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Income Disparities Create Retirement Shortfalls for Women
While much political attention has been given to the income gap between men and women there is another sobering fact: women aged 65 or older are 80% more likely to find themselves impoverished in retirement than their male counterparts. While the retirement crisis reaches across the gender divide it is especially damaging for women. One contributing factor is that women typically live longer than men and thus will require a larger nest egg to support retirement says Diane Oakley, executive director of the National Institute on Retirement Security who penned the report.
“Shortchanged in Retirement, The Continuing “Challenges to Women’s Financial Future” outlines the specific hurdles women face and how the gender gap may further stymie women’s ability to plan for retirement. “Women are financially disadvantaged because we still earn less than men and we typically take time out of our careers for caregiving- both which reduce our ability to prepare for retirement,” writes Oakley in a written statement on the report.
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