March 8 is International Women’s Day, a day for celebrating all the accomplishments of women around the globe. But many women still need to make up ground in one key area: retirement security.
Women’s challenges in achieving a secure retirement are due to several factors, including these: Pay gap – It’s smaller than it once was, but a wage gap still exists between men and women. In fact, women earn, on average, about 82 cents for every dollar that men earn, according to the Census Bureau. And even though this gap narrows considerably at higher educational levels, it’s still a source of concern. Women who earn less than men will likely contribute less to 401(k) plans and will ultimately see smaller Social Security checks.
Longer lives – At age 65, women live, on average, about 20 more years, compared to almost 17 for men, according to the Social Security Administration. Those extra years mean extra expenses.
