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Working women’s retirement savings is significantly lower than men’s, regardless of individual and household similarities, according to a new LIMRA study.

“Women’s average defined contribution plan balances are only 60 percent of men’s average balances,” said Cecilia Shiner, senior analyst of LIMRA’s retirement research. “This is especially concerning because women live longer than men and thus need more retirement savings. In addition to a longer average lifespan, women are more likely to have work disruptions for care giving that hinder their capacity to save. Therefore, they need to capitalize on savings opportunities while they are working.”

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