Why retirement is harder for women than men

When the Great Recession hit in 2008, pocketbooks across the United States, Canada, and even around the world were hit, some more severely than others.

Retirees’ stock portfolios and homes declined in value, jobs were lost, and millions of Baby Boomers had to re-adjust their retirement plans. But as reported recently by the Poughkeepsie Journal, after the economy started improving, many Baby Boomers found jobs, but it wasn’t nearly as easy for women as it was for men.

“Many older women are frightened. They just never thought that they could be in their 50s or early 60s and not have a job,” Heidi Hartmann of the Institute for Women’s Policy Research told the newspaper.

Some of the reasons women have been harder-hit than their male counterparts, in addition to more difficulty finding work, include lower pay, also known as the wage gap, longer life expectancies, meaning they have to learn how to save more money for retirement.

Another factor is the fact that many women are employed in industries where pensions may be offered, but due to the part-time nature of their work, according to the Poughkeepsie Journal, quoting a study from the U.S. Government Accountability Office.

If you’re looking for work, be sure to check out RetirementHomes.com’s retirement jobs section.