Wachovia Survey Shows Women Lack Retirement Building Confidence

Also, 47 percent of women feel investing "takes more knowledge and skill" than they have, as opposed to only 30 percent of men. Making matters worse, many of the women surveyed (31%) indicated that they did not have access to a 401 (k) plan at their place of employment.  This is in contrast to only 19 percent of the men who were surveyed.  Of the women who have a 401 (k), only about a quarter contributed the maximum amount allowed in 2007. One silver lining from the survey was that a nearly equal number of women and men had an IRA.

Once in retirement, women were more likely to withdraw a higher percentage, 10 percent instead of the recommended 4 percent, for living expenses. Women were also less satisfied with the amount of money saved for retirement then men. Sixty-five percent of men in retirement stated they had “more money than they expected," as opposed to 55 percent of retired women. Furthermore, a majority of men, 53 percent (in comparison to 44 percent of women), claimed to have "planned effectively before retirement for their finances”.

"The study shows us that more men attribute their satisfaction in retirement to having more money than do women, and more men say they planned effectively in the pre-retirement years than do women," said Lynne Ford, director of Wachovia's Retail Retirement Group. "Women need to become more comfortable and confident with retirement saving and the basics of the market so they can create a nest egg that will last."

Wachovia provides the following tips for women and their retirement:

• Stop worrying and start planning by taking your financial future into your own hands
• Take advantage of your company’s 401(k) plan by contributing the maximum amount every year
• Gain Confidence - Educate Yourself
• Expect to Live Longer
• Talk with a Financial Advisor who can help you build retirement funds to reach your goals and dreams