The Sagewell Senior Certainty Index was conducted to gauge how seniors view the certainty of their retirement planning in a post-pandemic world.
A new survey of Americans between the ages 55 - 67 shows that a third of women over the age of 55 have less than $10k saved for retirement, that 33% of all seniors have been victims of financial fraud, and that 70% of all seniors are willing to work during retirement. These and other findings were revealed in The Sagewell Senior Certainty Index produced by Sagewell Financial, the first online banking platform designed specifically for digital seniors.
“While the Pandemic changed the way Americans work, the Baby Boomers have changed the way they retire,” said Jeffrey Wright, COO, and co-founder of Sagewell Financial. “They are planning to retire later and many are planning to work in some capacity. They’re concerned about Social Security being available to them and if it will be enough to cover their skyrocketing healthcare, housing, and cost of living expenses due to inflation.”
“It is disheartening to learn that more than a quarter of Baby Boomers have less than $10K saved for retirement – that number jumps to 32% among women,” said Sam Zimmerman, co-founder and CEO of Sagewell. “Fifty-Seven percent Nearly 60% of seniors expect to live on less than $3K a month in retirement. We are at a crisis point now, and it will worsen unless we take drastic steps to improve the way our seniors plan for and live in retirement.”
“The disparities revealed in this survey are striking and clearly show the long-term implications of the four ‘women’s financial gaps,’” Marcia Mantell of Mantell Retirement Consulting, Inc. shares. “Most women on the cusp of retirement have faced a wage gap, mom gap, care gap, and/or widow gap. Each of these gaps results in significantly lower Social Security checks and fewer opportunities to save enough for a secure retirement.”
It’s hard to look at these statistics and not feel fear and worry, but look at them we must.
The Sagewell Senior Certainty Index is an online, random sample survey of 1,004 Americans between 55 – 67 who are approaching retirement or recently retired. The survey was conducted in May 2022 to gauge how seniors, particularly those who are online (“digital seniors”), view the certainty of their retirement planning in a post-pandemic world.
About Sagewell Financial: Based in Cambridge, Massachusetts, Sagewell is a team of technology and financial services professionals passionate about changing the financial lives of digital seniors in this country. Our team has created new products for some of the world’s biggest banks and insurance companies and even NASA. They’re using that experience to solve one of the most glaring problems of our time — the financial crisis faced every day by nearly 60 million Americans. Learn more at www.sagewellfinancial.com
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