The gender wage gap has remained remarkably stubborn for decades and, inevitably, becomes a significant shortfall at retirement.
In 2020, women made 83 cents for every dollar earned by men, according to the U.S. Census Bureau. The gap persists despite women’s increasing levels of education and even widens among higher-income workers.
By the end of her career, the Centre for American Progress found that a full-time working woman will have lost out on $417,400 of income.
“Women live longer than men, so they’re going to need a bigger retirement fund, and women make less money, so it’s more difficult for them to save,” said Leigh Singleton, the director of financial education at banking app Monifi.
Here are a few top tips to close the retirement savings gap once and for all. Read the full article from CNBC here