Women live longer than men. Women spend less time in the work force than men. Women earn less than men. These factors combine to create a difficult retirement picture for women.
“With more years out of the work force to care for family, combined with lower wages and a greater life expectancy, it’s clear that simply being a women in our society may jeopardize your financial security,” says Cindy Hounsell, president of Women’s Institute for a Secure Retirement.
WISER commissioned a study, “The Female Factor 2008: Why Women are at Greater Financial Risk in Retirement,” written by Hounsell, which found that women still earn just 77 cents for every dollar men earn. Those lower earnings and fewer working years mean women have a median retirement income that is just 58 percent of what men can expect.