Women and the Retirement Gap

You probably already know that it’s important for everyone- men and women- to save money for retirement. Unfortunately, though, data reveals that, when it comes to women, they tend to be well behind their male counterparts in terms of adequately saving for retirement.

To make matters worse, not only do studies show that women are saving less for retirement than men, but they also indicate that most women will need more money in retirement than men will. Obviously, this is a big problem. Women need more and aren’t saving as much!  

There are many things to blame for this “retirement gap,” including the fact that women tend to live longer, often earn less than their male counterparts, and are more likely to need to withdraw funds from emergency accounts or from retirement savings.

These aren’t the only reasons that women struggle with saving for retirement either. It’s been speculated that many women are secretly (or even subconsciously) waiting to get married and then have their husbands do most of the saving and earn most of the money. And, while this is a nice thought, there’s no guarantee that such a thing will happen, or, if it does, that it will last, which is why women shouldn’t fall into this trap that can lead to a difficult retirement.

Obviously, all kinds of factors could be responsible for why women tend to save less for retirement and, thus, to struggle more once they retire. The most important thing, though, isn’t figuring out what or who to blame. It’s figuring out how to stop this problem in its tracks.

If you’re a woman, then be accepting of the fact, as it stands now, that women don’t tend to fare as well when it comes to retirement. Once you accept that fact, you can be extra vigilant to not fall into this stereotype yourself. One thing that can be really helpful with that is talking with a professional financial adviser who can help you to start saving for retirement in a real, manageable way and make it so that, no matter what your gender, you can enjoy a comfortable retirement. If you can do that, then you’re sure to reach your retirement goals (and then some!)