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Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com Millions of U.S. Women May Run Out of Retirement Savings ST. LOUIS (PRNewswire), September 10, 2006 - The majority of women in the country may not be saving enough income for their retirement and will not be able to support themselves over their lifetime. Typically, women receive lower wages than men and spend less time in the workplace when raising families, which can equate to less retirement savings. As many as 60 percent of surveyed women (pre-retirees) are concerned that they may deplete their savings during retirement, leaving Social Security as their only financial income, according to a new report, Impact of Retirement Risk on Women, published by the Society of Actuaries (SOA) and sponsored by the Women's Institute for a Secure Retirement (WISER). Impact of Retirement Risk on Women (based on findings from SOA's Risks and Process of Retirement survey and focus group study) provides unique insight into post-retirement risks and resources available to help women plan and manage for reliable and sufficient retirement income. Women are more likely than men to be widowed, divorced or separated which can lead to a diminished income, and on average have significantly lower pension and Social Security benefits than men. "Women today need to develop plans to guarantee lifetime income that can sustain their future comfort and well-being. With rising healthcare costs, fewer employer-provided pensions, and a growing shift in responsibility for retirement preparation, women need a sensible plan to ensure a secure retirement," said Emily Kessler, Fellow of the Society of Actuaries, SOA Retirement System Solutions. "Women need to know their retirement risks and how to protect themselves." The report outlines several options that women should consider when preparing for retirement, from reviewing pension payouts, to determining when to claim Social Security benefits and planning financial resources in the event of a spouse's death. Thirty-seven percent of male and female retirees interviewed for the study expressed concern that when they die, their spouse may not be able to maintain the same standard of living. Two significant retirement risks are the need for long-term care and unexpected healthcare expenses. Women are more likely to require long-term care, given their longer life expectancy, yet the vast majority do not report buying long-term care insurance. Also, rising healthcare costs continue to put pressure on Medicare and lead to shifting costs to retirees. "Actuaries are working with stakeholder groups, including women's associations, insurance providers and leading companies to develop real-world solutions to manage the complex problem of retirement," said Anna Rappaport, Fellow of the Society of Actuaries and consulting actuary. "Through these efforts, actuaries are identifying the necessary tools to achieve a sustainable income, such as life insurance and annuities." The report utilizes findings from SOA's most recent telephone survey of public attitudes toward retirement from interviews with 600 women and men aged between 45 to 80. This study found that of pre-retiree women and men: Nearly 80 percent have not considered financial products that guarantee lifetime income. Eighty-five percent have not bought long-term care insurance despite their concerns of running out of funds for care-related costs. Fifty percent are protecting themselves financially for retirement primarily through stocks or mutual fund investments, which alone can be difficult to predict the level of income. "Women need to make their long-term security a priority. The biggest retirement risk of all is a serious decline in their standard of living at a time in life when women are most vulnerable and unlikely to find other sources of income for increasing costs," said WISER president Cindy Hounsell, J.D. Archived: This Labor Day, Six Million Americans Are Planning an Exodus From Corporate Life Got the Labor Day Blues? 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