Career opportunities for women have expanded greatly over the last couple of decades. Yet during their lifetimes, women still earn less money than men, primarily because they take time off from their jobs to care for children or aging parents.
Women also have longer life spans than men, so they may need to fund additional years in retirement with fewer financial resources. One study found that the average retirement savings for a woman aged 65 to 69 was about 22 percent less than that of a man of the same age.
Given the challenges, it's understandable that women are 42 percent more likely than men to express concern about having enough money for retirement (according to a 2012 survey). Focusing on saving for the future and managing retirement plan investments wisely could help many women improve their retirement prospects.
- Written by Charles Sims Jr.