The Financial Balance of Retirement: A Challenge for Women

Women face financial hurdles in retirement based on several factors. On average, women live six years longer than men, leading to six additional years of financial needs in retirement. Moreover, women earn on average only 84% of what men earn and often pause their careers for caregiving responsibilities. While women in every U.S. state need to save more for a comfortable retirement than men, the required savings vary significantly from state to state due to different living costs, gender income disparities, and life expectancy. To determine how much men and women need to save in each state, NetCredit conducted an analysis of the average life expectancy by gender across all states. This analysis includes the cost of living in each state plus a 20% buffer for a "comfortable" retirement. In conclusion, it is recommended to avoid common retirement planning mistakes that could cost Americans up to $300,000. Generating passive income might be easier than expected—why not start this week?