Ladies, Here’s an eye-opening article that talks about a major financial crisis we face as women. According to studies, we have a greater chance than men of living in poverty due to financial challenges that impact retirement savings.
The article does a nice job of listing the key factors involved. Such as the longevity issue:
According to Social Security Administration projections, a man who reaches age 65 is likely to live until age 84.3. A woman aged 65 will see 86.6.
That gap seems small, but remember: A quarter of those 65-year-olds will live past age 90 and one in 10 will live to past age 95. Want to wager how many of them will be women? After 95, that’s about four women to each man, according to census data.”
What is the solution to this gender pay gap issue? According to the author:
This isn’t just a problem for the government or for those of us in the financial services industry. Anyone with a mother, wife, daughter, or female colleague who deserves to one day retire securely should care.
The retirement gender gap won’t go away unless we address it properly as a society, and soon.”
Yes, we need to reign in expenses, increase income, invest wisely and be saving as much as we can. But ultimately, it’s going to take a village.
Do yourself a favor and check out the article, Our retirement system is unfair to women. Here’s why. I promise you’ll feel inspired to take action.