Jul 21
Women Much Less Prepared to Retire Than Men
A recent study by Hewitt Associates indicates that longer life spans, lower salaries and conservative saving habit are key factors in a gap between how much women need for retirement and their actual saving behaviors.
The study, which examined the projected retirement levels of nearly 2 million employees at 72 large U.S. companies, found that both men and women are on track to replace 85 percent of pay at retirement, assuming average mortality rate. However, women, on average, need to replace nearly 130 percent of their final pay at retirement-7 percentage points more than men. When factoring in differences in longevity, that disparity jumps to 10 percentage points. In other words, the average woman will need to save 2 percent of pay more per year than the average man, over 30 years, to achieve the same standard of living.
What are you doing to plan your retirement?
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