A survey has some worried about what women's retirement could look like: via MarketWatch
There’s bad news and so-so news about the retirement insecurity of American female workers in the new Aegon Retirement Readiness Survey 2019. But the good news is that if employers, the U.S. government, financial advisers and those workers take a few key steps, today’s cloudy retirement prospects for women could become sunnier.
Two reasons for American women’s retirement insecurity, she noted, are the gender pay gap, making it harder to find spare cash to save for retirement and caregiving expenses that cut into retirement savings.“Almost every woman my age is having to think about how to take care of a parent or a millennial child if he or she can’t get a job,” said Lawrence.“I’m definitely on the worried side,” she told me. “I’m underemployed without savings and living below the poverty level.
More employers could offer retirement savings plans to their part-time workers. The survey found that women in America are nearly twice as likely to work part-time. And part-timers typically aren’t allowed to contribute to 401 or similar retirement plans where they work. “Access to workplace savings plans has proven to be an effective way encouraging people to save,” said Collinson.
“Habitual saving is one of the most important things we can do to self-fund a greater portion of our retirement,” Collinson said. She acknowledged, however, that there are times when we can’t save as much as we’d like — or at all — due to pressing financial needs.
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