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Closing the Retirement Income Gender Gap: The Opportunity is Now
Key Takeaways
- There are a variety of challenges that working women face which may impede their ability to save enough for retirement.
- Women’s retirement account balances are on average 1/3 lower than men.
- Employers can help close the retirement income gender gap through improved benefit design.
The challenge: A secure retirement for women. In this paper, research shows that women, on average, are lagging their male counterparts in their quest to achieve a secure retirement due to multiple factors, including:
- Longer life expectancies
- The likelihood that many will be single at some point during retirement
- Time constraints due to roles as workers (both paid and unpaid) and caretakers
- On average, earning less than men
- Carrying more debt at both millennial and pre-retirement ages than prior generations
- Not prioritizing planning for retirement
The opportunity: Plan sponsors can help close the retirement income gender gap through customized plan design, participant engagement programs, and holistic education that focuses on participants’ financial wellness. Suggestions include:
- Utilizing automatic enrollment – and enrolling at higher rates
- Using target-date funds as a default investment option
- Introducing guaranteed lifetime income options
- Expanding education programs to focus on financial wellness
- Making support resources relevant and accessible
- Leveraging technology to amplify retirement priorities
Read More
To learn more, read Closing the Retirement Income Gender Gap: The Opportunity is Now
You may also be interested in other Financial Wellness topics.
Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, CT, or its affiliates
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Aug 01, 2019
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