Much of the retirement savings advice offered online,൩ and even by financial professionals, is intended for a wide audience. Unfortunately, it often doesn’t consider specific groups' needs—including women.

Because of factors like the wage gap between men and women and differences in financial literacy, women can benefit from retirement advice tailored to their unique experiences. Ste𓄧ps like self-advocacy, financial education, and establishing financial building blocks can help them better prepare for retirement.

Savings Snapshot

The U.S. Census Bureau’s Survey of Income and Program Participation (SIPP) found that women ages 55 to 66 are more likely than men to have no retirement savings. Of those with retirement savings, women in that same age bracket are less likely than men to have saved $100,000 or more.

In 2024, the 澳洲幸运5官方开奖结果体彩网:gender gap in retirement income for women was 32.6% less than men when considering the sums of pension and Social Security income. Social Security earnings are based on a worker’s earnings during their lifetime. Because women tend to get paid less during their working years, they also receive less than men in 澳洲幸运5官方开奖结果体彩网:Social Security benefits.

According to Fidelity’s 2025 Financial Resolutions Study, 50% of women who retired in 2024 took a phased approach by working part-time, or transitioning to flexible work.

What Affects Retirement Income?

• Life Expectancy: According to the National Center for Health Statistics, life expectancy in the United States is 77.5 years in 2025. But there’s a considerable divergence between women’s and men’s life expectancies—women have a life expectancy of 80.2 years, while men have a life expectancy of just 74.8 years. Women must approach retirement planning by calculating the savings they will need based on their life expectancies, and put financial safeguards in place to prepare for the passing of their partners.
• Gender Wage Gap: In 2024, women earned an average of 85% of what men earned, according to a Pew Research Center.
• Interest and Earnings: Lower wages translate to less savings and reduced 澳洲幸运5官方开奖结果体彩网:compound interest and earnings on a woman's nest egg. Additionally, employer contributions to employee retirement accounts like 401(k)s are often based on a percentage of wages. The higher a worker’s wages, the more retirement contributions they can receive from their employer.
• Caregiving: Women are more likely to interrupt their employment or reduce work hours for caregiving duties. According to the Bureau of Labor Statistics, in 2023, 72.7% of mothers and 93.94% of fathers with children under 18 were working or looking for work. The discrepancy in these statistics between women and men makes it clear that mothers are far more likely than fathers to exit the workforce while they have children.

Prepare for Retirement

According to data compiled by Fidelity, 61% of women are optimistic and believe they will be better off financially in 2025 than in 2024. Almost half of Gen Z and Millennial women surveyed plan to increase their retirement savings. Women can use the following strategies to improve their retirement outlook:

• Advocate for Yourself at Work: “Advocacy is extremely important in the workplace, and it starts with helping women understand their worth and weaknesses that can be strengthened,” Leonard says. “Building confidence, resiliency, and negotiating skills in women is critical to success in the workplace.” This means negotiating for higher wages, higher retirement contributions, and better family leave policies. Eleven states and the District of Columbia have enacted paid family leave programs. Similarly, 16 states and the District of Columbia require paid sick leave for private-sector employees.
• Financial Education: In addition to Investopedia, women can find information at the Consumer Financial Protection Bureau’s , the Federal Deposit Insurance Corp.’s program, the Financial Literacy and Education Commission’s educational website, , and the Office of the Comptroller of the Currency’s .
• Pay Yourself: Designate a percentage that you’ll set aside for retirement each month. Experts generally recommend saving 15% of your income, but you can choose a number that fits within your budget. And if you’re unsure of how much you can save, start low and commit to increasing your savings by a percentage each year. Stay-at-home parents may still be eligible to contribute to an Individual Retirement Account (IRA). If you’re married, file a joint federal income tax return, and earn less than your spouse, an IRA contribution can still help keep you on track for retirement.

The Bottom Line

Women may be at a disadvantage when it comes to retirement savings because of their longer life spans, and lower lifetime wages. But by starting with self-advocacy, education, and budgeting, women can improve their 澳洲幸运5官方开奖结果体彩网:retirement prospects and level the playing field.