Almost two-thirds of women between the ages of 40 and 79 experience a major financial transition, according to AARP.
from the AARP blog: Women’s Uphill Battle for Financial Security
By Nancy A. LeaMond, Joel Hartleroad, April 27, 2018
As AARP pursues its mission of helping older Americans choose how they live as they age, they find that women face a number challenges that can leave them financially vulnerable.
On average, women live longer than men, so their retirement savings need to stretch farther into the future. And their wages tend to be lower, making it harder to save. This gender pay gap starts early – one year out of college, women earn 7% less than men – and compounds over time, particularly as women juggle employment with raising kids. Some take the “mommy-track,” putting in fewer hours or taking on less time-intensive roles and assignments. And, three out of ten women who have children under 18 are not in the labor force at all. These choices mean forgoing higher pay and long-term economic security.
What gets less attention in our national dialogue is the impact that caring for other loved ones – like aging parents and spouses – has on women’s financial security. Sixty percent of America’s 40 million family caregivers are women. Of those, 14.3 million are balancing taking care of a loved one with paid employment. On average, family caregivers devote 24.4 hours per week on caregiving responsibilities, but women can spend half again as much time on these tasks.
Similar to the impact of raising children, women family caregivers make hard choices to accommodate both caregiving and earning a living.”