How to bridge the gap between women and men's retirement savings caused by the pandemic.

Women in the U.S. workforce have been disproportionately affected by the two years of lockdowns following the coronavirus pandemic.

The gender pay gap in retirement savings has become more pronounced.

According to a TIAA survey of over 3,000 adults, only 19% of women are confident they will have enough money to retire comfortably, compared to 35% of men.

In 2013, the difference in men's and women's perceptions of their retirement readiness was 9 percentage points. A 2022 study revealed that the gap had widened to 16 percentage points.

Paying off debt now can save U.S. households nearly $300 per month due to inflation.

Only 31% of women surveyed reported being able to save for retirement.

Shelly-Ann Eweka, senior director of financial planning strategy at TIAA, stated that only 1 in 3 women have the ability to put money aside for retirement, which is significantly lower compared to 44% of men.

Covid has hit women harder

According to the U.S. Census Bureau, the gap between men and women's retirement savings tends to widen with age.

In 2016, the median household income for women aged 65 and above was $47,244, which included earnings, retirement income, property, and Social Security, as stated in a May 2020 report from the National Institute on Retirement Security. On the other hand, the median household income for men aged 65 and above was $57,144.

In 2022, the gender pay gap persists, with women earning only 83 cents for every dollar a man earns, and the disparity being even greater for women of color.

The study by TIAA found that about 29% of women are struggling to pay their monthly bills, which affects their ability to save for retirement.

The pandemic has caused many women to leave the workforce, resulting in a decrease in their retirement savings. Since 2020, approximately 2 million women have left the workforce, according to the U.S. Bureau of Labor Statistics. When women stop working, their lost earnings can result in their retirement savings generating 30% less income over time, as stated by the Organization for Economic Co-operation and Development.

Eweka stated that those earnings are unlikely to be retrieved.

How to rebuild

It is possible to rebuild your retirement savings even if you've lost your job, income, or experienced other changes in circumstance.

Marguerita Cheng, a certified financial planner and CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland, stated that in the short term, it is acceptable to make adjustments.

If you've lost your job and access to employer-sponsored plans, you can still contribute to your 401(k) or an individual retirement account, advised Kelly DiGonzini, CFP, director of financial planning at Beacon Pointe, an independent advisory firm in Newport Beach, California.

Any amount you’re able to invest will grow over time.

Eweka advised that if you have an employer-sponsored plan, make sure to take advantage of any matching offered. Additionally, she pointed out that many employers also provide financial planning benefits to help you determine if you're on track to retire when you desire.

Allocating part of windfalls, such as a tax refund, to contribute to retirement is a good way to do so, said Cheng, a member of the CNBC Advisor Council.

Shweta Lawande, a CFP and analyst at Francis Financial, advised women to prioritize managing their finances by focusing on spending and living within their means.

Lawande stated that the objective of sharing with clients during this time is to emphasize their ability to control certain aspects, such as their budgets, despite being unable to control lockdowns and the job market.

Lawande advised that those with an existing portfolio should review their asset allocations to ensure they have a diversified mix of stocks, bonds, real estate, and cash, which can reduce risk.

Consulting with a financial advisor can aid women in achieving their desired retirement age and devising a plan to adjust course if necessary.

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Discover the 5 U.S. states where $500,000 in retirement savings would last you the longest, according to Grow with Acorns+CNBC.

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