A recent survey from MassMutual Retirement Services found both men and women are concerned about saving for retirement, but women are even more concerned with keeping up with monthly expenses, as the weak economy is weighing heavily on the minds of American consumers.
The survey showed 38 percent of respondents are concerned about losing their jobs. The survey found the most pressing financial worry for 21 percent of respondents is keeping up with monthly expenses, while 18 percent are concerned about retirement savings. However, more than twice as many women reported having more concerns about monthly expenses than saving for retirement.
These concerns are pushing 35 percent of respondents to consider delaying retirement beyond their target date, and 64 percent already expect to have to work part-time in retirement. More than half of respondents say they anticipate reducing their standard of living when they retire.
In addition, a study from Standard Life Insurance company found losing a loved one is the greatest fear of people entering retirement. These findings indicate consumers are not understanding or taking advantage of the benefits life insurance policies offer. In the event of losing a loved one, it is important that surviving spouses and family members are taken care of with a life insurance policy.