Wealthy women expect to be more active than their male counterparts in their retirement years, but they’re also more worried about outliving their retirement funds, according to a Bank of America Merrill Lynch study released Monday.
The study, which looks at affluent Americans’ concerns and financial priorities associated with retirement, found that most affluent baby boomers -- defined as the more than 75 million Americans born from 1946 through 1964 -- believe their retirement will be more active and prosperous than that of their parents.
Seventy percent of respondents said they expect to work, at least part time, to fund a more dynamic retirement, in which they expect to take up activities such as learning a new trade, or starting a new business. Bank of America spoke to 1,000 Americans with at least $250,000 in investable assets for the study.
Bank of America also found that affluent women expect to be more active than their male counterparts when they retire.
Eighty-six percent of women plan to travel, compared with 75 percent of men, while 64 percent of women plan to be involved in their community (only 43 percent of men said they plan to take a more active role in their communities). The study also found that 62 percent of women plan to dedicate more time to philanthropic endeavors, compared to 41 percent of men, but 24 percent of men plan to start their own business in retirement, compared with just 14 percent of women.
Women are also more concerned about the high cost of healthcare and worry their retirement funds won’t last through their lifetime, the study shows.
Seventy percent of women said they are worried about the cost of healthcare and 63 percent of women expressed concern about the longevity of their retirement assets, compared to 57 percent and 52 percent of men respectively.