Women retire with two-thirds the savings of men, because they are more likely to work in part-time jobs that do not qualify them for a retirement plan.
As a working mother, I’m torn between being sad or mad that we are financially marginalized for the same reasons that the society expects us to fulfill the role of caregiving for our younger ones and elderly loved ones, along with managing other household chores. We struggle to build successful careers while balancing all the other responsibilities and end up passing up promotions and cutting back on hours throughout our work life which leaves a significant impact on our retirement savings in the process.
AARP is advocating for retirement savings tools like the Secure Choice Savings Act by Assembly Speaker Vincent Prieto, Senate President Stephen Sweeney and a group of forward-thinking bipartisan legislators. I support the Act that is designed to give working women like me a better long-term future by allowing us to save for retirement through a fixed payroll deduction, much like a 529 college savings plan for future needs. Over 20 states in US are considering legislation to establish retirement savings plans. New Jersey should lead the way.
AARP New Jersey Volunteer