A new study uncovered an alarming difference between what men and women have socked away for retirement.
Women’s average defined contribution (401(k), 403(b), etc.) plan balances are only around 60% of what men’s DC balances are, according to The Gender Matters: Retirement Savings of Working Men and Women report by LIMRA.
Specifically, working women 50 years and older have nearly $63,000 less saved for retirement than men of the same age and same employment status.
These findings are very troubling when you consider women have a longer average lifespan than men and will therefore need more money retirement.
The study also found that only 14% of women considered themselves knowledgeable when it came financial products and services, compared to 29% of men.