Why Saving for Retirement Is Harder for Women Than You Might Think

Statistics about people falling short of saving enough for retirement are commonplace. Many people struggle to put away a suitable amount to live on once they stop working. However, it’s typically much harder for women, who tend to shoulder more responsibilities outside of work, including raising children and caring for older family members.

Things are made worse by an advantage women typically have over men—a longer life expectancy. “Women not saving as much would be an issue even if women and men had the same life expectancies,” Melody Evans, a wealth management advisor, told TIAA in a report on closing the retirement wealth gap. “But it’s even bigger since women have longer retirements. Women should be coming to retirement with more money than men because they have to spread it over more years.”

Women Live Longer Yet Have Less Retirement Savings

A 2025 Nationwide study found that among female investors, more than two-thirds (67%) who have had caregiving responsibilities for children or aging parents say it has impacted their careers, with 18% saying those responsibilities have prevented them from saving for retirement. Other studies have found that women have fewer retirement accounts, contribute less to them, and think less about saving for retirement than men. All told, women have 30% less in retirement income compared to men, according to the TIAA Institute.

Despite this, women have to save for longer retirements, living about 5.4 years longer than men on average, according to Centers for Disease Control and Prevention life expectancy figures. The life expectancy for women in the U.S. was just over 80 years in 2022.

Since overall life expectancy statistics factor in people who died earlier, without reaching an advanced age, a U.S. Department of Labor statistic makes this issue clearer: Women retiring at age 67 can expect to live another 20 years—two years longer than men.

Caregiving Takes Precedence Over Retirement Planning

Unpaid caregiving responsibilities continue to disproportionately fall on women in the U.S. About half of millennial women (55%) and Gen X women (47%) who support children or aging parents say they have experienced career or income disruptions due to caregiving responsibilities.

That affects retirement savings in many ways, as women work fewer hours, face more limits on their professional development, take extended leave from work, and decline or delay promotions. All of these factors can lower earnings, which in turn can reduce Social Security payments and contributions to workplace retirement savings plans.

Meanwhile, unpaid caregiving responsibilities are only expected to become a more widespread challenge as the number of older Americans is expected to grow in the coming years. According to a Wells Fargo estimate, an additional 1.7 million older adults will require care by 2032, totaling 7.1 million people.

How Women Can Buck The Trend

In the TIAA report on the retirement wealth gap, TIAA advisory consultant Kayla Stern offered tips for women to improve retirement savings:

Experts recommend working with a financial advisor, many of whom are more affordable than widely believed. They can help you curtail nonessential expenses and take advantage of tax deductions and credits, such as claiming dependents on tax returns. “Women often don’t get enough help from financial advisors who can help them jump-start their retirement savings,” Stern said.

The Bottom Line

Despite their longer life expectancy, women are less prepared for retirement than men. This retirement gap stems from caregiving responsibilities that disproportionately fall to women, decreasing earnings, limiting career advancement, and reducing retirement contributions throughout a woman’s working life. Recognizing these challenges early and implementing strategic financial planning can help women chip away at the retirement savings gap.