Saving more money during your career is only part of the solution. Women must also invest their savings to take advantage of compounding interest over time.
Women hoping to retire by age 67 face a tough choice: sock away more cash now or delay retirement even further.
Those were the findings from a recent survey by Aon. The retirement consulting firm analyzed the 2017 records of 1.3 million individual savers, along with data from the Bureau of Labor Statistics.
About 7 out of 10 women participating in the survey will need to overcome significant shortfalls in order to retire at 67, Aon found. Their savings will be short by at least twice their salary.
Female employees are less prepared for retirement because they not only earn less than their male counterparts but also have a longer life expectancy, said Grace Lattyak, associate partner at Aon.
www.cnbc.com
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