WASHINGTON--(BUSINESS WIRE)--Today, financial and retirement experts called for swift action to change the sprawling retirement gender gap during a panel discussion hosted by the Indexed Annuity Leadership Council (IALC). Today’s retirement reality is staggeringly unequal – 60 percent of women 65 and older cannot afford to cover their basic needs and 43 percent of women expect to work past age 70 or do not expect to retire.
Today’s panel was held to bring attention to policymakers and the wider public that the well-known gender gap in salary doesn’t stop once retirement begins. In fact, years of unequal pay exacerbates the financial difficulties women face in retirement.
“While many know that women still earn less than men, the gender gap in retirement is still troublingly unknown,” said panelist Susan Jennings, an Executive Committee Member of the Indexed Annuity Leadership Council and Senior Counsel of the National Life Group. “Business leaders, policymakers and the public need to understand the unique challenges women face in retirement and begin taking steps to level the playing field, so all women are able to plan for a secure retirement.”
“The problems women face in retirement are real,” said panelist Kathy Stokes and a Senior Fellow at the Women’s Institute for a Secure Retirement. “Women need to understand the unique risks they face and take action. And lawmakers and businesses need to provide them the tools and education to make smart, long-term decisions.”
As the debate on retirement inequality continues and policymakers consider proposals to help women save and plan for a comfortable retirement, the IALC will draw on today’s findings to educate the public about smart saving strategies.
To watch the panel event, click here.
About the Indexed Annuity Leadership Council
The Indexed Annuity Leadership Council (IALC) brings together a consortium of life insurance companies with a commitment to providing consumers, the media, regulators and industry professionals complete and factual information about the use of indexed annuities. Namely, that these products provide a source of guaranteed income, principal protection, and interest rate stability in retirement as well as balance to any long-term financial plan.