Heres the Average Retirement Savings in 2023 for Men vs. Women
While generally, Americans arent that great at saving for retirement, men and women dont save for retirement in the same way, either. This is largely related to a significant gender pay gap that persists after all these years.
First Year of Retirement: 7 Money Moves You Absolutely Must Make
Discover: 3 Ways To Recession-Proof Your Retirement
As GOBankingRates recently reported, women are still not earning the same as men only about 82% of what men earn, and as much as 21% less over a lifetime. This is not only problematic in and of itself, but because women tend to retire two years earlier than men, due to reasons outside of their control, meaning they actually need more money in retirement. Those reasons may be health related or related to caregiving an ailing spouse, none of which comes cheaply.
To find out more about the difference in average retirement savings between men and women in 2023, GOBankingRates surveyed 1,091 Americans aged 18 and older from across the country. The survey asked twenty different questions related to how they pay bills, whether and how theyve saved, and much more about their spending habits. Here are some key highlights in the differences of men and womens retirement savings and other financial information.