, that he by alth c Mar are ital S expetatus nses are higher than 40% Overall, how confident are you that you (and your spouse) will have enough • Married women workers are more likely to say that they are confident they will have enough Workplace Retirem 40% ent Savings Plans ..................................................................................................................... 27 Makes Them Stressed, by Marital Status r 5etirement savings or investments — such as mutua by l fun Mar ds, ita cel S rtifi ta ca tu tes s of deposit (CDs), or checking/saving 8 s accounts Per Confidence centa Aside from ge maW na in ho A g inH gav da gr yin -ee to g -dEnoug aTh y fin ey an cA e h sr, e M whK oney icnow h of thledg e to follo Keep w eab ing arle up e yo A u W bou r tith op t the h t re M e lo an C ngos ag er-t o te in rm g f of them having a fin Pa er nccenta ially suge ccess of ful W re ome tiremn ent W . or Heke lp frrs om W ho the fin Cal anc cula ial se ted 29% ctor H in g ow e ne Mruch al could They also be beneficial, as Assets in this figure do not include the value of their homes or any defined benefit plan assets. c pont rofe ribut ssiona ing l fina mone ncy 3ia 0t % l a o tdhe vis p or la . n Fu , w rthil hee rm 8 in ore, 10 com single mon , ne infv or er m -m ata ion sour rried em ce ps a loyreed m wor om e e lik n r ely ep not ort c to ont be ribut useing d b.y unmarried 30% To what extent do you agree or disagree with the following? money to live comfortably throughout your retirement years? expected than ma Tr or w iehd a tw eom xten etn r is ye ot uir r e ne on s-. m ortgage debt having a negative impact on your ability to do the following? Demographics To what extent d (W o y ome ou an grW ee Fig or or ke ur dr is e sa a g 3 nd ree 3 Re wittir h ee the sf)ollowing statement? Fi Fig gur ure e 44 22 m , , o W Pe n om rey cH ee ow to nt n Wor a liv g weell e c W kd e ho r o o s’ m yo FE e forta xpe u el The un ctd bly aer tyion sH th ta a s A nd v re ob u N th out g ot e h fo B W ollow u eor e t th (W n Tr kiome in ng eir r g e a A w n tft e or eti e W dr kpla or Fa rRe em ke irtce ly ir ren s e )b m ry t y etir e Fi nt ea eme na vrnc s. Wo s th nt ia l Se p am la ne r bot n v n Re in ice vh s C es t di ir tment om ev eo s A p ra c c nie opti ed tua s, b a ons lly n d y D ? s Ma oing inrg it le, a So, l Sta byt us 35% Workers 33% Retirees financial planning priorities? 20% To what extent do you expect each of the following to be a source — and an individual retiremTe O o nt v w er hL a T a tivin c h h tc e ex oun eir ptg a ent Da st/In t ( y is Iea RA fla y ea r- ,) ch to t h in r ion ow - of Day e h t, h t air e b s e fty ollow h m Fin e M eC nt an a O in .V r gMa it I ces D a a - s r 1 l St our r 9ie ,pd ce by a a n w t d u of om em M s in a e ar ic co n w n a m ita d ne d oIn l S in r itk s com re ta et hrea s irtu em a ltr h s e e ent a m nd ?or e likely to expect income Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. Which appW roa ha ch t Need fa act re or ys ou m d t o o y os ou c Sa t lik v ons ely e id for to er ta Ret w kh e? en O ir sem p elec tion en tin 1:g M t in ,av by nes ag tm e M ent yar our op ita sa tions v l S ing ta w s/it tu in hv in s es ytour ment s on your Sour many c eof s of the I nc unm oma er rin Re ied w tir om e Yo m eu e n d nt fee o ................................ l y not ou' v ke now bee w n fhe airr ly e tt re o ag t................................ e o dfor in y he our lp w for ork p g la ood ce. fin Pe................................ ra cnc ent ia al ga ed D vis ica eg . rFi eenancia .......................... l sector companie s 31 women workers. Consequently, unm Pa arr tic rie ipd a tw e in om ore C n ow ntror ibu kte er ts a o ar ne Emp not lo fin yerd ’s ing Retirfin em ae nc nt ia Pla l infor n mation from work or financial Debt is negatively impacting your ability to save for retirement. 6 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Percentage of Wome Emp n W loyer orke off rs er W s a ho reti A remen gree t s Th av ey ing H s pl av an e Enough Savings to The priorities offered as choices of w in erco e s m ae ving in r et and irem inv ent e? s ting Net M foa r jo re r/tire Minme or nt So; u rp ce lann (Pla ing Rn et tfo o irees r ret fu irt e) ure health and lon 66% g-term care The sharn eMa (s ev W of om r er itw a -e l Sta m om n Wor ae rtn w rus ied k ................................ e it w r h e s a ec oa onom nd m ch en Re m ic a w tir r ef it o e fa ec r ek l st s) ters s ................................ a im t.us p A ................................ a m ct is ed ong Net vir ( (y tW W ua our M romen ome e a ll t jo ir y co e ride /n e n M fs, m id in W W nt ence or or or ic ................................ a So ke ker arl to ruie trh rs s ................................ ce a ) ) dt t hose w you ( oma e of n n da a y ll w rour e aor ls sp k o ................................ ous em rs, b e) or ................................ e w ut ill lik w ely om to en r bee c tir onfide e.............. es a........ nt re tm ha or t19 3 e 4 workplace Work retirem ers ent plan? Please select your top th Rret ee irees factors. 25% own or Option Work 2: Purcha ers se a product that gives you guaranteed income for life? Those currently 3 c0on 0% %10 tr0% ibuting to a r 28% e Sav tir ine gm and ent inv esa stinv gings p for retirela men w nt ere asked whether they understand 56% certain investments from a workplace retirement savings plan than both divorced and single, never-married women workers. Furthermore, could develop more/better r W eh la et nions youhips w look(edit ) f h w or aom proe fe n b ssio yn a hl f ain ving ancia a l d aiv dve isro se r o p r rop epula resetn ion o tativef ta od wv ois rkor s, as single, never- 43% companies in general as helpful or appealing as married workers are. Currently contributing money to the retirement savings plan n=694 30% To h w aha ve t enough extent m doney o yo u ag to live ree co m orf or dtis aa bg lyr ee throug with hout th e your follow 3 retirin em g ent sta y tement? ears? Retiree Expectations and Expe Hrand U ie nnc dee r 6 le s0 ................................ an E 60me –61 rgenc 62–64y Ex ................................ 65 pens66 e–,69 by Mar 70 or O ital S ld ................................ er tatus Never Retire ................... 34 needs; developing a strategy for drawing income in retirement; creating a will, trust, or estate plan; being able to leave an they w Have you ill have (or enoug your spou h mone se) tried t y in r o figur etir e out em how ent much money y than divorce ou wi d or ll need wido to whave s ed waved omeby n. the time you retire so that likely to be widowed and less likely to be w itm h,a hro rie w d imp tha ortn a ant ll arr ee /a tir re e e ths ( e fo Fi llo gw ur ine g 1) crit .e rD iaiv ? orced women workers are more likely 100% Figure 45 38% available in workplace retirement savings plans. For understanding of target-date funds (TDFs), roughly half of these single, never-marr10 ie 10 0% d 90 0% w %omen workers are more likely to expe 20% ct income in retirement from a product that guarantees All Fi Fi g gur ure e 45 23, , H Pe ow rce D 2 nt 5o % aW geom W Plan e ho n n R ingB fe e ortlie ir futu e ve re es’ hFi eL al na ifest th nc and ia ylo le l C ng s C -om terom mp ca ar pnie 22% ea nree s D e dW s o ith Wha Not Und t W erast s E 19% and xpe Hcow t27% ed t B o 36% eH for e 20% lp e Them Wit Retir 25% ement 9% h Re , byt ir Ma em rit ea nt l and married women,70% who are typically younger, are looking for advisors who are si Re mtir ilaee r ts o them. 19% WorkerW s a or nd ker rets irees working with or thinking of working with an advisor How confidAll ent ar28% eP y repa ou you can live comfortably (a 26% rin ndg y fo or 25% ur rsetir po22% us eme e) 76% ant b in o makes ut retirement? Percentage the fo yo llow u ing fee al ss ptr ees c Yes t sred elated to retirement? 80%20% To what extent do you agree or disagree with the follow 36% ing? inheritance to your children or other family members; developing a strategy for reducing debt; purc 18%hasing a home; saving for to be older, while 90 % single, nev Ae vr er-a m ge 34% a r ofr ie tho d s e w giom ving e an w n age o:r M ka err ried s a —r6e 3 , m Divor orce ed lik —6 e5ly , a nd to Sin bgl e e,y Nev oung er M e 61% arr ri( ed Fi— g6ur 4.e 2). Among women 100% 20% 69% Conclusion ................................ How Do Wome ................................ n Re Perf tir P o e rman ees’ Li rcenc ta eg /g e 68% ro fe Sw as th yin tyles o g ................................ v e V r t eime r Compa y or Some All whr ae t Im W pith or................................ ta Wh nt at Was Expected .......................... 35 women, regardless of m All arital st To w aha t52% us t ,e r xe te pnt or d t ounde you 35% r ast gra ending e o13% r d isva eg rry e e or w som it Al h l the ew fo ha 25% llo 44% tw w ing ell TD stateFs m e 36% in g nt? enera 19% l, how 33% TDFs change or m Unm ontahl rryie inc d ro em tiree e for s a 90 80 lif 90 ls %e o % % , All a su rec h fa 22% a cing s an cha 19% annu llenge it18% y, s in r and 14% fin etir a16% e nc mia en l supp 11% t. They a ort fr re om m or 17% fa19% e m lik ily 12% e or ly 15% 34% fr to ieha nd 14% 66% vs, inc e low 26% luding leve 16% ls inh of esa ritvaings, nces ( the Fig irur e 70% You You f will ee hl ak vn e ow enough ledgea m boney le ab out to k m ee ap n1 a u 0g 0 p% in w g it h y our the 5% d co ay s- t to of- d liv ain y g fin /in afn la ce tion. s. Fi Stna atus nc ................................ ial P 100 la %nning, by Marita................................ l Status (Women Work ................................ ers and Retirees) ................................ ................................ ........................ ................... 3 20 4 60% 20% 63% Developing a strategy 62% for drawing income in retirement 26% 802 %5% 11% Give • n th a M t a so ma rriedny w o don’ men t k n w ow or k w ers here a rte m o go ofo re lik r retely ir 12% em to ent a g pla ree t nning hahe t th lp, ey it f is eel us e kful no tw o led unde g59% ea rstble and aw bo ha utt m peop an le a g or in g a child’s education 80 ;% So 6p 0 ururc % ce: Eha mpls oing yee B eli nfe efit Re ins seura arch Inc nstite ut; e an s15% ta d Grting reenw 75% a a ld Re bsus earine ch 202 ss 2 ; Re p tir75% la emnn ent ing Confi de fo nr cec Sur ha verita y. ble giving; establishing/growing a family You feel you have enough savings to handle an emergency 21% or sudden large 15% 51% ex 52% pense 52% 56% retirees, widowed or 10 0% div44% orced women are m Per or cen e lik tage ely St to ron be gly a g or e s 75 or Somewh old at Ag err ee than those married. 60% 90% Before Retirement, by 90%Marita 55% l Status 90% 47% a 42 dj us (con t inv t.)) e. st ments ove 15% 80% r time, and how to choose the 49% right TD 49% F for them (Figure 37). 15% expeE ns BRI es a and re highe Gree80 nw r7 t % 0ha 51% a %ld n th would e 51% y e li xpe ke ctto ed tha wnk he n fir the st 20 r2e2t irR in Cg S , sp and onsor thes w y arho 69% e m he or lpe e 50% lik d e sh lya t po e ha thivs y 40% e re ea tir r’s su ed era vre liy e: r A tha me n rican 52% 52% Appendix: Method 50%ology................................................................................................ 26% ........................................ 36 Percentage Strongly or Somewh 56% at Agree 70% 31% Match 31% es your risk to 32% lerance 20% 58% their day 1 75 0% %-to-day finances 34% than single, never-married women workers. The share of divorced women g thro roup ugs A h am do ep rtion icans o rd ha o us vineg acs hisour ldren c;e s of find Saing vinf ing/or fe ong rm a c a a hg tilion for d’ ing s e du a cp a e tr ioe rs n 64% to irna em l e fina nt nc pla ia 15% nni l ad ng. vis o The r; and top o the thre r.e sources of information were Fi Fi g gur ure e 24 46, , E Pe xpe rcec 50% nt tea dg Sp e42% W endin ho Fg e e vl The s. A 50% ct yua Hl Sp ave eN nding ot Be e of n Tr Wom eateen Re d Fa 80% tir irly e ein The s, by Ma ir W ritor al Sta kplac tus e40% , b ................................ 50% y Marital Status (Wom ......... en 35 80% 52% 43% 90% 20% 15% 46% 80% 56% 39% 23% planne Ced nt . ury, Amer10 ic 70 60 a 70 0% % n Funds/C % % a 59% pital Group, Ayco, Bank of Ame Marr rica ie, dB59% lac25% kRock 51% , C29% olumbia 25% Thread 17% nee 3% dle, Empower 90% 40%80% 20% Married 49% 4% 40% 60%70% Overa21% ll 29% The Fu 28% nd o 64% r I 23% nvestment 7T 0h % e Tools and Resources The Tools and Resources 60% How does your overall lifestyle in retirement now comp21% are to how you expected c Bonsi oth d stiv ent or w c or aeck d re oss a rs w nd m si ho angle rit fe ae l, l kn st na etv ow us er: - le m onlin 33% da gre ra ie eb dle r e w sour aom bout e cn e s a m wa or nd na ke g rre ing s a sea rfin e rc m a h th nc ore e es is ylik d eo not lyon t o sitg ha he nif v ire i co a hous w nt n; ly e fa dhold iff me ily r e inc a nt nd om frfr om eie s of nds; the le sh ss and a trha e a of n Endnotes ................................ 5 10 0% % 18% ................................................................ 31% ............................................................ 36 For incomW e or fun ke dr 1 s or s a 0% nd opRe tions tire , eas) ga ................................ in, roughly half of 82% wom ................................ en cont Marr Ma ribut rrie ied d ing to a ................................ workplace savings pla........................... n, regardless of 20 7 Married 14% 31%13%Creati 18% ng a w17% ill, trust, or 21% estate plan 16% 37% 22% 13%54% 16% 33% 33% 27% 13% As for what sources of MaR rre ie inc c d omme ome n dra e tion tire s o efs aa pr ct of ua esslly ion r ae l fc ine aiv 38% nc eia , l a ov de visro 9 in r 10 wom 7%en retirees, 19% regardless of marital status, 70 80 % % 62% 29% 28% 10% The sources offered as choices were online resO op urc tion ess A 52% a vnd ailab re lesearch Av ya oila u ble do to o He n y lp Y our ouown;Av fami ailable ly a to n He d frie lp Yo nd u s; a personal, 28% 21% Retire ment, 30% Fid 60 6 90 e 50 0 60 lit % % % % % y Inv it to est be 79% m be ef nt or s, FI e you r NRA et , ired Ja? c k For son N 71% exaa mtp ion le,a a l, 6 re 0J.P %you . Mo trar vg elin ang C , ha spend se & in gC to., ime Lw Git Ih MA (Legal & General 78% 30% 50% 20% 7 50% 80% 59% married or single, never-married w 23% omen workers. 