In September 2022, the Center for Retirement Research at Boston College published a study seeking to answer the question: Are women prepared for retirement?

The study, done in the 50 years since the passage of Title IX of the Education Amendments of 1972 that prohibited discrimination based on sex in any education program or activity that received federal funding, was meant to help women make strides in the workforce.

And they did. Although there is still a wage gap between men and women, women have made progress. In the paper, authored by Alicia H. Munnell, Siyan Liu and Laura D. Quinby, there were several key findings, including:

  1. Women have become more independent, with baby boomers spending less than half their adult lives married
  2. Economic progress has been made by women in education, earnings and wealth
  3. When women move away from marriage, they can become less prepared for retirement due to a loss of funds
  4. Women who spend most of their lives unmarried are just as prepared for retirement than married couples

The fact is, women born in the early 1960s or later are highly educated and involved in the workforce. And women who have chosen to spend most of their lives unmarried haven’t lost much – they have in fact gained income and wealth and been able to prepare for retirement.

There are also differences noted between Black and white women but generally, the overall patterns are similar.

The study looked at data from the Health and Retirement Study, a survey of those older than 50 that’s been conducted since 1992. Data from the U.S. Social Security Administration was also used.  

Do you still have questions about retirement planning options, or how your small business can participate?

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