On average, the center estimates that a single woman needs to have saved $500,000 by the time she reaches retirement. But according to its annual survey, most are on track to store up far less than that. One-third of single female respondents had saved less than $25,000 and only 1 in 10 had saved more than $100,000. Only 6 percent had calculated how much they will need to fund themselves once they stop working.
One mistake women—as well as other demographics—make is prioritizing higher pay over benefits packages, which can make it easier to save for retirement through 401(k) matches. Most single women said they'd prefer a job with higher pay over one with "excellent" retirement benefits. Among those who do have retirement benefits, 70 percent participated with a median contribution rate of 6 percent of their income.
Not saving enough for retirement is certainly not just a single women's issue. According to the Fidelity Research Institute, the typical American household is on track to replace only 58 percent of its income in retirement.
Depressed enough yet? Here's what you can do: