Women continue to face a much greater challenge than men when it comes to retiring with lifetime financial security. Prudential research indicates that the retirement account balances of female employees, on average, are one-third lower than their male counterparts. Add into the mix lower average Social Security benefits and longer life expectancies, and it becomes clear why women are projected to have much lower income to sustain them throughout retirement.
The challenges facing women in achieving a secure retirement are daunting, but 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.
While detailing the women’s financial experience this report provides insights that can help employers improve the retirement security of all their employees, while also achieving better business outcomes.