Why Saving for Retirement is Harder for Women

Saving for retirement is a challenge for Americans who earn less pay or live longer lives.

And that, experts say, is why saving for retirement is especially hard for women.

Women tend to earn less than men. They tend to live longer. Women spend more time caring for children and aging parents, and they’re more likely to sacrifice careers to do it. Single women face a particular struggle to save for retirement. A “gray divorce” can decimate a woman’s wealth.

Several recent reports spotlight the uphill battle women face with retirement savings.

A survey of more than 5,000 Americans by Goldman Sachs, released this spring, found that 40% of retired women have $100,000 or less in savings, compared with 33% of retired men. The survey found that 46% of retired women were living on half or less of the income they earned in their careers. And 36% of retired women said they had taken time off work to provide care to a family member, compared with 13% of retired men.

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