Women Need To Be Saving More For Retirement

October 10, 2012 1:18 PM
Women Need To Be Saving More For Retirement
" BOSTON (CBS) – We talked about the income gap yesterday. The income gap is a scary realty and I hope by the time our granddaughters are working their pay will be equal to their male co-workers. I once had those hopes for their mothers, our daughters, but it did not happen.

But more frightening to me is the retirement income gap that retirees face. Currently it is 44 cents for women for every $1 that men will collect. It’s been well reported that more women than men encounter financial hardship during retirement.

Women outlive men usually by six years on average, they are in and out of the job market raising children or caring for elders. Over 5 million women are sandwiched between those very jobs right now caring for children or grandchildren and elderly relatives.

Women over the age of 25 change jobs every 4.8 years as compared with 6.6 years for men. To be vested in a pension plan you usually need to have worked for a company for 5 years. Currently 33% of female workers have pensions compared to 55% of men "

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