How Women Can Increase Odds of Saving Enough for Retirement

Women today are still vastly underpaid, and often underappreciated, compared to men in similar lines of work. These issues, along with others, contribute to women facing bigger challenges when it comes to saving for their retirement. Let’s explore how they can be empowered to take control of their finances.

First, what are the unique financial challenges women face today?

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail.

Profit and prosper with the best of expert advice – straight to your e-mail.

We know that women tend to be compensated less than their male counterparts making it especially hard for women to save as much as they should. For every dollar a man makes, a woman makes just 84 cents, according to the US Census Bureau. It’s an unfortunate reality that women are faced with. When women are paid less, it’s hard for them to put enough money away in savings or for retirement. Your Social Security benefits are based on income, so if a woman is earning less over her career, her benefits will also be reduced.

Life expectancy