The Gender Gap No One Is Talking About
Gender inequality gets a lot of press these days, for good reason. American women, on average, are still only earning about $0.80 for every dollar that men make, and that statistic is even worse for minority women. We all know that this makes it harder for women to cover their living expenses, provide for their families, and save for their long-term goals. But you may not have considered what is perhaps the most disastrous consequence of the gender pay gap.
The median retirement savings for U.S. working women is just $23,000, according to a recent Transamerica survey, while the median U.S. working man's retirement savings is $76,000. While neither of these amounts is enough to cover the real cost of retirement, it's clear that men are much further along than women. Women's longer average life expectancies compound this problem, because more years of living expenses mean more savings are needed.
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Source Fool.com
