Today’s women are often better educated and have made greater strides toward career fulfillment than thought possible 50 years ago. In the U.S. alone, women are expected to control $34 trillion (roughly 38%) of investable assets by 2030. That figure was just $7.3 trillion, or 29%, 10 years ago, according to McKinsey & Co.

Despite that, less than half (46%) of women in their working years feel like they are on the right track for retirement. Of those retired, only 19% find retirement to be exactly what they expected, according to the “2024 Women Speak Out on Money Matters” survey from Corebridge Financial, with 26% going as far as to say that retirement is not at all what they expected. What is the most common retirement surprise? Cost, with 50% of retired women saying retirement is more expensive than anticipated.

Women have second thoughts about saving and investing

In your 20s, saving for retirement may not be a concern, much less a long-term goal. Yet saving as much as possible as early as possible sets you up for financial success down the road. That may be one reason why 63% of women surveyed wish they had started saving earlier, knowing what they know now, with 51% of retired women describing their current financial health as good or very good.

“At the same time, it’s important for those already in retirement to remember that it’s never too late to take action no matter where they are in their financial journey,” said Terri Fiedler, president of Retirement Services at Corebridge Financial.

Just 27% of women surveyed say they started saving and investing between ages 18 and 29, while 42% of retired women did not begin prioritizing their financial and retirement planning until age 41 or later, and 20% said they still have not started.

Women’s greatest concerns in retirement

Behind inflation (52%), nonretired women rank the ability to retire comfortably (34%) and running out of money in retirement (30%) as their top financial concerns. This closely aligns with the concerns of retired women who rank inflation (57%) and running out of money in retirement (39%) as their biggest financial concerns. These concerns support the realities of a longer, more expensive retirement and a simple demographic trend: women outlive men by about 5.8 years on average.

Women getting it right

Among retired women, the No. 1 financial step 35% of the women say they got right in their preparation for retirement is working with a financial professional, although 38% said they wished they started working with a financial professional sooner. Saving early and contributing more to their employer retirement savings plan rounded out the top three actions retirees felt helped prepare them for retirement.

“Retired women’s reflections are like messages from the future and hopefully inspire younger women to take those crucial first and next steps toward a secure retirement,” Fiedler said. “At the same time, it’s important for those already in retirement to remember that it’s never too late to take action no matter where they are in their financial journey.”

Steps female retirees can take

For female retirees (and nonretirees), there are often obstacles to tackling the most pressing financial concerns. Around 37% of nonretired women say addressing their financial concerns causes them too much stress. Among retired women, 31% say they are not in a position to address their financial concerns. The good news is that 59% of nonretired women and 65% of retired women are actively working to address their concerns.

The survey maps out these action steps to ensure that your financial future is moving in the right direction.

Envision your retirement

By creating an accurate picture of your ideal retirement, you can identify what savings and investment strategies you might need later in life, which looks different for everyone. Start talking about retirement and familiarizing yourself with basic concepts, such as investing, budgeting, debt management and saving. But don’t forget about the nonfinancial aspect of retirement that women are anxious about, such as spending time with loved ones (39%), traveling (36%) and picking up new hobbies (33%).

Start saving now and maximize your retirement plan contributions

Most retired Americans believe they will need about $1.5 million in the bank to retire comfortably, according to Northwestern Mutual’s “2024 Planning & Progress” study.

That said, 63% of retired women surveyed said they wish they had started saving earlier, while 31% said they wish they had contributed more of each paycheck into their retirement plan.