Published in The Huffington Post by Money Tips, “Industries That Help Women Prepare For Retirement” summarizes the wide gaps in retirement preparation, support and guidance within a few stand-out industries.
A new study by the National Institute on Retirement Security (NIRS), titled “Shortchanged in Retirement,” looks at the retirement challenges of women as the traditional three-legged retirement stool of pensions, savings, and Social Security degrades.
59% of women age 55-64 are working longer as a result.
Health care, education, and public administration fields (approximately 40% of employed women, according to the study) have higher incomes in retirement and lower rates of poverty. These fields normally have some form of pensions and don’t rely on employee participation in 401K plans.
For those who don’t have retirement support at work, they should be certain that they have at least 35 years of non-zero accumulated income to maximize Social Security payments.
Link to full article: Industries That Help Women Prepare For Retirement
Photo by: Department of Foreign Trade and Affairs