There is a growing body of evidence that suggests women face unique money challenges in retirement due to a number of social economic factors.
To prove the point, here is yet another disturbing statistic:
“The average annual income for a male aged sixty-five plus is seventy percent higher than the average annual income of a female sixty-five plus.” (2010 U.S. Census data by Wider Opportunities for Women)
The injustice of this really infuriates me.
In a recent article, Issues Retired Women Face More Than Men, the financial plight for women is carefully explained.
The most disturbing statement in this article is “a recent study by the National Institute on Retirement Security (NIRS) shows more women are facing poverty during retirement, despite years of working a steady job.”
Because of factors such as the gender pay gap and women taking time away from their careers to care for others, they are not able to
1) save as much for retirement and
2) contribute as much to Social Security.
Additionally, women outlive their male counterparts, which leaves them financially vulnerable, and as the article states, in some cases impoverished.
Despite the need, women are dramatically underserved in the financial services industry. Across the globe, studies show that women feel clueless about money, and they crave financial education. They just don’t know where to turn to get it.
The bottom line is this, because achieving financial security in retirement is more challenging for women than it is for men, we really need to step up to the plate by increasing our financial literacy as much as we possibly can.
With a little financial education and smart planning, this problem is solvable.
I’m here to help with that by connecting women with empowering and educational driven content.
Enjoy the article: Issues Retired Women Face More Than Men