41% p $2 er 5,00 sona 0l, tha profe n ma ssr iona riedl fina wom nc 29% en w ial aor 50% dv kis eror s ((Fi Fig gur ure e 3) 26 . ). Single How , ene vevre , rr- D oug m ete armin rhly rie e d one Ho ww om - M thir u ecn w d h t of oor w ko eD m rs ee te a n w rmin re m ho e Ho orha w e tv lik oee one ly to of ha the ve three marital status, say they understand them very or som 29% ewhat well (Figur 22% e 18% 38). Understanding 13% of environmental, social, 70% 42% 51% 10% receive Social Sec 5% urity income (Figur 29% e 43). 15% Married wom 33% en retirees are more likely to receive income from personal The survey result 20% s sh 570 0% ow % that wom 44% en in fam diff ilye or ring volun sittua eet rin ions g a sc m ould u5ch 0% b ae sne you e fit fr xom pec tr ed ec?e iving more specialized information professional financial 60 a% dvisor; yoD ur evee lo mp ping loy a str eate r ogr y info for rerma ducintion g deb19% y t ou receive at 10% wo22% rk; representatives 40% from your workplace 72% Figur Ie nv 25 est , m Pe ernt ce Ma ntana geg W em ho ent Fe A em l The ericy a )D , o Me Nrot ce K r, now Mut ua Who l of A to m Go ertic o afor , N a Gtood ionw Fi idna e, nc NE iaFE l Adv , Ne icw e , Ybor y kMa Life, rita l Sta PGIM, tusP I(MC WoO, men 40%5 5% 80 0 40 50 % % % % Save Generate a Stream of 20% 15% 41% Matches your risk tolerance 18% 8% 25% 40% 14% 14% unm incom arers of ied m $7 a5,00 rita 10% l st 0 o atrus mes or e s aty ha tn d hativ the orc ye us d w e om none en w of or the ke roffe s, brut ed t he opy tions are a sts a ill su sour bstc ae nt o ia f infor lly less m a lik tion for ely tha rne tm ira er m rie ent d 40 4% 0% 33% 40% and governance (E 70 SG % ) funds doe 60% s not appear to be different by marital status but is slightly lower for some marital Income From Your Savings r ae nd tire am sse is nt ta nc sav eings o w Beit ing h r ar be leinv t ir to e le em a st ve em nt ae n nt inhe prs e rita p (su a nc re c a h a ytou ions r s m ch ila dru nd en t ua ore oth l funds ve er r y fam da ily y , cfin era tifi nc cia atl iss es of 16% ued se , p su osit ch a (C s e Dsm ), eor rg ec32% nc heyc k sa ing/s vings. avings a The acpcp oun roatcshe ), s retirement plan provid 60 e% r; online advice or advisors that provide guidance based on formulas; financia 22% l experts or gurus in the 30% 0%50% Divorced 56% 33% 30% 10% 27% 20% 57% 33% 9% Principa Wor l Fina kers a nc 60nd ia 30 % 40 l G % % Re roup tire,e s) Re ................................ tirement Clearinghouse ................................ , T. Rowe Price 35% , 19% and ................................ US Chamber 35% of Comm........................... erce. 21 10%40 70 % % 56% 28% Figur • eBoth s div 0%orcedD a ivn orc de si d n13% gle18% , nev 24% er-mar44% ried women workers a 32% re more likely to agree that retirement 30% 30%25% members D 3iv 0% orced 27% 30% 18% 15% 53% in R 13% 42% etireme 20% nt 4% Divorced 33% 25% 15% 51% 9% 9% 9% 51% 14% Divorced 35% 50% 41% 24% p wla om nni eng n w . o rkers to have this leve48% l of incom 48% e. 27% 27% Marrie Marr d ied Div 29% orced Perfo Sinrm gle a,n N ce ev /g ero r w Wid th o ow ve er tim d e Married Divorced Single, Never Wid 25% owed st atuses relative to Div 0% TD orcFs ed. Ma 29% 10% na38% ged account 19% s ha 44%ve a highe 18%r share r53% epor 44% ting understanding, pa18% rticularly among divorced IRAs, and workplace retirement savings plans. In addition, married wom 28% en retirees are more like42% ly to receive income currently being us 20e %d do not a 20% ppear t 29% o be as effective for 25% many unmarried women workers. Employers may want to media; libraries or commun 50% ity centers; church 19% /religious centers or leaders; social me 19% dia posts by financial or community 602 40 % 0% % 25% 15% 18% 51% 9% 20% 1030 % 60 20 30 % % % % savings0% is not a priority relativ Marr e to ied the current needs of th 23% eir famMarr ily th iedan married women workers. 20So %urce: Employee Benefit Re41% search Institute and Pu Grr e c eh nasi wan ld g Re a sh eo arm ch e 2022 Retirement 11% Confidence Survey. All27% Married Divorced Single, Never Widowed 38% Fi gure 26, Sources of 3 50 0% % Information Used for Retirement Planning, by Marital Sta 27%tus (Women Workers and Retirees).... 