Women Workers Less Likely to Have Secure Retirement
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Women workers are less likely than men to have enough money to retire comfortably because they generally live longer than men and earn less on the job, according to a new report. It will take a three-pronged approach to help women have a secure retirement, the report says: traditional pensions, supplemental 401(k)-type savings and Social Security.
“Shattering the Retirement Glass Ceiling: Women Need a Three-Legged Stool,” released this month by the non-profit research group National Institute on Retirement Security (NIRS), found that because of her longer life expectancy, a woman with an annual income of $50,000 would need to save $1,000 more toward retirement every year than her male counterpart to have an equal retirement experience. Yet, more than 45 years after the Equal Pay Act was signed, women in the United States still earn only 78 cents for every dollar men earn—even with similar education, skills and experience—and African American and Hispanic women earn even less. The wage difference makes saving money more difficult for many women.
