News | 11.18.19
Women's Retirement Savings Are Way Behind Men's. Here's Why That Gender Gap Persists.
According to a new study from the Transamerica Center for Retirement Studies, men and women's median estimate for what they would need in retirement savings came to $500,000. The median age when women and men started contributing to work-based or other retirement plans was also similar, at 27 and 26, respectively. But the similarities break down after that, with 45 percent of women saying they were not confident they would be able to retire comfortably, compared with 29 percent of men. Women had median total household retirement savings a third, or just $23,000, of what men had. That gender gap is a function of women, on average, earning less, taking breaks during their career for caregiving, not investing as often as men and living longer.
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