Insights | 02.24.21
Women’s Retirement Savings Especially Affected by the Pandemic
A study by Nationwide found that among 297 women with investable assets of $100,000 or more, 72 percent believe the pandemic had a negative impact on their retirement savings. Additionally, women listed losses from the pandemic as their top financial concern last year. Other worries involved protecting assets, health care costs and longevity risk during retirement. Women—and especially women of color—are more likely to have been laid off or furloughed during the COVID-19 crisis, according to a report from McKinsey & Co., which means generating sustainable retirement income has become even more difficult. A 2020 Transamerica report found 52 percent of women said they have experienced one or more negative impacts to their employment as a result of the pandemic, including reduced work (24 percent), layoffs (16 percent), reduced salaries (13 percent), furloughs (13 percent) and/or early retirement (4 percent).
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