Traditionally, women show more concern about their financial security in retirement than men do. Merrill Lynch surveys have shown that women, in general, are more concerned about maintaining financial independence in their retirement years. As a business owner, there is much you can do to help yourself and your employees save for your retirement. Let's take a look at the need for women to ensure a financially secure retirement and how that goal can be achieved.
Men generally hold jobs that pay more.
The retirement savings gap. Because women often leave the workforce to assume childcare or eldercare responsibilities, they often receive smaller pensions than men. Many never become fully vested in retirement plans because, on the whole, women change jobs more frequently than men, according to the Social Security Administration. The life expectancy gap. On average, women can expect to outlive men by seven years, according to the U.S. Administration on Aging.