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Pandemic deepened gender gap in retirement savings

When women stop working, their retirement savings and investments bring in about 30% less income than men’s, according to a TIAA survey published by PR Newswire's.
Pandemic deepened gender gap in retirement savings

Only one in three women (31%) is saving for retirement. 35% of men are confident they are on the way to a comfortable life in retirement without running out of money, compared to 19% of women.   

Overall, 80% of men have saved at least some money for retirement, compared to 63% of women. That is significantly different than 2017 data collected by the U.S. Census Bureau’s Survey of Income and Program Participation (SIPP). “Women now face a greater risk of either not being able to retire or running out of money when they do,” said Snezana Zlatar, TIAA’s head of Advice Solutions.

The pandemic has made matters worse, as nearly 2 million women have left the labor market since 2020, according to the U.S. Bureau of Labor Statistics.  Besides, 29% of women have difficulty paying monthly bills, including utilities, rent, loans and credit cards.

And while both men and women said they would like to work with financial planners or investment advisors, only 22% of women can afford it.

Source: https://www.prnewswire.com/news-releases/pandemic-deepened-gender-divide-in-retirement-readiness-tiaa-survey-shows-301505539.html

Photos are from open sources.

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