By Maria French
Source: National Public Pension Coalition

Women’s History Month presents an opportunity to honor and recognize the invaluable contributions of women throughout our nation’s history. However, it also serves as a time to reflect on areas where advancements in gender equality are still needed. Today, we delve into a critical aspect of women’s financial well-being: ensuring a secure retirement through pensions.

Enduring Challenges

Women in the workplace face distinct challenges in securing their retirement. Research from the National Institute on Retirement Security (NIRS) reveals that retired women receive only 80% of the retirement income earned by men, a direct continuation of gender wage disparity during the working years.

Even when women are employed full-time, they typically earn less than their male counterparts over their careers. Pew Research shows that the gender pay gap has barely budged since 2002. Today, women typically earn 82 cents for every dollar paid to a man, and that figure has only ticked up by 2 cents in two decades.

Women encounter a multitude challenges that jeopardize their financial stability in retirement. The prevalence of part-time employment among women, often due to caregiving responsibilities or other societal factors, significantly diminishes their access to employer-sponsored retirement plans. Without these plans, many women must rely solely on personal savings, which may be insufficient to sustain them through their later years.

Furthermore, women tend to live longer, leading to higher healthcare and housing costs later in life. This longevity increases the risk of depleting savings, underscoring the need for robust retirement plans.

Read the full article