Women are less prepared for Retirement than men. On average, women have 30% less saved for retirement than men. Only 47% of working women said they were on track to retire while only 37% of working men said they were on track or ahead of schedule.

Women are behind in Retirement Planning. According to a recent survey, only 47% of working women said they were on track or could retire with enough funds to meet their needs in retirement. That is compared with 49% of working men who say they are on track or ahead.

Despite all the talk of women being equal to men in every aspect of life, they are still less prepared for retirement than men. Women have, on average, 30% less saved for retirement than their male counterparts.

The United States is one of the leading developed countries, but its retirement system is not. With women 35% less likely to retire than men, this causes a problem for all genders. I would like to see more men trying to do something about it.

You’ve done your best to save for retirement, and you’ve even tackled your healthcare concerns. You aren’t on track to retire and have a living wage. Is it part of your gender disadvantage?

In the 100 years since ratifying the 19th Amendment, women have made substantial and well-publicized gains—both in absolute terms and relative to men—in educational attainment, Employment, and earnings. Their status in retirement, however, has received far less attention.

We can trace variations across individuals or groups in economic status in retirement to differences in labour market earnings, retirement savings derived from those earnings, and other factors including marital status, life expectancy, risk aversion, and financial acumen.

These factors help explain women’s resources in retirement. For a variety of reasons, women earn less on average over the course of a lifetime than men do. Lower lifetime earnings make it harder for women to save for retirement. Exacerbating these differences, women are on average longer lived, more risk averse, less financially literate, and more likely to have greater Caregiving responsibilities than men. The result is that working men are more prepared for retirement than working women.

Originally Published on https://boomersnotsenior.blogspot.com/

Royce Shook Blogger

I served as a teacher, a teacher on Call, a Department Head, a District Curriculum, Specialist, a Program Coordinator, and a Provincial Curriculum Coordinator over a forty year career. In addition, I was the Department Head for Curriculum and Instruction, as well as a professor both online and in person at the University of Phoenix (Canada) from 2000-2010.

I also worked with Special Needs students. I gave workshops on curriculum development and staff training before I fully retired