The average retirement age in the United States is 62 for women and 65 for men. The average median retirement savings for 55-year-olds is about $157,000 for men and $50,000 for women.
“The average woman is not a (financial) risk taker,” said Christine Moriarty , a certified financial planner. “Women save and aim to go slow and steady to build it. Men tend to be greater risk takers and have gains, but also more losses. All this leads to unequal financial pools of money for retirement.”
GOBanking Rates examined the average retirement age for men vs. women in 2024 and what you can do now to make your golden years the best yet.
Shana Hennigan, a finance expert and chief business officer at Raisin , a financial services company, said women face systemic and personal challenges to achieving a comfortable retirement .
“When it comes to retirement planning, women are often starting on the back foot compared to men,” Hennigan said. “There are a number of structural reasons for this. We can’t have any conversation about financial differences between men and women without mentioning the gender pay gap.”
Women make, on average, 84 cents for every dollar a man earns. The gender wage gap widens for Latina and Black women, who earn 52 cents and 66 cents, respectively, on the dollar for what men earn.
“So, from the start of their careers, women have less money to put away for their retirement,” Hennigan said.
In addition, women often take career breaks to raise children and care for elderly family members. As a result, older women are twice as likely than men to feel “very unprepared “for retirement, especially Baby Boomers, those born between 1946 and 1964.
According to a recent study by Senior Living , until the 1980s, women in the United States didn’t have full rights to the property and assets they jointly held with their husbands.
Therefore, Boomer males tend to make significant financial decisions such as:
How much to save each year
How the money gets invested (i.e., choosing stocks over bonds)
How much money will they need during retirement
Nevertheless, Hennigan advised women to prioritize retirement savings , regardless of age.
“If you have savings sitting in a checking account earning negligible interest, you can take advantage of the attractive rates we’re seeing on savings products and prioritize safe, federally insured deposit products like CDs and high-yield savings accounts to earn interest and grow your savings,” Hennigan said.
Michael Collins, founder and CEO of WinCap Financial , said men should carefully consider their financial goals and risk tolerance when deciding on investment strategies for retirement savings.
“Additionally, it’s important for men to keep in mind that they may live longer than expected and plan accordingly by building a strong financial cushion through diverse investments that can sustain them through their retirement.”
While men are natural risk takers , they should become more conservative with their investments to secure their nest egg, said Taylor Shuman, a senior tech expert at Senior Living .
Shuman recommended that those aged 50 and over take advantage of “catch-up contributions.”
“Those over 50 can contribute more than those under 50 to 401k and IRA accounts,” Shuman said. “This is excellent if your savings were a bit soft in years past or you want to maximize your investments.”
In addition, if men do most of the retirement planning, they should invite their partners to participate in the discussion and decision-making, Shuman said.
“Talk about your vision for retirement with your spouse to ensure that you’re on the same page,” Shuman said. “This can prevent miscommunication, arguments, and financial strain down the line.
No matter your gender or age, getting sound financial advice from a financial planner is a must.
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