All the Single Ladies, All the Single Ladies: Start planning now for your financial future!
A much-anticipated report released Tuesday shows the roughly 55 million single women in the U.S. are in a far more precarious position than married women – as well as all men – when it comes to retirement savings. As a result, they may face serious financial hardship as they age.
About 40 percent of unmarried women have saved less than $1,000, according to the 2016 Retirement Confidence Survey by the Employee Benefits Research Institute and Greenwald and Associates. That's significantly higher than the 34 percent of unmarried men, 22 percent of married women, and 12 percent of married men with a similar, meager amount in savings and investments.
Single women "lack the financial security of a dual-earner household to support their retirement savings, along with the added income associated with dual Social Security and a spouse's retirement benefits," said Kim Mustin, co-head of global distribution at BNY Mellon Investment Management.
"They might also be carrying housing costs with a rental or home mortgage. If they are single mothers, they might have the sole financial responsibility of the cost of raising children," she said.