22 25% Fi cont gur re ibut 1, ing Mar w itom al Sta 10 e % n. 10 tus % of Women Workers and Retir 40% ees .......................................................................................... 7 d g frro e om vup e lop a s, p cne roomp d w uc a tnie a t rtg ha se, tto e g r dua influ mre ass e nt na e cg e ee rs s m s, m ; sont oe cia thl hod l y me inc s, or dia om 19% pm e o s a for ts te r by lif ia ls e frie , tsu o nd c bs h a e tor t1 e s a 0r fami % rn a ealy cnnu ;h th online ite yse , w cw hil oom mmun e d en ivor iti to e cs inc e d tha rw eta om fo se c eus tn r he on e ctha ir se enc e rv s e ing a s of re a m s tp h or e ec e m ific 25% 26% 19% 340 0% % 17% Married It’s the employer default option 20% 8% Currently Work With a Professional Financial Advisor Thinks Will Work With a P14% rofessional Financial Advisor 20 50 10 20 % % % % 10% 21%9% 10% 9% Foc Appus roa ing chin W spe he g c n a one ifi1csk 0a - % ha lly 5e 0d % lf of on abfin out bot a n p h w c ria ioido l a ritie d w v s a e isd or si ad nd us e e fr d , om iv 40 or m c pe e ad rna c w eg nt om ing of e n r dm ay a e-rtto r irie e -d e d s aw yha om 42% fin ve e a n nc inc ceur om s, sin reent s of g ly le w , lene or ssk v te w ha rit -m n $25,0 h aar rp ie rofe d00 wss om , iona com en w l fina pao re rk d nc e w ria s itl h 16% S0% ingle, Purchasing life insurance 17% 0% 13% 0% or Representative 52% or Representative in the Future lik gro eup ly to o r rceocmmun eive fin itya ;nc no ia nl sup -profit por org t fr aniz oma tions family tha ort fr foie cus nds, on inc serv luding ing a inh s 11% peecrific ita nc gro es ( up Fi or gur coe mmun 43 (c ity ont ; o .) the ). r; and none of these. having a financially succ Sin es gsf le,ul retirement. Help from the financial sector in general could a 44% ls 27% o be beneficial, as many of S3 in 0 g % le, Widowed 6% 17% 10% 40% 26% Fi gure 27, Percent5% a 40 20 g %e % Who Work With or Think They Will WorWid k W ow ite h a d Pr24% ofessiona 15% l Fi 19% nanc 11% ial Adv 20% is 10% or or Representative, Never 30% 39% 26% 20% 11% 9%4% 23% Figure 2, Women’s Ages, by Al Ma l rit21% aMa l Sta 42% rriet dus ................................ Divo 29% rced19% S 10% ingle, .............................................................................. 7 are mor0% e So lik 10 40 ur10 e c % 0% % ely :Marr % E mtpl o o ie yc d ehoose e BenD efi iv t Re o rc p seur e ard cc h ha InstitSin si uteng g an le d ,a G rehom enMarr wa37% lde Re ie or d sear st chD a 202 iv ro t 2 ing rc Wid Ree tird e o m a w e e nb td Co us Sin nAll g 36% ine fide 20% le, nss ce40% Sur a Marr Marr ve s a y. ie ie td op d -D tD hr iv 37% iv oo e rc rc e e e dlong d Wid e 24% Sin orw -gt e le e dr ,m financial a only dvis 6 p or or er cre ent pr e of sent maartriv iee d cw om om pe an r rede tw irit eh 28 p es. Diveor rcceent d a 19% of nd d iw vor ido ce w de w d om wom en a en r nd et20 ire e ps ha ercevnt e si of msi ila ngle r ov , e ne rav lle d r-is m traibut rrieions d wom of en Despite women contributing to a workplace savings plan having 7% simila18% r self-reported understanding of specific Ne Re vc eomme r Marrie nd dations of a professional financial advisor 40% Never 15% 43% 22% 20% 39% 48% 13% Married Starting a 11% business 7% Divorced 7% 14% Never 53% 26% the unmarried wom Source e:n d Emplo oyenot e Ben ek finow t Resear cw h Ihe nstiturte e Ne an tv o d e G rg reo enw for ald Re h se ear lp ch f 202 or 2 Re gtood iremen tfin Con Ne a finc de vn eia cre l Sura ve d yv . ice. Financial sectNe orv c eom r panies could 20% All Married Di17% vorced Single, Never Married 8 by Marital Sta 10% tus (Women Workers and Retirees) .................................................................................... 22 Married 0% 0% ( inc Fi Uns g om ur urp e e . 27 ris pla ) ing . nni Ily n a ng , tho dd pit r s 30 io e ion, % rw itith y4 in . Ma a r10 r ertire ie m dme a arnrnt d ie d d p iv la wor n om a cre eed n mo w wom re ho e lia k n w r ee ly not oto rk b ece rur s ca roe rnf e nt id m ly e ost nt wor in lik kthe ing elyir w to re itsa tire h a yme n a tha nt dtv 35% p sa isro or vsing p thin eca ts k nd . the inv y ew still ing wor for k with investment options in workplace savings plans regardMarr lessie of d marital status, performance/growth over time is the only 29% 30A % Product That GuaranteesMarried Work for Pay Financ Marr ial 32% Su iepp d ort From A Defined BeMarr nefit ie od r Married women workers are less likely to expect to work for pay 6% after they retire than single, never-married women Figure 3, Women’s Incomes, by Marital Status ......................................................................................................... 