But men also need to pay attention to these issues, because they are likely to affect their mothers, wives, sisters, and daughters. Factors to consider Lifespan. The first thing to consider is that women live an average of six years longer than men. Consequently, women need to accumulate more money for retirement than the average male. Without proper planning, a woman could outlive her savings.
Women also tend to earn less than men.
Beyond having less cash available for investments, earning less also often results in thinner pensions, smaller social security payouts, and fewer benefits. Another employment-related issue is that women may take some years off from their jobs to raise a family. Those years out of the workforce can result in decreased pension contributions, decreased pension benefits due to fewer years of service, and the obvious decrease in earnings and savings. In addition to the cost in hard dollars, being out of the workforce often means lost seniority and promotions. These, too, may affect retirement benefits.