A new study shows more women plan to delay retirement than not. According to a Nationwide Retirement Institute survey, inflation has shaken women’s retirement security and confidence. Veuer’s Maria Mercedes Galuppo has the story.
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00:00A new study shows more women plan to delay retirement than not.
00:03According to a nationwide Retirement Institute survey,
00:07inflation has shaken women's retirement security and confidence.
00:1162% of women are either expecting to push back their retirement later than originally planned,
00:17or don't believe they will ever be able to retire because of inflation.
00:21This is only the case for 47% of men.
00:2415% of women said their decision to delay retirement
00:28is influenced because they had or have to financially support a family member or
00:33friend as a result of inflation. These setbacks are having an impact on their mental health,
00:38with more than half expressing worriness when thinking about where they're at with
00:42their current retirement plan and financial investments.
00:45But even though roughly half of the female participants claim to face challenges
00:49around turning their retirement savings into income in retirement,
00:53more women than men are interested in solutions that can help them navigate these challenges.
00:59Financial planner Matt Schwartz told CBS News it's never too late to start planning.
01:04He said,
01:05It's better to know now than to delay the inevitable.
01:07Jumping in and determining where the goals are,
01:10getting an understanding of where you're at today is the first step.
01:13It provides a roadmap so you know what actions need to be taken.