Senior Financial Planning

Men, women have different views on retirement

January 26, 2012

There is certainly no lack of differences between men and women, and results of a new survey suggest that they spill over into how we view retirement as well. The New Retirement Mindscape(R) City Pulse index found that men are more concerned about retirement financial planning while women place a great emphasis on determining what they'd like to do once they retire.

The survey, which polled more than 11,000 adults between 40 and 75 found that 54 percent of men said they had set aside money for retirement, with just 46 percent of women reporting that they had done the same. In a similar vein, 31 percent of men said they figured out how much money they need for a comfortable retirement, while only 20 percent of women reported having a concrete plan.

Though men may place a greater emphasis on financial matters, women lead the way in terms of family and health. Forty-one percent of women said that they plan on spending more time with their family once they retire. Only 31 percent of men had similar plans.

As evidenced by the study, there may be stark differences between how men and women are preparing for retirement, but experts say that it does not suggest one gender is better at planning than the other.

"Financial preparation can help instill confidence in reaching your retirement goals- and rightfully so - but thinking about how you'd like to spend your time and where you're going to live can have a dramatic impact on your overall readiness," said wealth strategies expert Suzanna de Baca. "The activities you plan to pursue during retirement will likely have associated expenses. Failing to consider these can have significant consequences."

Whatever factors one focuses on, it is becoming increasingly evident that some adults do not feel as prepared as they once were for retirement. This is due in large part to the fact that companies are increasingly less likely to offer pensions. According to the Courier-Post, only 15 percent of workers are covered by such a plan.

The result is that adults may have to find ways to save for retirement on their own, and one way that is growing in popularity is through life settlements, which offer large payouts for unnecessary life insurance policies.