8 A Product That G26% uarantees Work for Pay Financial Su 26% pport From A Defined Benefit or develop more/bett 3e 0r % relationships with w Perfo om rma en n b ce/g y ro ha wth vO ing o th ve err tim a de ive 6% rse pop 0%ulation o 20% f a 40d %visor 60s %, as si 80% ngle1, 00ne % ver-married 0% Optio AlAl ln 1 l : Manage Your SM av M a in 22% ra g ried s rr /I ied nvestments on Yo Du iD v r o O ivrw o cr n ed ced Si17% ngle, N Siever ngle, N Ma M rried As for when women 10 re % tirees actually Ve rrye C tir on ed fi, db en ot th div Som orce ed w h aa nd t Cw on ido fidw e0% n etd wom 20 Not %e C n r on 4e 0% tfir ide ee n6 s w t0% ere8 0m %ore 1 0lik 0%ely to have 0% Month 0% ly Income 20% for Life 4,0% 60% 80% 100%Family or Friends, Including Traditional Pension Plan, 6% retirement 20 ar% e among t0% heir 2t0op % t4hr 0%ee 6long 0% 8 e 0r% -te 1r 0m 0% financial pla 0% nning 20% prior4it 0ie % s. 60% 80% 100% a In ch prof oosing essiona or l fina consi ncd ia Mo el a ring nth dv ly is a In or c fin o me in t anc fo he ia r Lif l a fut e,dv ur iseor . , A tsi he m c ila ritre sh riaa rte ha of tF a w s mily ingle om oe r Fr n , ie ne sa nd v yse ,a Ir nr -c e m lu im a din rrp gie or d Tt ra a w d nt om itio for ne an l Pte sa his nsy io c n thoi P he lay n c ,e e xpe have ct som to weor k fa 9 ctor of those listed Tta ha rge t t m Da a te rr Fu ien d d;s (d Tiv DFor s) ic ne G de;n a era nd l single How T, Dn Fse C vh ea rn -m gea orr Ad ried ju sw t ome Hn ow c t onsi o Chd oe or se a ts he a R ig top ht T-D thr F fo e re factor in their Figure 28, Criteria Important When Looking for a Financial Advisor, by Marital Status (Women Workers and workers, and divorced retiree All s a Optio re n m 2or : Pu erc lik hMarr ae sely a ie t P d o roha ducv t e Th w at or G Div k ive e os rc d Y e o for d u G p ua ara y nin r te Sin ed g e I le t nir , cNe e ome m ve e f rnt or Lif tha e n ma Widor wre ie dd and widowed retirees The factors offered as cho 0% ices in 20the % surve 40% y w6e 0re % perfo 80%rmanc 100e %/growth over time; matches your risk tolerance; fees; 10% Such as an Annuity Inheritances Where the Amount You Less Than $1,000 $1,000–$24,999 $25,000–$99,999 women, who are typically youngeAl r, l are looking forM a ad rrv ie is dors w ho are Di sivo mila rce r dto them Sin . gle, Never Married 20% Such as an Annuity Inheritances Where the Amount You 25–34 35–44 45 St M –54 ra ojn ogl r Iy 5 m 5Agr o pa r O c eld teeIn r ve M sSom tm inor ene I ts m w O h Le p va a e ss tc r T T Agr th ime ane 6 e No I 5 65 mDi – p 69 a sa cgr t 70 ee –74 Y75 ou –79 80 or Older r Ma Fi eg tir r ur reie e d d 4, e w aW rom lie om re tn e ha n’ wn p s H orkla e e 0% a r nne s lth Sta ar de tm ha tus or n ma e , b lik yr e rMa ly ie dr t o it w arom l Sta epor en ttus rte ha ................................ tirte te he s ir — 0% he 51 a lt p 1h st 0e %rce ant t2 us 0 % v ................................ s. is e 42 3 xc 0 %p ee lle rc nt 4 e 0nt / %v e(rFi y5 g 0 gur %ood e 35 ................................ 6c0om ) %. W pa om 7r0e %d e n r witeh b tireot es h of .. 8 20% Married Some Combination of Both with a financial advis 10or %, but fewer tha Exc n 2 ellenin 10 d t/Very Giv ooor d ced and wido Goow ded women not c Fair/Poo ur r rently working with an advisor si milarities across marital status Ree cs omme , but n d the ation re s fa rom a re a fls rie 19% o nd som or fa emil vy ery specific difference17% s R. ec W eiv om e Ise Tn o ypicf e allya Bc ah ma sed rital status are investment choices (Figure 39). Divorced and married women both cite “matches their risk tolerance” as a top-three Retirees) ................................ 16% ................................................................ Re................................ ceive Is Typically Based ............... 23 ( re Ficg our mm e e 44) nd.a tions Yet, roef tir a e pe ro s of fesseio a$na c 1h ma 0l 0,fina 000r –nc $ it2a 4ia l st 9,l 99 aa 9dtv us is oa r; re e a m suc y $ 2inv h le 50,e 00 s ss 0tme – $lik 99nt 9 e,ly 9tha 9 9to t ha adv jus e ts w or fo $1k r ,0 ey 0d 0 o ,0 u for 00 b o ap r M sa ey d o re in on ra eg tir e eom r e ris nt k tto ha len raa nc ree ; 14% All Married Di12% vorced Single, Never Married Widowed Not Sure Less ConfidMarr ent ied Un Dc ivh oa rcn ege d d Single M , or Ne e v C er M on afrrie ide dnt 7% 11% Very/Somewhat Well 55% Not Too/Not at All Well 26% on Salary and Years of d ea ivcor h ma •c ed r Whe a itnd al st si n EBRI Is a ngle a tus s Sok ur , ha ed cs e n u : e Ev e if m v e Bri ple oe in r ye- e q fe m d u i Bs re e a iv a nl lik r eid r g fitii e Re st u e d e sea lih r ar ew ls d cood h om i eve In n st tih te us of e tn e n U an w . kn S d ror . G e P retk o a eir te ne w w ing n ras t w l d a — Re nld h a s e t Tr ere 62 ar e ca r h d 202 p teha to m e 2 r a Re n p c go rk e tir ent O m la f to e fnnne iv c t s. Co e f . n Iin 38 fid S de S d a N n cp go t: e e 0 j Sur us r 8c ve 8 oe 7 t yd – .nt unde 1 f 3 in 7 aX nd a /r 9n 01 3 c 0 9 p ial or in 10. 