More than half of women business owners are on the right track to save for the retirement they want, according to the American Express OPEN Small Business Monitor. The findings show that 52% of women are on the right track, while 48% of their male counterparts trail closely behind.
However, three- quarters of the women surveyed claim they are worried about their ability to actually meet their retirement-savings goals.
According to the study, female business owners are more conservative in their estimates about how much money they will need to save for retirement. One in five (21%) estimate that they will need less than $750,000, 30% estimate they will need between $750,000 and $1 million, and nearly 18% predict that they will need between $1 and $2 million in order to retire.
Only a small amount of women, approximately 15%, estimate that they will need a savings of more than $2 million.
The amount that female entrepreneurs believe they will need on average for retirement is $1,190,000, a bit less in contrast to $1,280,000 estimated on average for men.