Women will retire with less money than their male counterparts because men tend to contribute higher percentages of their pay into an employer-sponsored retirement account, with the exception of women ages 50 to 64, according to a new ING Retirement Research Institute report titled "What about Women and Retirement?"
Over time, because women historically make less money than men, these percentage/contribution gaps can lead to significantly lower lifetime retirement savings for women, who will likely need more in savings to account for longer lifespans in retirement.
The report found that 73 percent of women currently contribute to an employer-sponsored retirement plan, compared to 77 percent of men, and fewer women (55 percent) than men (61 percent) report that they also are saving outside of an employer's plan.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
