- Females And Traditional Roles. Women, in general, are in and out of the workforce throughout their professional lives more often than men, mainly because of their traditional roles as mothers and caregivers. If you fit this profile (at some point, most women do), living up to those roles makes a big difference in how much money you’re able to put into retirement savings plans. It affects the benefits you get from employers and lowers Social Security and pension benefits as well.
- Approach to Retirement. Whether women are less money-oriented is highly debatable; however, experts have found that women’s views of retirement often differ significantly from their male counterparts. According to a recent survey, women think of retirement in terms of lifestyle more than in terms of money, while men focus on a certain dollar amount they have to reach. This gives men, on average, double the savings that women manage to put away for retirement.
- Income And Life Expectancy. Whether you like it or not, numbers don’t lie: women make some 0.70 cents on every dollar that men make. Put plainly, women have less income to work with. Their expenses, necessities, savings, and bills have to be funded from lower earnings than those of men and for longer periods of time (women live five years longer than men on average).
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