US - Women need to save more than men to sustain their standard of living in retirement, a study by Hewitt has revealed.
The findings showed longer life spans, lower salaries and conservative savings habits were the main reasons preventing women from meeting adequate retirement income levels.
Alison Borland, defined contribution consulting practice leader, Hewitt, said: "There are multiple barriers women face that automatically put them at a disadvantage when it comes to meeting adequate retirement income levels - some of which are preventable and some of which are not.
"Despite these challenges, it is possible for women to make a significant impact on the amount they amass in their retirement nest eggs, if they are willing to understand the challenges they face and take a few small steps toward improving their saving and investing behaviours."
The study pointed out women could potentially increase their nest egg by 18% by investing two years earlier than they currently do, or 23% by investing four years earlier.
When being out of the workforce for family reasons, the study suggested women should not stop saving or cash out of their 401(k). Instead, they should keep their savings in their company's 401(k) plan.
Hewitt concluded women who actively contributed to their 401(k) plan could increase their projected retirement replacement income levels by 13.5%, by working two years longer to age 67.
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