Disparate Retirement Stats for Women
The financial woes women face in the workforce exist beyond disparate wages.
80% More Likely to Be Impoverished After Age 65
According to a recent study, women of 65 years of age and older are 80% more likely to be impoverished than men of their same age. This statistic is attributed, in part, to women’s lower earnings throughout their working years. In turn, women receive less Social Security and must save more from each paycheck to retire with savings similar to that of their male counterparts.
$150,000 Needed for Retirement Healthcare
A 65-year-old woman retiring in 2019 is anticipated to need approximately $150,000 to cover retirement healthcare, whereas a 65-year-old man retiring at the same time is estimated to need $135,000 for medical expenses during retirement.
43% Less Retirement Savings
Studies have also shown that, on average, women save about 43% less than their male counterparts. This figure is partially attributed to women earning less than men and the higher likelihood for women to step away from the workforce.
Ugh! While the above statistics are certainly noteworthy, proper planning can help to better prepare women for retirement.
Source: USA Today, 3 Alarming Stats About Women’s Retirement Savings