ThinkAdvisor: Retirement not that Alluring for Single Female Baby Boomers

ThinkAdvisor published a piece this week on a trend among single female baby boomers: even though many of them have reached retirement age, they’re not planning on going anywhere for a while. In fact, more than half of the women surveyed said they are sticking with their job for at least the next five years and one-third planned to retire between the ages of 65 and 69. Of the women surveyed, several indicated they even wanted to start an “encore career” that would be more fulfilling after retiring from their primary career.

Some highlights from the report:

  • 37 percent of the country’s baby boomers are single women.
  • 49 percent have accomplished career goals but plan to continue pursuing their passions.
  • 49 percent of those surveyed placed saving at the top of their priority list.

The survey conducted by Del Webb supports a simple truth we stand behind here at McLean: being diligent about retirement savings early in your career can provide you with maximum flexibility in terms of when you choose to retire. The survey highlights women that decide to continue working because they want to, not because they have to. A common trait the majority of the women surveyed share is a strong focus on saving for retirement. Their diligent savings behavior throughout their careers allowed them to have a choice about when they want to switch gears and transition into a new career or completely retire and spend more time with their families and on leisure activities.

Most employees don’t focus on savings early in their careers, leaving them feeling like they have to “catch up” and are forced to work longer than desired.  The study reinforces that flexibility of choice is one of the benefits achieved by focusing on retirement savings throughout one’s career as opposed to waiting.

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