With a higher life expectancy, the gender pay-gap and often spending a large amount of time out of the workforce, women have tough choices to make if they want to retire by age 67.
Women hoping to retire by age 67 face a tough choice: sock away more cash now or delay retirement even further.
Female employees are less prepared for retirement because they not only earn less than their male counterparts but also have a longer life expectancy, said Grace Lattyak, associate partner at Aon. Indeed, close to 2 in 3 female workers who took family leave were the primary caregiver for a sick relative, according to data from Pew Research.
In order to beat that hurdle, female workers will need to either defer their retirement or save more money during their working years.Aim to contribute up to 15 percent of your salary each year in your 401, said Ramnani.
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