Women’s financial independence has come a long way since Grandma’s days, but there’s still a ways to go.

“Today’s women are better educated and enjoy career opportunities that our grandmothers’ generation could only dream about. However, even today, a woman’s path to a financially secure retirement is filled with roadblocks and detours. … Only 14 percent of women are ‘very confident’ in their ability to fully retire with a comfortable lifestyle.”

Source:  15th Annual Transamerica Retirement Survey, March 2015

The Takeaway: Things have changed since Grandma’s time, says Transamerica. But here’s what is still the same – “Women are lagging behind men in terms of saving and planning for retirement.”

Their 2015 survey revealed some basic truths about women and retirement:

• Women still lack confidence about their retirement prospects.
• Because of that, most women plan to retire after age 65, or count on continuing to work in retirement.
• Most Baby Boomer women don’t have a backup plan if forced into retirement sooner than expected (for more on this, see our recent blog post on “What If You Can’t Make It To The Retirement Finish Line?”).
• Many women take time off for caregiving, which negatively impacts their retirement.
• Women are less likely to be in jobs that offer retirement benefits.
• Women participate less and contribute less to their 401(k) or similar plans.
• Women have not taken the time to calculate their retirement savings needs, and are just “guesstimating.” The typical amount they estimate they’ll need is $800,000, but most fall woefully short.