02.26.20
Women’s Retirement Prospects Are Improving, but Not Enough
by: Lorie Konish
The Aegon Center for Longevity and Retirement has found that women’s retirement readiness has improved a bit in the past five years. The Aegon Retirement Readiness Index uses a scale of 0 to 10, with a high score considered between 8 and 10. In 2014, women had a retirement readiness score of 5.5, which increased to 5.8 in 2019. While that’s an improvement, anything less than 6 is considered to be a low, said Catherine Collinson, CEO and president of the Transamerica Center for Retirement Studies, which collaborated with Aegon on the research. In comparison, men fare better, with their retirement readiness score moving from 6 in 2014 to 6.2 in 2019. Women were more likely to score below average in certain European countries – excluding the U.K. and Germany – as well as in Australia, Canada, and Japan. One factor that can push certain countries higher in the rankings include having more robust benefits, which help boost women’s financial well-being, Collinson said.
Read the full article on CNBC.com