
Professional Women Worry About Retirement
BOSTON (TheStreet) -- A survey by MetLife (MET) - Get Report of "career women" ages 45-70 earning $75,000 or more a year shows the group, despite confidence about how they manage their household finances, worry about having needed assets for retirement.
The recent study, produced by the
Women's Institute for a Secure Retirement
and the
MetLife Mature Market Institute
, found 62% of these respondents think they may never have enough money to retire. That finding comes even though 46% of those surveyed have a defined-benefit plan (more than double those in the general population) and most have 401(k) plans, IRAs and additional savings.
A survey finds 62% of high-earning female respondents ages 45-70 think they may never have enough money to retire. |
Twenty-five percent of those interviewed said they are confused about how to grow their portfolios and 34% say they lost a considerable amount oftheir savings when the economy faltered.
To address their concerns, 42% of respondents said they are putting more emphasis on guaranteed income for retirement and 27% said they are saving more. Twenty-five percent said they "aren't sure what they should be doing."
"This poll indicates that many successful women lack confidence in their financial futures," says Sandra Timmermann, director of the MetLife Mature Market Institute. "The current state of the economy may be a factor, and many remain on the sidelines awaiting direction. As a result, they may not be protecting themselves financially with products like disability insurance, annuities and long-term care insurance, especially since more than half will not be able to count on a pension for retirement. Even those who earn more than $200,000 per year say they're worried about outliving their income/savings."
Just 18% said they had a long-term care policy.
-- Written by Joe Mont in Boston.
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