Women who are entering retirement now face more financial risks than their male counterparts
The largest cohort of baby boomers is poised to reach age 65 between now and 2030.
And women — who make up 52% of those “peak 65” boomers — are more likely to struggle in retirement compared with their male peers, according to a new economic impact study released by the Alliance for Lifetime Income, a Washington, D.C.-based nonprofit focused on retirement education.
“There is a very persistent disparity between the assets of men and the assets of women,” said economist Robert Shapiro, study co-author and former undersecretary for economic affairs in the Commerce Department, during a Thursday morning presentation.
From now until 2030, 30.4 million Americans are expected to turn 65.
A majority of those baby boomers are not financially prepared for retirement, according to the research.
As income from employer pensions has largely diminished or disappeared, individuals who enter retirement age are now more dependent on personal savings and Social Security.
Women are not the only peak boomers who are at a greater economic disadvantage, the research found.
People who are Black, Hispanic, or without college degrees are also at higher risk for financial insecurity in this later stage of life, according to the report’s findings.
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