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Why did boomer women save more for retirement than boomer men during the pandemic?

More than twice as many middle-income U.S. boomer women than men said they’ve been able to save more for retirement than expected during COVID-19.

That’s new survey data from CNO Financial Group, which sells health and life insurance and retirement products. Its survey captured insights from over 2,500 boomers (aged 57-75) with an annual household income of $30,000-$100,000 and less than $1 million in investible assets.

According to the report, 61% of boomer women socked away more than expected in retirement accounts vs. 26% of boomer men. Meantime, 62% of women said COVID-19 made them realize they need more money to live comfortably in retirement, compared to 34% of men.

“As a ‘middle-aged’ female, I believe COVID has set my retirement age back at least three to five years due to my fear of uncertainty of many things,” said Lisa Parsiola, owner of the Brighton Group, an interior design firm in Berwick, La. “I am worried about future additional unexpected health care costs and uncertainty in the global economy.”

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