Women and Retirement Readiness

Three tips to help offset some unique challenges and boost retirement readiness.

WomenIt's no secret that women tend to live longer than men. The Social Security Administration reports that a man who is 65 years old today can expect to live, on average, to age 84.3 and a woman who is 65 can expect to live nearly 2.5 years longer, to age 86.6.1

Of course, longer life expectancy is a good thing, but it also means that women need more retirement assets than most men. Despite this, according to a recent study, a combined 51 percent of women, compared to 39 percent of men, think they'll need less than $250,000 for retirement. In contrast, more men than women believe they should save $500,000 or more.2

Understanding the need to save more is crucial, but women face other headwinds that can make that task more challenging.

For starters, women generally tend to earn less than men over the course of their careers, which can leave them with less to save for retirement.3 Many women step away from their careers to raise children or tend to loved ones. This can impact a woman's ability to maximize any employer matches on retirement plan contributions. And, because government benefits are tied to a worker's pay, these factors may also result in smaller Social Security benefits.

Meeting These Challenges

What can women do to boost their retirement readiness? Consider these three tips.

  1. Set goals. Think about the kind of retirement you want, and then estimate how much that lifestyle is likely to cost, considering that you may live 20+ years into retirement.
  2. Start saving today. Contribute as much as you can to your employer-sponsored retirement plan, especially if you can benefit from a company match. If you plan on taking extended time off from work for whatever reason, make sure to keep saving.
  3. Pay yourself first. Helping loved ones financially may be important to you, but it can make for a smaller nest egg. Just as we're told when flying to put our oxygen masks on first before helping others, don't let others sidetrack you from saving for your own future.

Regardless of your gender or age, having a sound plan for retirement can motivate you to reach your goals. To learn how you can make the most of your retirement savings, speak with your local Regional Office representative.


Social Security Life Expectancy Calculator


Gender and Marital Status Comparisons Among Workers, EBRI 2017 Retirement Confidence Survey, Fact Sheet #5.


America's Women and the Wage Gap, National Partnership for Women & Families Fact Sheet, April 2017.

Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying investment funds. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses. Please read the contract prospectus or brochure and underlying fund prospectuses and summary prospectuses carefully before investing. The contract prospectus or brochure and underlying fund prospectuses and summary prospectuses can be obtained by mail or by calling 1-800-468-3785.

Mutual of America's group and individual retirement products are variable annuity contracts and are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment funds you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should carefully consider a variable annuity contract's other features before making a decision.

My Account | Mutual of America SponsorConnect® | Careers | Site Map | Help | Mutual of America Mobile
Home | Group Products | Individual Products | Interest Account & Investment Options | Your Retirement Center | About Us | Contact Us
Connect with us: Connect with us on Facebook Connect with us on Twitter Connect with us on LinkedIn Connect with us on YouTube