Women and retirement savings - Benefit News
“Women are more likely to live in poverty in retirement than are men,” according to the Women’s Bureau of the Department of Labor. Statistically, “11.6 percent of women aged 65 or more years live in poverty, compared with 8.8 percent of older men.” Why? Women contribute “43 percent less annually to their investment accounts, adding $5,421 per year, compared to $9,578 for men,” according to investment management firm T. Rowe Price. One reason for the disparity in retirement savings is women start their careers with an average nine percent lower salary. Alyssa Place explores why women cannot afford to retire. Read Ms. Place’s article here…
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