Research Reveals Differences In How Men And Women Approach Retirement Planning

Men and women are preparing for retirement in very different ways, according to additional findings from the New Retirement Mindscape® City Pulse index, released today by Ameriprise Financial (NYSE: AMP). While men outpace women in planning for the financial aspects of retirement (77% vs. 72%), women are more likely to say they’ve thought about what they’d like to do during retirement. And though a mere 22% of Americans report confidence in reaching their retirement goals, men are significantly more likely than women to report this sentiment (25% vs. 19%).

“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 Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. “The activities you plan to pursue during retirement will likely have associated expenses. Failing to consider these can have significant consequences.”

More than half of men (54%) report setting aside money in their own investments (such as stocks and IRA’s) compared to 46% of women who say they’ve done the same. Men are also more likely than women to report that they’ve determined the amount of income they’ll need in retirement (31% vs. 20%). This additional financial preparation may be one reason men are significantly more likely than women to say they feel on track for retirement (41% vs. 34%) and express confidence in their overall financial futures (22% vs. 16%).

Women are more likely to report that family and health taking a prominent role in their planning. Women are significantly more likely than men to say they plan to spend more time with family during retirement (41% vs. 34%) and that proximity to family is a very important factor in determining where they will retire (40% vs. 27%). They are also more likely than men to place importance on their proximity to friends and other retirees (21% vs. 13%).

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