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Related: About this forumRetirement: Gender financial gap is worsening amid savings imbalance
Retirement: Gender financial gap is worsening amid savings imbalance
Stephanie Asymkos · Reporter
Tue, August 10, 2021, 3:18 PM
The roaring stock market is minting a new crop of 401(k) millionaires, but only half of the population isnt feeling the gains.
The average womans retirement savings dropped from 70 cents for every $1 saved by men to 68 cents in the past year, according to a recent analysis done by LT Trust.
The analysis, which was based on the 401(k)s of 59,000 American workers across all 50 states, found that 78% of men increased their retirement portfolio of stocks while 51% of women did the same. This imbalance, along with the gender pay gap, has far-reaching implications for long-term retirement security.
The pandemic is exacerbating the already poor condition of womens future financial security, said Stacy Miller, a Tampa-based certified financial planner. It has profoundly affected [jobs in] sectors more commonly filled by women such as hospitality, travel, and education.
For the average woman to make up the gender pay gap, considering women earn 84% of what men earn, she would have to work an extra 42 days in a year to earn a mans wage. When stretched over the course of a career, a womans lower wages directly impact her ability to save and live comfortably in retirement. Furthermore, women's retirements are statistically based on life expectancies.
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MichMan
(11,998 posts)Since they are generally seen as being more risk adverse?
mahatmakanejeeves
(57,664 posts)What was I thinking?
niyad
(113,612 posts)to begin with?
MichMan
(11,998 posts)Sorry it bothered you so much.
My retirement along with my wife's are combined in one IRA, so our situation doesn't fit the OP. I do know that investing in treasury bills vs stocks,for example, would have affected my balance substantially , given compounding over 30 plus years.
niyad
(113,612 posts)Last edited Wed Aug 11, 2021, 08:47 PM - Edit history (1)
It appear that women's personal choices were solely responsible, so of course it bothered me. This technique of deflection has been used for ages to deflect from, to deny, the deep-seated sexism and misogyny in every aspect of our lives. Those of us on the battle lines are quite familiar with it.
niyad
(113,612 posts)in Women's Rights And Issues? Thanks in advance.