Majority of women agree a retirement storm is brewing

investmentnews.com:

A new survey has found American women are deeply concerned as a nationwide crisis adds to their already-gray prospects for retirement.

According to the poll conducted by Greenwald Research for the National Institute on Retirement Security, 80 percent of working-age women in the US believe the nation is facing a retirement crisis, while 78 percent of respondents feel that workers cannot save enough independently to ensure a secure retirement.

Dan Doonan, executive director of NIRS, highlighted several challenges contributing to women’s retirement woes.

“The wage gap is stubbornly persistent for women and they typically live longer than men. Women are less likely to have access to a workplace retirement plan and have caregiving demands throughout their lifetime that often hurts their earning potential,” Doonan said in a statement, stressing that while women generally require a larger nest egg, they are often in a weaker financial position compared to men.

Among the women polled, 81 percent voiced that employers should increase contributions to retirement plans. Notably, three-quarters of participants agreed that attaining a secure retirement is increasingly difficult, citing factors such as inflation, rising healthcare costs, debt accumulation, and the scarcity of pension plans.

The research uncovered strong convictions around Social Security, with 89 percent of women emphasizing how important it is for the next administration to collaborate with Congress and develop a funding solution for the federal program.

Eighty-seven percent said that Social Security must remain a priority regardless of federal budget deficits, while 86 percent urged Congress to act immediately to strengthen the program’s funding, instead of putting