Women face harder re­tire­ment chal­lenges than men – Re­port

Daily Trust - - BUSINESS - By Fran­cis Arinze Iloani

A re­port has shown that women face chal­lenges that of­ten make it more dif­fi­cult for them than men to ad­e­quately save for re­tire­ment. In light of the chal­lenges, women need to pay spe­cial at­ten­tion to mak­ing the most of their money.

The re­port pub­lished by the US Depart­ment of Labour in­di­cated that women tend to earn less than men and work fewer years thereby re­duc­ing the amount of savings that ac­cu­mu­late for their re­tire­ment.

“Women stay at jobs for a shorter pe­riod of time, work part time more of­ten, and in­ter­rupt their ca­reers to raise chil­dren. Con­se­quently, they are less likely to qual­ify for com­pany-spon­sored re­tire­ment plans or to re­ceive the full ben­e­fits of those plans,” the re­port said.

On the av­er­age glob­ally, women live five years longer than men, and thus need to build a larger re­tire­ment nest for them­selves.

There are some stud­ies that in­di­cate that women tend to in­vest more con­ser­va­tively than men but they are limited by shorter pe­riod of time they work.

The re­port also in­di­cated that women tend to lose more in­come than men fol­low­ing a di­vorce, a de­vel­op­ment that usu­ally com­pounds their fi­nan­cial prob­lems at re­tire­ment.

“Women aged 65 or older are more than 70 per­cent likely than men aged 65 or older to live on an in­come be­low the poverty level,” the re­port said.

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