Gender Disparities Impact Women’s Retirement

Gender disparities persist throughout the working world, affecting women’s retirement significantly. While women earn about 82% of what men do in full-time positions, these disparities extend into retirement. A study conducted by Edward Jones and Age Wave, titled “Resilient Choices: Trade-Offs, Adjustments, and Course Corrections to Thrive in Retirement,” explores various “curveballs” and “cannonballs” that retirees encounter, with cannonballs being major challenges and curveballs representing minor setbacks.

The study, based on a survey of over 12,000 North American adults, reveals that about 75% of retirees face cannonball or curveball events. Common curveball and cannonball events include the loss of a family member or close friend (42%), personal health issues (30%), dealing with a partner’s health issues (21%), and significant financial setbacks (20%).

Women are more likely than men to experience negative retirement events, and these often have a substantial impact on their senior years. Widowhood and divorce are among the most disruptive events, with women nearly twice as likely to be widowed as men. Additionally, retired women are more likely to experience the loss of a family member or close friend, financial setbacks, and caregiving responsibilities.

Caregiving, in particular, significantly affects women in retirement, impacting their quality of life and finances. Unpaid family caregivers are predominantly women, further burdening them during retirement. Complicating matters, women often retire earlier than preferred, with factors like health issues, family care needs, and job loss driving early retirement.

These challenges highlight the need for addressing gender disparities throughout a woman’s life to ensure a more secure and equitable retirement.

Re-reported from the article originally published in GoBankingRates