It's different for women!
A profil of the situation for women
The retirement income of women is much lower than that of men. Why? Generally, women earn less and live longer.
Warning signs for women
Some interesting facts
- In 2005, women earned 84 cents for each dollar earned by men.
- The average income for women aged 35 to 54 and who have a spouse is lower than the income of women who live alone because the former take on more family responsibilities.
- Many women stop working while their children are very young. Thus, they do not contribute to a pension plan for a certain period of time.
- A larger proportion of women than men are self-employed, have part-time jobs or work for a flat rate, all of which influence how much and when they can save money.
The life expectancy for women, in 2006, is 82,3 years and for men, it is 77,5 years. A higher life expectancy has an impact on retirement income. For example, a woman's retirement savings will, on average, have to last 5 years more than a man's.
You can see why it is important for a woman to begin planning for retirement as early as possible.
To find out more...
See our section on savings strategies to help you with your planning.
Not to be missed!