Female Workers Could Take Another Pandemic Hit: To Their Retirements

Policy experts have long acknowledged a gender gap in retirement security, reports the New York Times (Dec. 12, Miller). Women tend to earn less than men, and they are more likely to take time off from work to care for children or elderly parents. Even a short-term interruption in wages can have a surprisingly large impact on retirement. Each year out of the work force translates into losses considerably larger than the immediate salary over the arc of a career, according to research by the Center for American Progress. The losses compound over time in the form of missed wage growth, retirement savings and Social Security benefits, as illustrated by a calculator developed by the center. For example, a 35-year-old woman earning $80,000 a year who leaves the work force for five years can expect to lose $197,000 in retirement assets and benefits, assuming she retires at age 67, according to the calculator.