This average could be used to calculate the contributions required to make up for the missed years. The actual contributions could be spread over a period of ten years or could be paid as a lump-sum contribution. There are many ways to structure this system to provide more equalized benefits for women who have been away from the workforce for some period of time. This would be even more effective in a system where the individual is able to make these contributions to their own individual retirement investment account. Expand opportunities to save through other pension options.
Many people believe that women save less than men.
In fact, women save just as much when they have the opportunity to save. But women are more likely to find themselves forced to finance their own retirement after divorce or the death of a spouse. They also are more likely to spend at least part of their working lives as part-time employees or homemakers. This means that they often have less access to pension plans at work. And women generally live longer than men, increasing their need for retirement savings.