TIAAIn 2021, an Organization for Economic Cooperation and Development study “Towards Improved Retirement Saving Outcomes for Women” (OECD) estimated a 33.7% pension gap for women in the US – that is women have 33.7% less pension income than men.
The Center for American Progress (CAP) 3/30/22 article “The Economic, Educational and Health-Related Costs of Being a Woman” calculated how the gender wage gap could affect women’s retirement savings. Women earn an estimated 83 cents for every dollar earned by men, adding up to $10,435 in median wages a year. By the end of her career, a full-time working woman loses $417,400 in wages. Assuming a 6% annual rate of return, investing 20% of those earnings could yield an additional $323,000 in retirement savings. Investing the total sum could boost retirement savings by $1.6 million.
#RetireInequality brand ambassadors and Essence Festivals Productions, LLC. received compensation from TIAA for making this endorsement and are not affiliated with TIAA.
Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.
©2024 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017
G-2974332P-E0823W
