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Wells Fargo Affluent Women Retirement Survey Infographics

“We see that women, who were taught about investing by someone, tend to be more confident in investing. Financial literacy makes a huge difference and has positive rippling effects for future generations,” said Wimbish.

Aspirations and Fears about Retirement

The majority of affluent women (88%) feel a successful life is best defined by “peace of mind” over great achievements (10%). Women say that a successful retirement is comprised of having enough money to live the lifestyle they want (39%), being healthy (30%) and spending time with family and friends (16%).

As affluent women think about living in retirement, 40% say “running out of money” scares them. In fact, 45% of working affluent women say the prospect of living in retirement without a paycheck is something they will “resist as long as possible by working.” For affluent women in their 40s, 52% will resist as long as possible.

More than half of affluent women (57%) most often say they are scared by “living in poor health for many years in retirement,” which is over three times more than their fear of having to work forever (16%). Healthcare is the top ranked topic discussed by women and their spouses as well as women and their female friends. However, nearly a third of married affluent women (29%) and their spouses have not discussed “how they will address any potential major healthcare issues.”

While a comfortable retirement is a goal for women, fewer than 40% have a written retirement plan. They report needing a nest egg averaging $1.5 million and expect to retire at the age of 66 (average) and project that their savings will need to last an average of 18 years.

“There are many unknowns in retirement, but having a comprehensive retirement plan can guide you to a successful retirement. Women have made so much progress professionally and should leverage what they already have to create that 'paycheck' in retirement and have financial freedom,” Wimbish added.

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