As the Baby Boomer generation is growing older, 60% of women born from 1946 to 1964 are not confident that they will have enough money for a comfortable retirement, compared with 51% of men, according to an AARP Public Policy Institute report released on Monday.
“Concern overall characterizes the Boomer population,” says Sara Rix, senior strategy adviser at the AARP Public Policy Institute. “But women feel more financially insecure and concerned.”
There are a number of reasons women feel more at risk. Older women who have been laid off often find it hard to get hired again. The September jobs report shows that jobless women 55 and older who have been unemployed for more than 27 weeks rose from 50.9% in August to 54.0% last month.
Even Boomer women who continue to work tend to earn less than men, receive lower Social Security benefits, live longer and face higher health care expenses in retirement than men.