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Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance. She has mastered the art of boiling down complicated financial topics for readers to understand. |
Women who are no longer working because of caregiving responsibilities during the pandemic should review their expenses and retirement savings allocations. Why Women Should Approach Saving for Retirement Differently Than Men during COVID By Britt Erica Tunick The inauguration of Vice President Harris may have put a major crack in the glass ceiling, but men and women are still far from equal in the work world, and the COVID-19 pandemic is only exacerbating that gap. Despite all the changes that have taken place over the years, women remain society’s primary caregivers a fact that has forced a significant number of women to leave the workforce since the beginning of the pandemic. Given this reality, there are several things that women should think about differently than men when it comes to saving for retirement. Between children attending school remotely, sick, or elderly family members, and multiple other factors, many women have found it impossible to manage caregiving responsibilities and continue to work. In fact, in September 2020 alone, 865,000 women left the workforce, close to four times the amount of men who left during the same period, according to the U.S. Department of Labor. Added to that is that fact that women are typically paid less than their male counterparts and they hold a disproportionate number of the jobs that have been hit hardest by the pandemic such as positions in hospitality, education, and daycare services. Because of all of this, women need to be proactively planning for their futures. Following are a few of the things women should think about when saving for retirement:
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