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The average retirement age in the United States is 62 for women and 65 for men.
The average median retirement savings for 55-year-olds is about $157,000 for men and $50,000 for women.
The average woman is not a (financial) risk taker, saidChristine Moriarty, a certified financial planner.
Women save and aim to go slow and steady to build it.
Men tend to be greater risk takers and have gains, but also more losses.
All this leads to unequal financial pools of money for retirement.
There are a number of structural reasons for this.
We cant have any conversation about financial differences between men and women without mentioning the gender pay gap.
Women make, on average, 84 cents for every dollar a man earns.
In addition, women often take career breaks to raise children and care for elderly family members.
Shuman recommended that those aged 50 and over take advantage of catch-up contributions.
Those over 50 can contribute more than those under 50 to 401k and IRA accounts, Shuman said.
This can prevent miscommunication, arguments, and financial strain down the line.
No matter your gender or age, getting soundfinancial advicefrom a financial planner is a must.
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