UK. The Gap Between Male and Female Retirement Savings Is Astounding
Saving for retirement is crucial. Without independent savings, you risk struggling financially during your golden years. And when you think about the expenses you’ll face when you’re older, it’s easy to see why.
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Even if you manage to pay off your mortgage in time for retirement, you’ll still need to cover other homeownership costs like property taxes, insurance, and upkeep. And while you won’t have to pay to commute to a job, you’ll still need transportation, which could mean grappling with car payments, insurance, and maintenance.
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Throw in the fact that your healthcare costs are likely to rise, and it’s clear that saving independently is a must — especially since Social Security is in no way designed to sustain seniors by itself.
But new data from GOBankingRates reveals a disturbing gap between men and women on the retirement savings front.
Male workers contribute $2,633 per year, on average, to their retirement accounts. Women, however, contribute just $1,331 per year on average. That means women are looking at potentially retiring with half the savings as their male counterparts, and given that they tend to live longer, that doesn’t paint a very promising picture.
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