It’s well documented that women often earn less than men in the workforce. While progress toward pay equality is a hot topic, less discussed are the factors women face when trying to plan for their ideal retirement.
Among the hurdles that are unique to women:
- lower lifetime earnings
- wages lost when leaving the workforce for child rearing or caregiving
- part-time work without access to benefits, including retirement benefits
- longer lifespans leading to longer retirements
- longer exposure to retirement risks
These factors can definitely affect the quality of life women enjoy during their retirement. Which makes having a strong retirement plan more critical than ever.
