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Prudential Research & Perspectives Our original research and thought leadership provide vital insights into important issues for our clients, financial professionals, policymakers, and the general public.

Closing the Retirement Income Gender Gap: The Opportunity is Now

Chart showing Savings Needs and Healthcare costs rising to $140,000 for women aged 85 and $124,000 in men aged 80

The challenge: A secure retirement for women. In this paper, research shows that women, on average, are lagging their male counterparts in their quest to achieve a secure retirement due to multiple factors, including:

  • Longer life expectancies
  • The likelihood that many will be single at some point during retirement
  • Time constraints due to roles as workers (both paid and unpaid) and caretakers
  • On average, earning less than men
  • Carrying more debt at both millennial and pre-retirement ages than prior generations
  • Not prioritizing planning for retirement

The opportunity: Plan sponsors can help close the retirement income gender gap through customized plan design, participant engagement programs, and holistic education that focuses on participants’ financial wellness. Suggestions include:

  • Utilizing automatic enrollment – and enrolling at higher rates
  • Using target-date funds as a default investment option
  • Introducing guaranteed lifetime income options
  • Expanding education programs to focus on financial wellness
  • Making support resources relevant and accessible
  • Leveraging technology to amplify retirement priorities

To learn more, download Closing the Retirement Income Gender Gap: The Opportunity is Now

 

 

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