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TIG Insider Newsletter  May 14, 2012
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Women Are Lagging Behind Men on Retirement Planning and Saving

Fewer women than men have formal investment plans in place for retirement and are less likely to be putting money away, a new study finds.

Women appear to be significantly less prepared for retirement than men, with women with retirement plans holding on average about $41,000 less in retirement savings, according to the ING Retirement Research Institute.

"It is clear that many women -- regardless of their age or life stage --must do more to save for their retirement," said Maliz Beams, CEO of ING U.S. Retirement. "The combination of living longer and saving less can hamper a woman's ability to reach her goals."

The study found that fewer women (25%) than men (33%) have a formal investment plan to reach their retirement goals. In addition, 56% of women do not feel financially prepared for retirement, compared to only 42% of men.

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