Here's How Much the Average Woman Has Saved for Retirement

Women tend to live longer than men, which means they need even larger nest eggs than their male counterparts to maintain their quality of life in retirement. Yet when it comes to saving for the future, they often find it more difficult than men to grow that nest egg.

Women still struggle with a gender pay gap. Some also have to take time out of the workforce to prioritize family caregiving requirements, which limits their earnings and may affect their advancement within their field. The effects of this are clear when you compare the average woman's retirement savings to the average man's.

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Here's the median retirement savings for women vs. men

The average woman's retirement balance is $118,849, according to research on women and investing . This is about 44% less than the $170,942 the average man has. But even this picture may be a bit too rosy.

The problem with averages is that it only takes a few high earners to skew numbers dramatically. That's why most people prefer to rely upon the median figure -- the middle number in a data set -- to get a better idea of what the typical person has.

Median retirement savings for women are just $31,291 compared to $45,106 for men. The ratio between men's and women's median retirement savings is the same as for average savings: Men's are about 44% higher. But neither is going to be able to afford a comfortable retirement with either of these sums.

It's worth noting that this is a snapshot of workers at many phases in their careers. Some workers with balances close to the median might be doing quite well for themselves if they're in their mid-20s and still have decades to go until retirement. Those who are on the verge of retirement and only have $30,000 to $45,000, however, probably do have something to worry about.

How to boost your retirement savings

Women often have lower incomes than men, and that affects how much they can afford to save for retirement. But there are a few strategies they can use to maximize their savings' growth.

Claim your full 401(k) match

First, claim your 401(k) match , if you're eligible for one, every year. It might only be a few hundred to a few thousand dollars today, but it could be worth tens of thousands of dollars by retirement.

Also, be mindful of your plan's vesting schedule . This determines how long you must work for the company before you're able to keep all your employer-matched 401(k) funds. Try to remain with your employer long enough to become fully vested to avoid forfeiting some of these valuable benefits.

Choose your retirement accounts carefully

Focus on the retirement accounts you believe will give you the greatest tax benefits. If you think you'll be in a lower tax bracket in retirement, a traditional IRA or 401(k) enables you to defer your taxes until later when you may pay a smaller percentage to the government. Otherwise, Roth accounts might be a better fit. You'll pay taxes upfront, but you also get tax-free withdrawals in retirement.

If you don't have access to a 401(k) and max out your IRA, you could also consider saving in a health savings account (HSA) . You can use these funds for healthcare costs at any age or treat it as another traditional IRA with the bonus of tax-free medical withdrawals. But you can only contribute to one if you have a health insurance plan with a deductible of $1,600 or more for an individual or $3,200 or more for a family in 2024.

Consider a spousal IRA

Married couples may be able to boost household retirement savings with a spousal IRA . This enables a stay-at-home spouse to make IRA contributions as long as their partner earns enough to cover all contributions made to both partners' retirement savings during the year.

Adjust your retirement plan as necessary

Everyone has to adapt their retirement plans over time. You can't predict how much you'll be able to save in the future or how your investments will perform. So you need to review your retirement strategy at least annually and whenever your finances change. Sometimes, you might need to beef up our monthly savings target. Or you may have to delay retirement to give yourself a little more time to scrape together the cash you need.

Making incremental adjustments along the way is key. If you wait until you're on the verge of retirement, you may find that you have to make much larger changes to cover your expenses.

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