887e –1 rc 3 e 7rX nt eti /9, 0rr em $ e sp .50en e +c .5tt p 0iv elan ly (Fi nin gur ge on Salary and Years of highly e xpect lik to ed lyo (so in roughly the 0% 9 in futur 10) e. to say that working with an advisor with expertise in their financial goals is important 11 00 % % factor, and married and single, never-married women have “recommendation from a professional financial advisor” as a w Fiom gure en w 5, W orom kere s of n’s A ea ss ch ma ets, bry it a Ma l st ra ittaus l Sta likteus ly ................................ to expect to do so. ................................................................ Service ............ 9 i nvestment matches aWo we rki lln-g k W no ith w an n ind A de vis x; or T inve hat Is s t tm heents Wo are rki n sg e W lec ith te an d A fo dr vme isor Wh by o an a Wo cco rkiun ngt Wma ith an na A ge dr viso or r Tto hao t I l sb th ae sed on input I Sourc0% e: ESo mpl uro cy ee : e Em Be pl no ey fie t e Re Bs ee nar efi cth Re Insse tit ar utc eh an Ins d titG ut re ee an nw d a G ld re Re en se war alc dh Re 202 se2 ar Re ch t i202 r0% em2 eRe nt Co tire5% n m fie de ntn Co ce1 n Sur 0 fide % ve ny c .e1 Sur 5% vey. 20% 2Se 5%rvice 30% 35% Source: Employee Benefit ResearcSt h In ro stitn utgl e an y d Agr Gree e ne wald ResSom earch 202 ew 2 h Re a tirte Agr ment e Co e nfidence Di Sur sa vegr y. ee Figure 29, Criteria So So Im ur uc rcp ee :or : E m Em t pla p olynt o e ye e B eW e Be nehe n fite Re fn Look it sR ee ar se ch a r In csh ting i tIu nts e t ian tu for td e G a rn e a d e n G Fi wra ena le dn Re w nc s a elar dia c Rl Adv h e s 202 ea2 rc Re his t2 ir0or e2 m 2e , R n e tb t Co iry en m fiMa de enn t c r C eit o Sur n a fl Sta ive de yn . cet Su us rv e( yW . omen Workers and advice, on Soe ur- cth e: Em ird o ployee B f en w efio t Re m sear en ch eith Institute an er d Gs retron enwald g Rely sear or ch 202 s 2 o Rem tireewhat a ment Confidenc g er Sur ee vey.with the statement that they do 4) . Among retired women, this als Al ol holds true for M m aa rr rir eie dd women reDi tir vo ee rc s erd elative Sitn o gd leiv , N or ec ver ed M aa nd rriew didowed women Source: EmployeS eam Bene efi A t Re gse e a arc sh Y In o su titute and Greenw Spe ald Re cia seliz arc eh s i 202 n 2 HRe ou tis re e m he o nld t Co s W nfiith den a ce Survey. Same Gender as You Source: Employee Benefi All t Research Institute and GreenMarr wald Re ied search 2022 Retirement Co Div nfio de rc ne ce d Survey. Single, Never Married (Figure 28). Half of Sourw ceom : Emple on yeeof Bene efia t Re ch sear m cha Inrsit titua tel st and a Gt re us enw e alxc d Ree sep artc hfor 202 2 w Reido tiremw ente Co dn fiw deom nce Sur en veys .ay that working with an advisor that a top choice. In cont Sor ura cst e: E, monly ployee Bd eniv efior t Rec see ard c hw Insom titute e ann ch d Greeoose nwald Re “ seit ar’c s t h 202 he 2 Re e tim remp enloy t Coe nfir de ’s d nce e Surfa veult y. option” as a top choice, while only provide; recommen So So d ur ura c ctions e e:: E Em mpl plo ofro y ye ee e B Bm e en ne ea fi fit t Re Re frie s se ear ar nd c ch h IIn no s st tr iit t u ufami t te e an and d l G G y rre e ;e e i n nnve w wa alld d Re s Retme s se ear arc cnt h h 202 202is 2 2 Re Re d tte iirre es m mig e en nne tt Co Cod n nfi fide to den n c cp e ero Sur Surve v veid y y..e a stream of income in retirement; it’s the © 2022, Employee Benefit Research Institute –Education and Research Fund. All rights reserved So 0% urce: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. 4 0% Similar Amount of Money/Assets as Fi gure 6, W Reom tire ee n’ s) s D ................................ ebt, 0% by Marit 10a % l Status 2................................ 0% ................................ 30% 40% ................................ 50% ................................ 60% 70% ................................ 80................................ % 90% 100% ............... ............ 