Women are 80% more likely to live in poverty than men, according to AARP, and among those receiving social security benefits, 42% of women receive more than half of their income from social security and 15 % depend on social security at 90%. of their income. Too few women are saving for retirement, which is why AARP and the Ad Council have announced the launch of the âWe Say Save Itâ campaign to help fight poverty among retired women.
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When it comes to financial planning and savings, women generally face more challenges than men. According to the US Department of Labor, women are more likely to work part-time, with part-time workers accounting for 30% of all employed women workers in 2020, and they are less likely to have pension plans sponsored by the employer. . Women are also more likely to leave the workplace to care for other people, such as a child or sick family member. Additionally, women are less likely to save for retirement, even though they spend more time in retirement than men.
The pandemic has only exacerbated the problem. Twenty-two percent of women have drawn on their retirement savings or have stopped contributing since the start of the pandemic, the AARP noted.
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The âWe Say Save Itâ campaign urges women to save 2% of their income for retirement, or save 2% more than they are currently saving.
The AARP and the Ad Council campaign also encourage women to say âSave itâ to those who disseminate negative and old-fashioned information about women and money.
âThis latest iteration of the Saving for Retirement campaign focuses on removing the negative and false stigma attached to women and money, with the goal of urging women to take action and use the helpful resources offered on WeSaySaveIt. org, to better prepare for their retirement. “said Michelle Hillman, campaign development manager at the Advertising Council.
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This article originally appeared on GOBankingRates.com: Retirement Gap: AARP Campaign Seeks to Keep Older Women Out of Poverty