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          Finally! The trick to securing greater T&E compliance
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          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
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Study: Huge difference in 401(k) savings between genders

Jared Bilski
by Jared Bilski
May 31, 2012
  • Benefits
1 minute read
  • SHARE ON

New research shows that a significant number of female employees have fallen well behind their male counterparts when it comes to saving for retirement. So what should employers do to close the gap?

 

Here are two very eye-opening stats from a recent report by the ING Retirement Research Institute:

  • Women have $41,000 less saved for retirement than men over the course of a lifetime, and
  • Women with children have a full $61,000 less in retirement savings than men.

These numbers are even more troubling when considering the fact that, on average, women live 8% longer than men – and spend more on health care as a result of this.

Target your efforts

So what can benefits pros do to help women workers bridge the savings gap? One idea: Talk to your 401(k) provider about retirement-planning sessions that are geared specifically toward helping women with their savings goals.

Also, share any tips/best practices you come across in your company newsletter or on your firm’s intranet.

Example: Wiserwomen.org is a website that focuses on providing retirement planning help and useful tech tools. And the site is tailored specifically to women.

 

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CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

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