The “glass-ceiling effect” has not improved greatly over the past twenty years and it is influencing the amount of money women have available to save for retirement. Common sense tells us that less money earned means less money to save. Not all women are married, and not all men are the main breadwinners in the home. Women’s retirement savings are suffering from the wage gap and without major changes in the equalization of salary and breaking through that “glass ceiling” this is an issue that is not likely to improve.
It is clear that there is a gap in wages between men and women in almost every profession and therefore this must impact on women's retirement savings. Less income means less to spend on daily essentials and therefore less to save for retirement. Men, with larger incomes, will be able to save more for retirement than their female counterparts.
Increasingly, workers are left to their own devices in terms of preparing for retirement. Hence, any given worker's ability to prepare adequately for their retirement is tied to their total lifetime earnings. Since women typically make less than men, they naturally have a harder time preparing for retirement. This, then, is another problem associated with the gender pay gap.
The wage gap in America is heavily influencing women, their households and their retirement plans. As the wage gap continues to grow, so do the problems and issues of saving and retirement for working women and moms. Women and moms have to put away more money out of their already lower paychecks just to have a safety net.
Obviously if you have less money you have less retirement funds, that's common logic. And of course women, on average, make less than men. But there is really no reason to say theres a wage gap between men and women because the gap is created by the men and women themselves. Women are often interested in professions that pay less, also, they work less and take more vacation time. Men work in jobs that are higher paying and work longer hours. It is the woman's own fault in deciding her profession, knowing it would not reap the same benefits as another job that was higher paying. It's that specific person's fault, and it is not a problem. Although most of the people who pick these jobs are women (because of biological reasons), that does not mean we should do anything about it. It's their life, let them chose.