- Women over the age of 65 are twice as likely as men to live in poverty in retirement because of lower wages, more time spent out of the workforce and lack of access to retirement savings plans, according to Employee Benefit News.
- Senator Patty Murray, D-Wash., proposed the Retirement and Income Security Enhancements Act last year, aiming to update Social Security to “help senior men and women access more stable financial footing in retirement.” But employers still have a “critical role to play” in the retirement security of women, says EBN.
- Women are likely to take advantage of any offered investment tools, programs and education offered by employers. In the process, employers could better attract female talent that is looking for these benefits.
While a lot of issues in the retirement world are matters of government policy, employers can make a substantial difference. Amongst the suggestions from Sen. Murray in her recent report: make quality child care affordable, give workers access to paid sick days and enforce fair scheduling practices so that employees feel more economically stable and therefore can put savings back for retirement.
Another hot topic: expanding retirement plan eligibility to part-time workers. Since women workers often bear the brunt of taking time off to be a caregiver, such protections go a long way in keeping women employees happy in the long-run.