Women in America of the baby boomer era and there before, have a lot to worry about and with good cause.  Instead of envisioning the opportunity to step back from work and spend more time with their grandchildren or pursue leisure activities, a large number of older women are fearful of retirement.  The changes in our economy most recently, longer life spans, fewer guaranteed retirement plans and the threat of a bankrupt social security system have added a layer of financial stress to our retirement horizon.  Women, who by virtue of their traditional roles in the family are more likely to have interrupted work histories are feeling the pressure.  Not only do women tend to earn less due to wage discrimination among other things, but they also live longer, which can put them in a precarious financial position at retirement and beyond.  The fact that women will outlive their male counterparts adds to the worry.

But being a single woman contributes even more to the concerns. A much higher percentage of single women age 65 and above are not financially secure compared to the women that married. These single, lower-income women have good cause to wonder how they will make ends meet in retirement if they are struggling now, while fully employed. Although single women are more likely to be economically disadvantaged, on average, married women who become widowed experience a significant reduction in their earnings as well.

There are vast gender differences in retirement preparedness.

According to a study done by Hartford Financial Services in 2008, women are also concerned about:

The rising cost of health care – Eighty-seven percent of women responding to the survey believe their health care costs in retirement will grow faster than their retirement income.

The cost of living in general – Eighty-three percent of women believe the overall cost of living will grow faster than their retirement income.

Declining health – Seventy-five percent of women worry about their health in retirement, wondering if they will require costly health care and have a poor quality of life.

Outliving their money – Sixty-four percent of women are concerned they may run out of money before they take their last breath.