Building a More Secure Retirement Future for Women
This month, we recognized Women’s Retirement Security Day on July 14, a day dedicated to raising awareness about the unique retirement challenges women face and the resources, education and savings strategies that can help them achieve greater financial confidence and long-term security.
While progress has been made, many women continue to feel less prepared for retirement than their male counterparts—and the data helps explain why. According to the American Retirement Association, women’s median 401(k) account balance is approximately 65% lower than men’s ($21,638 compared to $62,040), and women contribute 43% less annually to their retirement accounts.
Several factors contribute to this disparity. Women are more likely to experience wage gaps over the course of their careers, take time away from work to care for children or aging family members and have longer life expectancies that require retirement savings to last for more years. Together, these challenges can significantly impact lifetime earnings and retirement readiness.
While the challenges are significant, meaningful solutions exist. By expanding access to financial education, strengthening support for working families and offering employer-sponsored retirement plans, organizations can play a pivotal role in helping employees build a more secure financial future. Supporting employers in these efforts is a key focus of our work at JCCS.
At JCCS, our Retirement Plans team – comprised of experienced women professionals – is committed to helping organizations design and manage retirement programs that support employees in building long-term financial confidence and retirement security.
Every woman deserves the opportunity to retire with confidence and financial security. As we recognize Women’s Retirement Security Day, it is important to continue the conversation and support efforts that help more women build the savings and resources they need for a secure future.
Learn more about JCCS Retirement Plans: https://www.jccscpa.com/services/retirement-plans/
Lizzie Donnelly, QKA, is a Senior Manager, Retirement Plans at JCCS.
