Your Financial Future:
Top Five Retirement Challenges For Women Based On Earnings
1. Approximately 2 out of 5 working women earn less than $30,000 per year.*
2. Approximately 3 out of 5 working women earn less than $40,000 per year.*
3. Of the 62 million wage and salaried women (age 21-64) working in the U.S., just 45% participated in a retirement plan.**
4. Across all employer retirement plans, men tend to have higher average account balances. The gap gets wider with age - women who are 70+ years have less than half the balance of men the same age.***
5. Women's earnings average $.80 for every $1 earned by men - a lifetime loss of over $300,000.****
*Information based on US Census PINC08 Chart: Source of Income 2013 - People 15 Years Older & Over, By Income of Specific Type in 2013, Age, Race, Hispanic Origin & Sex (Female, All Races, Earnings).
**U.S. Department of Labor Employee Benefits Security Administration: Women and Retirement Savings, August 2013.
***ING Women and Retirement Readiness; US Participant Data, 2013, presented at WISER 2013 Forum.
****AAUW "The Simple Truth About the Gender Pay Gap" Spring 2017 Edition.