Women are living longer and enjoying more active senior years than ever before. Women live an average of seven years longer than men. Nearly ten million Americans 65 years and older live alone. It can be more difficult for women to save for retirement because they earn less throughout their careers.
Women have to save a higher percentage of their income to ensure a comfortable retirement.
Women with higher incomes are most likely to have a written financial plan. Women who plan their retirement investments are most likely to use the advice of friends and relatives to select a financial planner. Differences in wages, years of job tenure, and industry between men and women accounted for most of the gender gap in pension wealth on the current job. However, the gender gap in pensions is likely to narrow in the future as married women's employment experiences increasingly resemble those of men. Over the next two decades, pension coverage increased steadily for women but declined somewhat for men.