Women Lag Behind Men in Retirement Savings in a Very Big Way
Saving for retirement is an important thing to do, especially for women. Because women tend to earn less than men, they're likely to collect lower benefits from Social Security. Also, because they tend to outlive their male counterparts, there's an increased likelihood they'll need some type of paid long-term care as they age.
The fact that women are only saving a fraction of what men are for retirement is therefore quite disturbing. But according to Bank of America's 2019 Workplace Benefits Report, men have a median retirement savings balance of $100,000, whereas women have a median balance of just $30,000.
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Source Fool.com
