In general, women need to do more to save for retirement, according to a recent study. Financial Finesse attributes this to demographic and salary factors.
Bloomberg reports that Financial Finesse found that women are more than $268,000 behind the amount they require in order to retire at age 65 comfortably. This is $56,000 behind the amount it says men need to be able to do so. It attributes this gap to women’s:
1. earnings, which on the average are lower than those of men; and
2. longevity, which generally is longer than that of men.
The findings are based on median income, retirement savings, life expectancy, 401(k) salary deferral rates and projected health care costs.
Sen. Patty Murray on Sept. 30 introduced the Women’s Pension Protection Act of 2015, a measure that would improve access to retirement savings plans for long-term part-time workers — the majority of whom are women — and help increase women’s financial literacy.
Bloomberg reports that Financial Finesse found that women are more than $268,000 behind the amount they require in order to retire at age 65 comfortably. This is $56,000 behind the amount it says men need to be able to do so. It attributes this gap to women’s:
1. earnings, which on the average are lower than those of men; and
2. longevity, which generally is longer than that of men.
The findings are based on median income, retirement savings, life expectancy, 401(k) salary deferral rates and projected health care costs.
Sen. Patty Murray on Sept. 30 introduced the Women’s Pension Protection Act of 2015, a measure that would improve access to retirement savings plans for long-term part-time workers — the majority of whom are women — and help increase women’s financial literacy.
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