RETIREMENT SECURITY
Bank of America Survey Says Women Fear Outliving Retirement Funds
A Bank of America Merrill Lynch survey shows that 63 percent of the women surveyed fear that their money will run out in retirement, compared with 52 percent of men surveyed.
The BofA Merrill Lynch Affluence Insights Quarterly survey interviewed 1,000 affluent American baby boomers (those with at least $250,000 in investible assets) born between 1946 and 1964. The survey found that a vast majority (84 percent) believe their retirement will differ significantly from that of their parents.
Of those surveyed, 86 percent said they plan to live a much more active lifestyle, and 72 percent believe they will be able to enjoy a much higher standard of living during retirement than their parents.
The survey also found that women plan to be more active than men in retirement by traveling more, taking up a new hobby, becoming involved in their community, or by dedicating more time to philanthropy.
Women are also more concerned than men about the high cost of healthcare and outliving their retirement funds, according to the survey. Nearly half of those surveyed (47 percent) classified themselves as conservative investors who favor a mix of low and moderate risk investments that deliver steady, modest gains.
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