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Government shutdown looms after Trump-backed bill fails; Environmental groups sue CA Air Resources Board over biogas credits; NY elected officials work to electrify municipal buildings; Need a mental health boost? Talking hot dog is here.

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President-elect Trump repeats his threats to jail Jan. 6th committee members, while also putting a stop-gap spending plan in jeopardy. A court removes Fani Willis from Trump's Georgia election interference case. The FAA restricts drones in New Jersey, and a Federal Reserve rate cut shakes markets.

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Rural folks could soon be shut out of loans for natural disasters if Project 2025 has its way, Taos, New Mexico weighs options for its housing shortage, and the top states providing America's Christmas trees revealed.

Women's Wage Gap Correlates With Retirement Gender Gap

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Monday, March 22, 2021   

KANSAS CITY, Mo. -- This Wednesday is Women's Equal Pay Day, the average date it would take a woman working full-time to earn what a man did in 2020.

Most women earn less than men throughout their careers, which translates to less financial security in retirement as well.

Median household retirement incomes for women are roughly 80% of what they are for men, according to the National Institute on Retirement Security.

Kara Knott, regional sales director for One America Retirement Services and chair of the Women in Pensions Network Kansas City Chapter, said reasons range from childcare expenses more often falling on women, to women living longer than men.

"Taking that first step in saving money and putting yourself first, I think that's a lot harder for women to do," Knott explained. "So, I think prioritizing yourself and your financial wellness is probably number two to educating yourself."

According to the Institute, women also are more likely than men to work in part-time jobs that don't come with pensions or 401(k) plans. And they are more likely than men to have to leave the workforce for family caregiving.

Daniel Doonan, executive director for the Institute, noted women also tend to experience higher health-care and housing costs in retirement, putting them at risk of outliving their savings.

"Health-care costs continue to grow faster than wages," Doonan pointed out. "If we're living longer, more people are going to need long-term care in retirement, which is very expensive, but it's very uneven."

Two-thirds of older people in a 2020 Survey reported they're more afraid of running out of money in retirement than death.

And with the economic setbacks of the pandemic, Knott observed many folks needed to prematurely start pulling money from their retirement plans.

"It's nice they had that safety net, and the ability to do so," Knott emphasized. "But for the folks that did, the impact of doing that can be very severe to their long term, because it's money that's been invested and earning interest."

She stressed more women now are in charge of their own finances than 20 years ago, but she added there is still work to do to ensure they have an equitable shot at a secure retirement, particularly Black, Brown and Indigenous women, who make even less to the dollar than white women.


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