The Retirement Savings Glass Is Only Half Full for Women.
According to recent data from the National Council on Aging and the Women’s Institute for a Secure Retirement, nearly half of women ages 25 and older lack access to a tax-advantaged, employer-sponsored retirement plan.
Digging Deeper into the Data
The top reported financial concerns among women, alongside insufficient retirement savings, include housing costs, Social Security and Medicare cuts. But unfortunately, lack of access to retirement plan benefits doesn’t paint a complete picture of the problem. Because even among those women who are eligible for workplace retirement plans, average account balances lag behind those of men by a startling 50%, according to Bank of America’s Financial Life Benefits Impact Report. And this disparity can create a chain of negative financial consequences for both female workers and organizations.
