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Revel HQ
August 3, 2022

Retirement In The Modern Age

The gender gap in retirement savings is particularly alarming.

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. 

Key Findings:

  • The gender gap in retirement savings is particularly alarming. Nearly one-third of women have less than $10K saved for retirement, more than 60% are concerned they will run out of money. 
  • Nearly three-quarters of all seniors were concerned that the war in Ukraine could impact their retirement planning and savings.
  •  45% of respondents felt that the pandemic could affect their retirement planning and savings. 
  • More than 7 out of 10 are planning to or willing to work in retirement. 
  • 29% are using or interested in crypto as an investment.

Digital Seniors Plan To Retire Differently Than Previous Generations

  • 39% plan to retire after 65.
  • 69% plan to or would like to age in place.
  • 44% said their confidence about sticking to their retirement plan has changed over the past 12 months. 
  • Only 23% were confident they are prepared if Social Security runs out.

“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.”

Paying For Retirement:

  • 27% have less than $10K saved for retirement, and 40% have less than $50K
  • 57% are concerned that they will run out of money
  • 82% do not feel confident about their access to cash or liquidity in retirement
  • 73% said they would welcome some form of income smoothing (receiving consistent income in the form of 1 or 2 consolidated monthly checks.)

“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.”

Gender Inequity:

  • 42% of women expect to receive less than $3k monthly in retirement (compared to 27% of men)  
  • 15% expect less than $1k (compared to 6% of men)
  • 32% have less than $10K saved for retirement (compared to 18% of men)
  • 47% have less than $50K saved for retirement (compared to 30% of men)
  • 15% have more than $500K saved for retirement (compared to 28% of men) 

“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. 

Register here to attend our conversation on Women & Finacial Gaps in Retirement on 9/28 @ Noon PT/3pm EST.


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. 

Click Here to Download the Results & Data (PDF)

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    

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