23 10 not know where to go for good financial or retirement planning advice. This is substantially higher for retirees. Very Confident Somewhat Confident Not Confident 9 fr iend or family member has wor Allked with is impor Marr tant ied . Single, never Div -m oa rcrerd ied wome Sin n ga lep , p Ne ev aerr M to arrie pla dce more value on You si emp ngle loy , e ne r d ve efaul r-mt ao rrpie tion; M duch w om iBnve ette er s n Ttme hsa anAll y E nt x p re ec isc tom a ed ctiv m So eely m nda ew ma ht aions n t B a Marr eg tte er fr d ie T om d hb ay n E aa x p fu ec frnd ie ted nd m a A or na bo D ut fg iv a e t o m hr; rc e ily e Sa rd e m m ce oe a gm s niz Exb pe e e/r ct Sk . in ed no g le w , W N the o ers ve e r M Tna haarrie me n Exp do ect f fu ednd/investment Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. single, ne Sov ure cer: Em mpla or ye reie Bed n ew fit Re om seare cn h I, nsa titus 45 p te and Gre e er nc we alnt d Re sr ee arp chor 202 t 2 t Re ha tiret m t ehe nt Co y n fid deo ncnot e Surve k y.now where to go for financial advice. finding an advisor tha Sotur ha ce: s a Empl oc yeonne e Benefic t Re tion o search Ir ns tc ituom te anm d Gona reenwli at ldy Re tso eart che h 202 m 2 Re ttha iremn w ent Coom nfidee nc n o e Surf o vey.ther marital statuses, as the single, Figure 7, Debt’s Im Sop ura cc e:t E m on ployA eeb Be ili netfiy t Re to searSa ch Iv nse tit ufor te an d Re Gret eir nw e am ld Re ent sear, chb 202 y 2 Ma Retir reit ma enl Sta t Confide tus nce ( Sur W veom y. en Workers) ................................. 10 Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. Source: Employee Benefit Research Institute and Greenwald Research 2022 Retirement Confidence Survey. 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 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 br 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 ri. 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.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 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 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 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIs 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 ss 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 su 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 ue 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 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 Br 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 rief 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 A re • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • s e 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 Sa 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 erp p p p p p p p p p p p p p p p p p p p p p p p p p p p p p p p p p p p ctttttttttttttttttttttttttttttttttttth 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 mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe mbe repor 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 rr t1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 f, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ro 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 2m 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 t2 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 h e • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • E 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 NB 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 oR .................................... 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 I 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 E7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 d ucation and R esearch Fund © 2022 Employee Benefit Research Institute 16 22 35 31 19 27 11 36 23 28 33 17 26 10 24 13 15 25 12 32 20 34 29 14 21 18 30 37 2 4 3 5 7 8 9 6 Single, Never Married Divorced Married Single, Never Married Divorced Married Married Marr Marr ied ied Married Marrie Marr d ied Married DivoD rc iv e o d rced Divorced Div Do ivrc orc D eiv d eo drced Divorced Single, Single, Single,Single, Widowed Single, Widowed Never Married Never Married Never M Ne a vrrie er M d arried Never Married Married Married Married Widowed WidMarr oweie dd Married DivoD rc iv e o d rced Married Ma Divo rrie rc Div d eo drced Divorced Single, Single, Widowed Single, Divorced DWid ivorc ow ed ed Never Married Never Married Never Married Single, Single, Marr Marr ied ied Marrie Marr d ied Married Never Married Never Married Divorced Divorced Divorc Div eo drced Widowed Widowed Divorced Single, Single, Single, Widowed Widowed Married Married Never Married Never Married Never Married Marr Marr ied ied Marrie Marr d ied Married Divorced Divorced Single, Single, DivoD rc iv e o d rced Divorc Div eo drced Divorced Never Married Never Married Single, Single, Single, Widowed Widowed Widowed Widowed Never Married Never Married Never Married

Volume 567

Pages 37

EBRI Issue Brief

Sept 1, 2022

Craig Copeland

Retirement