Women Are More Likely to Struggle in Retirement Than Men, Survey Shows

The average American is struggling to prepare for retirement. Half of adults age 55 and older have no retirement savings at all, according to a report from the U.S. Government Accountability Office, and three-quarters of Americans aren't entirely sure that Social Security will be available once they retire, a survey from Northwestern Mutual found.

The Social Security program isn't going to collapse completely, but it is possible that retirees may receive smaller checks in the future. Right now, the average Social Security check comes out to around $1,461 per month, which is hardly enough for many households to survive on. With future cuts looming on the horizon, the future could look even more grim for those depending entirely on Social Security to make ends meet. For that reason, it's crucial to build a solid retirement fund so you have personal savings to fall back on during your golden years.

Although saving for the future is a challenge for millions of workers, there's one group of people in particular who are facing greater retirement risks: Women.

Source Fool.com