Millions of women are facing retirement disaster according to new report

investmentnews.com:

With retirement just around the corner, a significant group of Americans have less saved for their post-working years than they need.

Across all adult age groups, just 44% of women believe they will be financially prepared for retirement, compared to 61% of men, and when asked if they feel financially secure only 43% of women said they do compared to 59% of men.

Looking at Gen X, the generation next in line for widespread retirement, just 38% of women feel ready for retirement. This cohort is also more likely to lack a long-term financial plan (67%) compared to all women (58%).

The findings are from a nationwide study by Northwestern Mutual which also found that while almost two thirds of men believe Social Security will be there when they need it, only 48% of women agree, falling to 37% among Gen X women.

“The impact of inflation and the worries people have about recession and retirement are felt unevenly, but they are significant for both women and men,” said Tim Gerend, chief distribution officer at Northwestern Mutual. “The bottom line is this: uncertainty about the future is cutting into confidence for many Americans, and that’s where a trusted advisor can help individuals build a plan to help them take control of their financial futures.” 

Across all age groups, outliving their savings is the biggest retirement fear among women (45%), rising to 52% among Gen X women; followed by declining health (41%) and boredom (30%).

Things are looking more positive for the youngest cohort of women with nearly 6 in 10 Gen Z women (59%) believing they will be financially prepared for retirement.

However, 79% of Gen Z women and 76% of Millennial women say their financial planning needs improvement.

Young women are also more likely