On the Site:


Women trail men in retirement savings, experts say

Mar 17, 2022, 12:20 PM | Updated: Jun 19, 2022, 9:00 pm

SALT LAKE CITY — As more women break barriers in the workplace, there is still one area they fall far behind: saving for retirement. An expert explains how to bridge the gap.

Life is full of surprises, like Amanda Lambert’s freelance writing career that blossomed later in life. “I suddenly felt like, ‘Oh, I just found my voice,'” said Lambert, who lives in Salt Lake City.

But when it comes to retirement savings, she has no surprises.

“My parents were really good mentors to us kids because they were very conservative with their money,” she said.

Lambert learned the value of saving money and living within her means. She recalled a desk in her old house where her parents’ budgeting was visible and tangible.

“In each cubby was a white envelope and on the front was written, ‘Groceries, entertainment, gas,’ and there was cash in each of those,” she said. “But it worked, once the cash was gone, that was it. That just stayed with me.”

Thriftiness paid off, as Lambers has zero debt and now saves her pension payments each month. But statistically, she’s an outlier. Women save only 50% to 70% of what men are saving but live longer, and according to research by AARP, are 80% more likely to be poor in retirement.

“We have a huge retirement savings gap that for women that we just don’t talk about in this country,” said Mary Liz Burns, communication strategy director with AARP.

Burns said that stems from how women are socialized.

“We’ve heard a lot of these sort of old-fashioned messages either spoken or unspoken, that either women are bad with money, or we’re afraid of risk, or we don’t know what to do with our money,” Burns said.

The key, Burns says, is knowing it’s never too late to save for retirement. She recommends taking the 2% challenge. “Just save 2% of your income for retirement or if you are starting already to save try to bump it up one or two percentage points, every little bit, no matter when it is whatever it is, it’s going to make a difference,” Burns said.

Next, talk to your employer about 401(k) matching plans, and others ways to contribute. “If you get a bonus, or a windfall anytime you can put additional dollars in.” And stick with your retirement savings plan no matter what.

Lambert said, “You have to have faith that those little bits will add up over time, and then they do.”

She’s confident she’s prepared for the unexpected. Leaving the surprises for her writing and sticking to values she learned early on.

For more tips and help on saving for retirement visit here.

KSL 5 TV Live

Positively 50+

Follow @KSL5TVLike us on Facebook...

Dan Spindle

Helpers with mobile pantry at Midvale Elementary know need has no season

Around the holidays so many of us start thinking about giving our time and talents to those who need it the most. But for volunteers with the Utah Food Bank’s Mobile Pantry, it’s a need that knows no season.

14 days ago

(KSL TV)...

Dan Spindle

Suazo Business Center is helping get people’s ideas up and going

If you have an idea, and don't know where to start, the Suazo Business Center can offer you the help you need.

1 month ago

One of the volunteers of the Foster Grandparents holding up a promotional sign....

Dan Spindle and Michael Houck, KSL TV

P50+: A lasting legacy of learning

A national volunteer program is looking for more grandmas and grandpas to help the nation's youth with their growth.

2 months ago

(KSL TV)...

Dan Spindle

Local nonprofit helping people care for their pets and themselves

What if you had to make a decision to take care of yourself or take care of your pets? Would you forgo major medical procedures if it meant that your dogs or cats wouldn’t be cared for?

3 months ago

man sleeping on bed with sleep apnea mask...

Dan Spindle

How to get better sleep

Would you believe the average adult will spend a third of their lives, more than 9,000 days, asleep. But the quality of the other 60%, those waking hours, is greatly affected by the time spent sleeping.

4 months ago

The Ormsbys visit with Wendy's mom, Sally Weaver....

Keri Wilcox

Resources available to guide ‘sandwich generation’ through caregiving role

About one-quarter of U.S. adults are in the "sandwich generation" — raising kids while also caring for an aging parent. Getting support and connecting to resources is just a phone call away.

5 months ago

Sponsored Articles

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

Design mockup half in white and half in color of luxury house interior with open plan living room a...

Lighting Design

Lighting Design 101: Learn the Basics

These lighting design basics will help you when designing your home, so you can meet both practical and aesthetic needs.

an antler with large horns int he wilderness...

Three Bear Lodge

Yellowstone in the Fall: A Wildlife Spectacle Worth Witnessing

While most people travel to this park in the summer, late fall in Yellowstone provides a wealth of highlights to make a memorable experience.

a diverse group of students raising their hands in a classroom...

Little Orchard Preschool

6 Benefits of Preschool for Kids

Some of the benefits of preschool for kids include developing independence, curiosity, and learning more about the world.

Women trail men in retirement savings, experts say