Recently in the Retirement Category
1:20 PM November 2, 2009
Women have made great strides in the last fifty years. We see more women at work climbing the corporate ladder, attending universities and taking charge both in work and life than ever before. But as we all know, these strides have not amounted to equality on all fronts. We continue to struggle for equal pay for equal work; we balance families and work; and, no one seems to think of it, but, we struggle to retire with enough income that we will not outlive.
With 75 million baby boomers set to retire in the next decade, more than half are women. For many of these women, retirement may be a recipe for financial disaster. Earning lower wages, leaving the workplace more frequently to care for family, working in industries that offer no retirement savings plan, and living longer than men makes for a gloomy retirement forecast.
In retirement, women are 71 percent more likely than men to live below the poverty line because they simply have not amassed the savings required to cover their essential costs. Of all the gains made in the workplace, many women still lack access to a retirement savings program at work and still more do not take advantage of one where it does exist.
WIPP is lobbying Congress to turn the Automatic IRA from a proposal before Congress into a workplace savings program millions could benefit from.
The Auto IRA proposal brings a retirement savings program to small and medium size businesses who previously did not offer this key benefit to workers. It is an easily implemented, low-cost program that would automatically enroll employees in an Individual Retirement Account (IRA). Employees can always opt out if they don't wish to participate, but with a focus on saving now more than ever, interest and support in such a plan is growing.
There is an opportunity for the Administration and Congress to act right now and provide women a critical opportunity to take their financial futures into their own hands. The Auto IRA proposal sits before Congress today and unless our leaders address the retirement crisis before us, more and more individuals, especially women, will face economic hardships that could have been stymied by the simple act of saving.
This is an important step for women of all ages, and we know the time is now to talk with our daughters and granddaughters about the importance of saving in the hope that one day, women of all ages will be even more prepared to face the financial challenges that lie ahead.