Even in the best of times, a woman's path to a secure, well-funded retirement faces challenges including the gender wage gap, years lost to child rearing, and longer life expectancies than men. The emergence of the COVID-19 pandemic has created even more obstacles to retirement security.
"Women are being stretched to their limits, in some instances balancing job responsibilities with home schooling children, and possibly, caregiving for an aging parent or loved one — all of which can negatively impact her long-term financial situation," says a September report from the Transamerica Center for Retirement Studies. A staggering 1 in 4 women say their confidence in their ability to retire comfortably has declined as a result of the pandemic, while only 17% of women in America are "very confident" they'll be able to retire comfortably.
With such startling statistics in mind, Cheapism asked experts around the country to offer ways women can rescue or at least improve their retirement security.