Retirees who are single face additional difficulties. They are more likely to have low savings balances, more expensive retirement expenses than anticipated, and an earlier retirement date than intended.
“The survey results are a real wake-up call when it comes to the situation of unmarried women workers and their retirement prospects,” Copeland wrote. “The evidence shows that the current slate of ‘help’ solutions isn’t resonating well enough. A focus on retirement savings is not paramount for them, as opposed to meeting their current financial needs.”
According to the study, more than half of divorced (58%) and never married (56%) working women have less than US$25,000 in assets, compared to just 27% of married working women.
Working women who have been divorced and those who have never been married showed a similar distribution of total assets. However, retired widows are slightly more likely to have higher asset levels than retired women who are divorced.
Never married and divorced working women are more likely to have lower levels of financial assets than married working women.
