- ORIGINAL NEWS
Retirement prospects for women can be ‘pretty bleak,’ expert says — but there are ways to prepare
- SUMMARY
Many women face financial challenges in retirement due to lower incomes and longer lifespans.
With only 50% of women ages 55-66 having personal retirement savings, experts recommend taking steps to boost savings.
Women can increase income by negotiating higher pay, utilizing growth in pay transparency laws, and exploring opportunities for advancement.
To reduce expenses, women can conduct personal spending audits and cut non-essential items.
Fully utilizing workplace benefits, such as 401(k) matches, and establishing individual retirement accounts are also crucial for long-term financial security.
- NEWS SENTIMENT CHECK
- Overall sentiment:
negative
Positive
“However, there are ways women can try to boost savings.”
“At a high level, they can improve their cash flows by increasing money coming in (i.e., income) and decreasing what goes out (i.e., spending), Collado said.”
Negative
“About 50% of women ages 55 to 66 have no personal retirement savings, a higher share than men (47%), according to U.S. Census Bureau data.”
“Those who do have retirement savings are less likely to have $100,000 or more (22% vs. 30%).”