Your Financial Future:
Women's Lower Median Job Tenure Impacts Their Retirement Savings
Job tenure can result in the loss of pension benefits:
Under many pension plans, an employee has to stay a certain number of years in order to vest, so that at retirement the employee will be eligible to receive benefits contributed by the employer.
- Under many plans, employees vest after 5 years, but the requirement
can range from 3 to 7 years.
- If you leave before you are vested, you lose the money that your employer contributed to your pension or retirement savings plan.
Women leave their jobs more often than men:
Based on January 2008 statistics from the U.S. Bureau of Labor Statistics:
- Women age 25 and over stay at their jobs for 5.4 years.
- Men age 25 and over stay 5.5 years.
Women over 45 years of age stay at their jobs longer, but still leave more often than men of the same age.
Median Job Tenure
| 25 to 34
|| 2.9 years
| 35 to44
|| 5.1 years
|| 5.4 years
| 45 to 54
|| 7.6 years
| 55 to 64
|| 10.2 years
|65 and over||10.5 years|| 10.0 years