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Why Women Need to Save More for Retirement

News October 9th, 2015
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Women have been fighting for equality for a long time and it’s not getting any easier. There’s a shockingly high volume of people in America that don’t take the time to learn the struggles that are still going on, for instance, the difference in pay between men and women. This, combined with a slew of other factors is leading many women to panic about retirement, but hopefully, by spreading awareness we can initiate change.

Why Women Need to Save More for Retirement

1. Live Longer

The primary reason is because women live longer, but the problem for many women is deeper than that.

You know the phrase, “You are what you eat”? Well for elderly couples that’s very true and it’s why when one person starts to suffer from a condition, it’s very common for the other person to suffer from it as well. Numerous reports have shown that people who work with seniors with depression (for example) are more likely to suffer depression themselves. Depression can weaken the immune system which leaves both parties more susceptible to a variety of other viruses and diseases as well.

What this means is, women are living longer and there’s a good chance they’re going to need more care the later they live.

2. In the Workforce Less

Another problem is that many women are in the workforce for less time than their male counterparts. Most women attribute this to child care as many are wont to take time off to raise their children. The tragedy is that this can end up hurting the mothers financially in the long run since they have less savings.

3. Gender Pay Gap between Women & Men

The number 1 reason women need to save more for retirement is because of the gap in pay between men and women.

In 2014, it was established that women make 79 cents for every 1 dollar men make. That’s a 21 percent difference in pay for the same job. This deeply affects them in the long run because imagine if that 21% went right into their savings every year? They’d be well off by the time their golden years kicked in, but as it is, they need to be even more frugal if they hope to save enough for retirement.

Moreover, women make up more than half the workforce and are the “breadwinner” in 40% of American families. Imagine what equality would do for these families?

What Can Be Done?

For starters, many women are getting involved politically and volunteering with organizations that will help change the system. It’s taken a long time to get this far as is, but ideally changes will occur sooner than later. What can you do in the meantime?

Carol Merchasin had some advice for aging elders and was interviewed by Brian O’Connell from Main St. She said that she and her husband backed down from full-time employment, into part-time where they don’t even need to be in office. If you can find a job where telecommuting is acceptable or simply cut back on hours, it is easier to afford the cost of retirement.

Merchasin herself also releases webcasts and takes up freelance work at her leisure. Furthermore, they’re not touching their retirement fund until each of them are 70 years old. This seems like an effective formula and one we’d heartily recommend.

If you or your loved one is looking to retire and needs help figuring out finances, then contact our senior housing advisors. Our advisors can help apply for Medicaid, Medicare, and VA benefits to help ensure the highest amount of income possible. Whether you’re looking for financial assistance or you want to find retirement communities in Tacoma, simply contact the Concierge Care Advisors; our services are 100% free.

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