Only 23% of women surveyed said they are very confident that they will be able to live a comfortable lifestyle in retirement,
In addition, the number of women participating in their 401(k) has dropped from 76% in 2004 to 70% last year, while the median contribution rate has remained at 6%.
A further indication of problems for women in retirement in the years ahead is 42% of women saying they are not sure how much they will need to save for retirement, up from 11% in 2004.
Nonetheless, 46% said that 401(k)s and IRAs will be their primary source of income, with 73% citing 401(k)s and other types of self-funded retirement plans as very important benefits.
Fifty-eight percent said that they would choose a job with superior retirement benefits at their minimum salary requirements over one paying more but with a less robust retirement plan.
In addition, 49% of those who don’t have a 401(k) or other retirement plan available to them said they would very likely leave that job for one that does, up from 28% in 2004.
“One of the keys to success in saving for retirement is consistently saving over a long period of time to enjoy the benefits of compounding,” said Catherine Collinson, a market trends expert with the
