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Women and Savings
Women have unique needs and challenges when saving for their futures.
How many years can women expect to live in retirement?
10
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Hint:
In general, people underestimate how long their retirement savings need to last. Planning early and saving consistently over a longer period of time can improve your chances of achieving the financial future you want.
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On average, women retiring at age 65 can expect to live another 21 years, nearly three years longer than men the same age. In general, people underestimate how long their retirement savings need to last. Planning early and saving consistently can help achieve the financial future you want.
21
15
7
B.
C.
A.
D.
U.S. Department of Labor, Women and Retirement Savings (September 2021), https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/women-and-retirement-savings.pdf
On average, women’s wage and salary earnings are what percentage of men's?
50%
While women’s earnings have risen over the years, they still are not on par with men’s. Earning less means having less money available to save for retirement—which makes proper money management even more important.
According to the Bureau of Labor Statistics, women’s median weekly earnings are 83.8% of the median for men. In 2023, men’s median weekly earnings were $1,231, while women’s were $1,031. Earning less means having less money available to save for retirement—which makes proper money management even more important.
100%
83.8%
45%
U.S. Bureau of Labor Statistics, TED: The Economics Daily, "Median weekly earnings of full-time workers were $1,145 in the fourth quarter of 2023" (January 25, 2024), https://www.bls.gov/opub/ted/2024/median-weekly-earnings-of-full-time-workers-were-1145-in-the-fourth-quarter-of-2023.htm
U.S. Bureau of Labor Statistics, TED: The Economics Daily, "Median earnings for women in 2022 were 83.0 percent of the median for men" (January 25, 2023), https://www.bls.gov/opub/ted/2023/median-earnings-for-women-in-2022-were-83-0-percent-of-the-median-for-men.htm
Each of these situations, coupled with other long-term savings challenges women face, has an impact on their ability to save for retirement. One of the best ways to save more for the future is through your employer’s retirement plan. Find out if you’re on track with this Retirement Readiness Calculator.*
Which of the following unique challenges do women face in saving for retirement?
Women are more conservative investors
Women earn less than men
Women are often the family members who leave the workforce to care for children
All of the above
Women face many particular challenges when it comes to saving for retirement. One of the best ways to save more for the future is through your employer’s retirement plan. Find out if you’re on track with this Retirement Readiness Calculator.*
Mutual of America, Women and Retirement: A retirement of our own (Marketing collateral, September 2022), https://view.ceros.com/mutual-of-america/womenandretirement/p/1
*Information and interactive calculators are made available as self-help tools for independent use and are not intended to provide investment advice. Mutual of America cannot and does not guarantee their applicability or accuracy regarding individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage individuals to seek personalized advice from qualified professionals regarding all personal finance issues.
Social Security is another source of retirement income. In 2021, the average monthly Social Security benefit received by retired women was $1,484. You can check your projected Social Security benefits at socialsecurity.gov/estimator.
What percentage of 2021's adult Social Security beneficiaries were women?
30%
55%
75%
More than half of all Social Security beneficiaries were women. Social Security is another source of retirement income. You can check your projected Social Security benefits at socialsecurity.gov/estimator.
U.S. Social Security Administration; Fast Facts & Figures About Social Security, 2022; page 26. https://www.ssa.gov/policy/docs/chartbooks/fast_facts/2022/fast_facts22.pdf
U.S. Social Security Administration; Fast Facts & Figures About Social Security, 2022; page 26. https://www.ssa.gov/policy/docs/chartbooks/fast_facts/2022/ fast_facts22.pdf
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One of the best ways to save for the future is through your employer’s retirement plan. Tax-deductible contributions to your workplace retirement plan grow tax-deferred—giving your savings the opportunity to grow faster. (You should consult your personal tax adviser or attorney for matters involving taxation and tax planning.)
What percentage of working women participate in a retirement plan?
43.5%
60%
Less than half of working women participate in a retirement plan. One of the best ways to save for the future is through your employer’s retirement plan.
U.S. Census Bureau, America Counts: Stories Behind the Numbers, "Who Has Retirement Accounts?" figure 2 (August 31, 2022), https://www.census.gov/library/stories/2022/08/who-has-retirement-accounts.html
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