11/25/2015 – How Women Can Get Ahead of the Retirement Savings Gap (The Motley Fool)

Nov 25, 2015 Comments Off by

When it comes to saving for retirement, women might be pleased to learn that they are more likely to enroll in their workplace savings plans than men and to save at higher rates. That’s the good news, according to a study released in November 2015 by investment management company Vanguard.

The not-so-good news is that, even though women are setting aside a higher percentage of their incomes for retirement, their account balances remain smaller than those of male workers. In fact, Vanguard found that men who participated in workplace savings plans had account balances that were 50% larger on average than women participants’ balances.

What’s more troubling is that a separate study by Financial Finesse — a workplace financial wellness provider — showed that women’s shortfalls in retirement savings were exacerbated by the fact that they need bigger nest eggs than men. Not only do women live longer, but they also have higher healthcare costs throughout their lives.

Read the full article in The Motley Fool. 

Financial Landing 2015

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