Women face unique challenges when it comes to planning for retirement. In many cases, they simply do not have as much money to put away or are given fewer opportunities to do so. The reasons for these inequalities can be traced back to the simple fact that women have historically been responsible for caretaking roles — whether childcare, eldercare, or other dependent caregiving.

This is not meant to incite a debate on social roles, but instead to highlight some of the real-world factors that affect women’s ability to save money for retirement. With this in mind, here are 12 surprising things women should know about retirement planning.

Longevity Does Not Work in Women’s Favor

Women tend to live longer than men. This may seem like a benefit in terms of enjoying more years with family and friends — but it also means that women must stretch their savings over a longer period. Unfortunately, women tend to underestimate this fact when planning their retirement funds.

54% of Women Don’t Plan to Retire, Ever

The idea of retiring has not taken hold for many women, as a recent Transamerica Center for Retirement Studies survey found that more than half (54%) do not plan on ever retiring. This could be attributed to financial insecurity or the belief that they will continue working past “retirement age.”

Almost Half of All Women Plan to Work Through Retirement

A large portion of women — 48% according to a recent Pew Research Center survey — expect to work during their retirement years. This is partly because, as noted previously, many women do not have the luxury of planning for full-time retirement. In fact, 32% of female retirees in a 2013 survey by the Employee Benefit Research Institute were working either full or part time.

Baby Boomers Are Still Living the Dream

The idea that baby boomers are retiring in droves is a myth. Many baby boomer women have not yet retired, and may continue to work well past traditional retirement age. In fact, 38% of baby boomer women (age 50-64) plan on working indefinitely, according to the Transamerica survey.

Time Off for Caregiving Negatively Impacts Retirement

Women who take time off from their careers to raise children or care for aging relatives are not eligible for retirement plans and miss out on matching contributions. This can have a significant impact on long-term savings, because the more years spent out of the workforce, the less opportunity women have to build up their retirement savings.

Part-Time Work Is Women’s Work

Due to childcare responsibilities, women are much more likely than men to work part time. Not only does this translate into a much smaller paycheck, most part-time jobs do not include benefits such as health care. Also, because part-time workers of either gender are less likely to be included in 401(k)-style retirement plans through work, fewer women are offered retirement benefits.

The Majority of Women Expect to Self-Fund Retirement

Only 5% of women expect a company-funded pension to be the primary source of retirement, because less than a third of women will receive any kind of pension at all. Roughly 27% expect to rely on social security, while 59% of women expect to self-fund their retirement through a 401(k) or other savings and investments.

Women Are Less Likely to Be Offered a Retirement Plan

Women who take time out from their careers to raise children or care for aging relatives are not eligible for retirement plans and miss out on matching contributions. This is compounded by the fact that women who work part-time are less likely to be included in 401(k)-style retirement plans than full-time employees.

Women’s Annual Contributions to 401(k)-Style Plans Lag Behind Men

Women make less money on average, and have to take off more time for childcare. What is preposterous, however, is that women contribute less to their retirement plans than men when they are in the workforce. The median annual contribution to a 401(k)-style plan by female workers was $5,000, compared with $7,500 for men in 2013, according to the Bureau of Labor Statistics.

Women Think They Will Only Need $800,000 to Retire Comfortably

The reality of retirement savings is often not taken into account by women — they simply underestimate what they will need when they stop working. The median amount that women think they’ll need for a comfortable retirement is $800,000; however, men estimate the same goal at $1 million, according to the Transamerica study.

Women Are Guessing Their Retirement Savings Needs

The lack of accurate estimates for retirement savings by women can be traced back to the fact that many women are essentially guessing their needs. In the same survey, 60% of women said they use a “gut feeling” or “best guess” when determining how much money they need for retirement — versus 51% of men.

Women Should Develop a Retirement Strategy and Put It on Paper

It’s important to set aside the time and energy to plan for retirement, especially given that women face unique challenges in terms of savings. A good starting point is to develop an actionable strategy and put it down on paper as part of a long-term plan.

Once you have a strategy in place, share your goals with others in order to hold yourself accountable. You might be surprised how many family members and friends are in the same boat and could use a sounding board for their retirement planning efforts.

Also, educate yourself about potential retirement investments and speak with a professional about your individual circumstances. If you are a parent or caregiver, seek out options that make it easier to save while fulfilling these important caretaking roles. It’s never too late (or too early) to start planning for your future.

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