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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 Sept. 24, 2020
Release Date Sept. 24, 2020
Report No. GAO-20-718T
Summary:

We testified about our recent report on the perspectives of women retirees on their financial security. We held 14 focus groups across the country. Every group was concerned about rising health care costs and each group discussed how a lack of personal finance education hurt 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

A woman on a porch with a dog.

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