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Retirement Security: Older Women Report Facing a Financially Uncertain Future

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Report Type Reports and Testimonies
Report Date July 14, 2020
Release Date Aug. 13, 2020
Report No. GAO-20-435
Summary:

We held 14 focus groups with women retirees across the United States to get their perspectives on financial security. Every group was concerned about rising health care costs and each group discussed how a lack of personal finance education had a negative effect on their retirement security. Women in all groups also equated financial security in retirement with being able to maintain their independence.

We also analyzed data on the retirement security of older women and found:

Median household wealth was $250,000

Liquidity and traditional pensions were important at all levels of wealth

A large portion of women over 70 are widows

Women in the United States Age 70 and Over by Marital Status

Pie chart showing 43% married, 5% never married, 14% divorced or separated, and 39% widowed.

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