Women Fear Shortage Of Money To Retire

Women feel less confident about being prepared for retirement than men, according to a survey released Tuesday by TIAA-CREF, a financial services firm.

Fifty-six percent of women expressed confidence that they are saving enough for retirement, compared with 65 percent of men.

For those women who received financial advice, 40 percent changed the asset allocations in their retirement accounts, while 62 percent began monitoring their savings and 58 percent modified their spending habits, the survey says.

The survey included 1,000 respondents nationwide.

Overall, when it comes to financial planning, women are more focused on unexpected events, such as divorce or loss of a loved one, rather than milestones like getting married or planning for retirement, according to Teresa Hassara, executive vice president and head of the Institutional Business at TIAA-CREF.

Source:  Financial Advisor magazine

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