The hit to her retirement resources — and to those of other women in her shoes — could be considerably deeper. Policy experts have long acknowledged a gender gap in retirement security. Even brief career interruptions diminish wage growth, retirement savings and Social Security benefits, which are determined by wage history. The losses compound over time in the form of missed wage growth, retirement savings and Social Security benefits, as illustrated by a calculator developed by the center. In 2019, the average accumulation in a workplace retirement plan was $131,000 for men and $88,000 for women, Vanguard reports.

Source: bd News24 December 12, 2020 08:48 UTC