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Study shows women more preoccupied about retirement savings than men 2010-05-17 Retirement planning can become frightening as the target date approaches. However, a new study reveals that women are twice as worried about saving for retirement than men. As a result, women have suffered dramatically in trying to regain the retirement income that was lost to the economic downturn because they are more hesitant to invest. In the past year, 60 percent of women did not make changes to their stock portfolio, as opposed to 49 percent of men. In addition, only 16 percent increased contributions to stocks, compared with 25 percent of men. "The results show women are conflicted. They know they need to invest for growth potential so their savings can last for 20 to 30 years of retirement, yet they lack confidence in their ability to invest so they aren't doing anything," AXA Equitable executive vice president and chief innovation officer Barbara Goodstein said. "Not taking any action, however, could put them at greater risk," she added. Many investors are relying less on the stock market due to fears over market volatility. Consulting with a financial advisor may benefit those who are interested in alternative retirement options, such as annuities, that present less of a risk.  |
