Men focus on the numbers while women tend to plan based on
lifestyle goals
MINNEAPOLIS--(BUSINESS WIRE)--
Men and women are preparing for retirement in very different ways,
according to additional findings from the New
Retirement Mindscape® City Pulseindex, 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%).
Women also report a greater emphasis on maintaining their health as they
age. More than half (54%) are making plans to ensure they stay healthy
during retirement, compared to 48% of men, and women are more likely to
rate access to healthcare options and facilities as a very important
factor to consider when deciding where to retire (38% vs. 32%). Women
are also more likely to say they’ve spent time determining how they will
rest and relax in retirement (25% vs. 19%) – an important part of
preparing mentally for the retirement process.
While men and women are preparing differently, they both may be
dramatically underestimating how long they’ll need to live on their
retirement savings. Those surveyed estimate that they’ll spend
approximately 17 years in retirement while most financial professionals
recommend accumulating enough savings for a 30-year retirement.
“It’s especially important that women begin saving early and plan for a
longer retirement because they have longer average life spans and spend
more time out of the workforce,” says de Baca. “And regardless of your
gender, be sure to share your retirement plans and expectations with
your loved ones. Being on the same page with your family can make
achieving your goals much simpler and even more enjoyable.”
About the survey
The New
Retirement Mindscape 2011 City Pulse indexwas created by
Ameriprise Financial utilizing survey responses from 11,611 U.S. adults
ages 40-75. The survey was commissioned by Ameriprise Financial, Inc.
and conducted online by Harris Interactive from August 4-12, 2011. The
national average sample and the 30 U.S. metropolitan areas were each
weighted independently to best represent each area. Propensity score
weighting was also used to adjust for respondents' likelihood to be
online.
About Harris Interactive
Harris Interactive is one of the world’s leading custom market research
firms, leveraging research, technology and business acumen to transform
relevant insight into actionable foresight. Known widely for the Harris
Poll and for pioneering innovative research methodologies, Harris offers
expertise in a wide range of industries. For more information, visit harrisinteractive.com.
About Ameriprise Financial
At Ameriprise
Financial, we have been helping people feel confident about their
financial future for over 115 years. With outstanding asset management,
advisory and insurance capabilities and a nationwide network of 10,000
financial advisors, we have the strength and expertise to serve the full
range of individual and institutional investors' financial needs. For
more information, or to find an Ameriprise financial advisor, visit ameriprise.com.
Brokerage, investment and financial advisory services are made available
through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some
products and services may not be available in all jurisdictions or to
all clients.
© 2012 Ameriprise Financial, Inc. All rights reserved.
Ameriprise Financial
Stacy Housman, 612-678-7215
Media
Relations
stacy.m.housman@ampf.com
Source: Ameriprise Financial