Sagewell Senior Certainty Index | June 2022

by: Jeff H | in Crypto, Fraud, News, Planning,

The Sagewell Senior Certainty Index was conducted to gauge how seniors, particularly those who are online (“digital seniors”), view the certainty of their retirement planning in a post-pandemic world. 

Findings include:

  • One-Third of Senior Women Have Less Than 10k Saved for Retirement
  • One-Third of All Seniors Have Been Victims of Financial Fraud
  • 70% of Seniors Are Willing To Work During Retirement 

Note: Click Here to Download the Results & Data (PDF)

[Cambridge, MA – June 21, 2022] A new survey on senior finances shows that 33% of seniors have been victims of financial fraud, and 27% have less than $10k saved for retirement. These and other findings were revealed in The Sagewell Senior Certainty Index produced by Sagewell Financial, the first online banking platform designed specifically for digital seniors. 

The survey also shined a light on the gender gap in retirement savings, as nearly one-third of women have less than $10K saved for retirement, and more than 60% are concerned they will run out of money. 

Nearly three-quarters of all seniors were concerned that the war in Ukraine could impact their retirement planning and savings, while only 45% felt the same way about the pandemic. More than 7 out of 10 are planning to or willing to work in retirement and 29% are using or interested in crypto as an investment.

Other Key Findings

Digital Seniors Plan To Retire Differently Than Previous Generations

  • 39% plan to retire after 65
  • 69% plan to or would like to age in place 
  • 44% said their confidence about sticking to their retirement plan has changed over the past 12 months. 
  • Only 23% were confident they are prepared if Social Security runs out

“While the Pandemic changed the way Americans work, the Baby Boomers have changed the way they retire,” said Jeffrey Wright, COO, and co-founder of Sagewell Financial.  “They are planning to retire later and many are planning to work in some capacity. They’re concerned about Social Security being available to them and if it will be enough to cover their skyrocketing healthcare, housing, and cost of living expenses due to inflation.”

Paying For Retirement

  • 27% have less than $10K saved for retirement, and 40% have less than $50K
  • 57% are concerned that they will run out of money
  • 82% do not feel confident about their access to cash or liquidity in retirement
  •  73% said they welcome some income smoothing (receiving consistent income in the form of 1 or 2 consolidated monthly checks.)

“It is disheartening to learn that more than a quarter of Baby Boomers have less than $10K saved for retirement – that number jumps to 32% among women,” said Sam Zimmerman, co-founder and CEO of Sagewell. “Fifty-Seven percent Nearly 60% of seniors expect to live on less than $3K a month in retirement. We are at a crisis point now, and it will worsen unless we take drastic steps to improve the way our seniors plan for and live in retirement.”

Gender Inequity

  • 42% of women expect to receive less than $3k monthly in retirement (27% of men)  
  • 15% expect less than $1k (6% of men)
  • 32% have less than $10K saved for retirement (18% of men)
  • 47% have less than $50K saved for retirement (30% of men)
  • 15% have more than $500K saved for retirement (28% of men)

 “The disparities revealed in this survey are striking and clearly show the long-term implications of the four ‘women’s financial gaps,’” Marcia Mantell of Mantell Retirement Consulting, Inc. shares.  “Most women on the cusp of retirement have faced a wage gap, mom gap, care gap, and/or widow gap. Each of these gaps results in significantly lower Social Security checks and fewer opportunities to save enough for a secure retirement.”

The Sagewell Senior Certainty Survey

The Sagewell Senior Certainty Index is an online, random sample survey of 1,004 Americans between 55 – 67 who are approaching retirement or recently retired. The survey was conducted in May 2022 to gauge how seniors, particularly those who are online (“digital seniors”), view the certainty of their retirement planning in a post-pandemic world. 

Click Here to Download the Results & Data (PDF)

About Sagewell Financial

Based in Cambridge, Massachusetts, Sagewell is a team of technology and financial services professionals passionate about changing the financial lives of digital seniors in this country. Our team has created new products for some of the world’s biggest banks and insurance companies and even NASA. They’re using that experience to solve one of the most glaring problems of our time — the financial crisis faced every day by nearly 60 million Americans. Learn more at www.sagewellfinancial.com    

Media Contact: Elizabeth Yekhtikian for Sagewell Financial, [email protected]      

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