Royce Shook

1 year ago · 1 min. reading time · ~10 ·

Royce blog
Are men better prepared for retirement than women

Are men better prepared for retirement than women

 Women are less prepared for retirement than men. On average, women have 30% less saved for retirement than men. Only 47% of working women said they were on track to retire while only 37% of working men said they were on track or ahead of schedule.

Women are behind in retirement planning. According to a recent survey, only 47% of working women said they were on track or could retire with enough funds to meet their needs in retirement. That is compared with 49% of working men who say they are on track or ahead.

Despite all the talk of women being equal to men in every aspect of life, they are still less prepared for retirement than men. Women have, on average, 30% less saved for retirement than their male counterparts.

The United States is one of the leading developed countries, but its retirement system is not. With women 35% less likely to retire than men, this causes a problem for all genders. I would like to see more men trying to do something about it.

You’ve done your best to save for retirement, and you’ve even tackled your healthcare concerns. You aren't on track to retire and have a living wage. Is it part of your gender disadvantage?

In the 100 years since ratifying the 19th Amendment, women have made substantial and well-publicized gains—both in absolute terms and relative to men—in educational attainment, employment, and earnings. Their status in retirement, however, has received far less attention.

We can trace variations across individuals or groups in economic status in retirement to differences in labour market earnings, retirement savings derived from those earnings, and other factors including marital status, life expectancy, risk aversion, and financial acumen.

These factors help explain women’s resources in retirement. For a variety of reasons, women earn less on average over the course of a lifetime than men do. Lower lifetime earnings make it harder for women to save for retirement. Exacerbating these differences, women are on average longer lived, more risk averse, less financially literate, and more likely to have greater caregiving responsibilities than men. The result is that working men are more prepared for retirement than working women.

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Life Lessons

Royce Shook

1 year ago #2

@Javier 🐝 CR  I totally agree with you on this.

It is unfortunate that women are generally less prepared for retirement than men, and this is likely due to a variety of factors including lower lifetime earnings, longer life expectancy, and greater caregiving responsibilities. It's important to address these disparities and work towards creating a more equitable retirement system for all individuals, regardless of gender. We should strive to provide equal opportunities for women to build their retirement savings and educate them on financial literacy to ensure they can achieve a comfortable retirement. It's not just a women's issue but an issue that affects all genders, and we all have a role to play in addressing it.

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