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Women unprepared for retirement

01/17/12

A recent study conducted by the Transamerica Center for Retirement Studies showed that only 8 percent of women workers believe they are fully prepared for retirement.

Most Americans aren't confident about the amount they have saved for their retirement, but women represent the largest segment that feels unprepared for life after a career.

The study questioned more than 1,800 American women as a part of the Center's annual retirement survey. According to the research, American women aren't ready for retirement because they aren't talking about it enough. Only 8 percent of women reported that they talk about retirement planning frequently, while 30 percent said they never talk about it with family and friends.

“An important first step toward helping women build retirement confidence is to raise awareness about the issues and then highlight ways that women can take greater control of their financial future,” said Catherine Collinson, president of the Transamerica Center.

The study also discovered that 31 percent of women use a financial advisor and another 29 percent said they prefer to do their own research and make their own decisions.

Banks are reporting a record income from annuities, which are reliable products to provide retirement funds. According to a recent report, U.S. banks recorded $2.26 billion in annuity fee income through the first three quarters of 2011.

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