According to a new report by Prudential Financial, a retirement crisis may be coming after it found that female retirees have only saved about one-third of what men have saved. The survey consisted of 905 American adults between the ages of 55 to 75. It found that men have saved a median of $157,000 for retirement, women had approximately only $50,000 set aside. "The financial futures of certain cohorts – such as women – are especially precarious," Caroline Feeney, CEO of Prudential's U.S. businesses, said in a statement. "Women have a more challenging time saving for retirement," she added. Some of the main barriers include inflation, housing prices and changing tax policies.

When comparing to the men that were surveyed, women were three times more likely to be focused on providing for their families and children, rather than focusing on saving. Forty-six percent of men surveyed said they were looking forward to retirement and had more plans, compared with 27 percent of women polled. "The upside is that, with the right planning and strategy to protect their life's work, we can ensure this generation is well-prepared to live not only longer, but better," Feeney said.

The survey found that 55-year-old Americans are financially unprepared for retirement, having saved a median of $47,950. According to Prudential, the recommended amount of savings a person should have by the age of 55 is $446,565, which is about eight times the average U.S. salary. Two-thirds of 55-year-olds said they fear outliving their retirement savings, compared to 59 percent of 65-year-olds and 52 percent of 75-year-olds. Pensions are less common among 55-year-olds as compared to their older peers. The survey found that 55-year0olds were twice as likely as 65 to 75-year-olds to rely on "do-it-yourself" employer-sponsored plans, such as 401(k)s, to fund their retirement.

“America’s 55-year-olds have the opportunity to reimagine and protect retirement outcomes with a new set of tools that can help them safely grow their retirement nest egg while also ensuring a reliable stream of lifetime income,” said Dylan Tyson, president of Retirement Strategies at Prudential. “With the retirement model evolving beyond traditional pensions, lump sums and Social Security, it is critical that we work together to prepare for better and longer lives throughout retirement.”