The survey conducted by the Transamerica Center for Retirement Studies finds that women workers believe they will need to have saved $500,000 by the time they retire to feel financially secure, an amount that is lower than that reported by male workers ($750,000) (medians).
Among those who provided an estimate, more than half of women (55 percent) arrived at this estimate by guessing, compared with 41 percent of men. Only 14 percent of women used a retirement calculator or completed a worksheet, a response which is significantly lower than that of men (23 percent).
By the numbers: According to the survey, women have $44,000 in total household retirement savings (estimated median). Baby Boomer women have saved $98,000, compared with $61,00o for Generation X, $37,000 for Millennials and $21,000 for Generation Z (estimated medians).
