Women’s Retirement Savings Are Way Behind Men’s. Here’s Why That Gender Gap Persists
November 27, 2019 by Reshma Kapadia
When it comes to basic views on the costs and timing of retirement, men and women share similar outlooks. When it comes to confidence about retirement security and actual savings, however, the stark differences between men’s and women’s views underscore a persistent gender gap.
According to a new study from the Transamerica Center for Retirement Studies, both men and women’s median estimate for what they would need in retirement savings came to $500,000. More than half of both men and women also said they expect to retire after 65 or not at all. The median age when women and and started contributing to work-based or other retirement plans was also similar, at 27 and 26, respectively.