The Retirement Gap : The Effects Of The Gender Pay Gap

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Grace Meyer Miss Turner English 9/G3 14 September 2017 The Gender Pay Gap Some people may not want to admit to it, but women are getting paid significantly less than men. The gender pay gap is defined by Cambridge Dictionary as “the difference between the amounts of money paid to women and men, often for doing the same work” (Cambridge Dictionary). This issue is affecting women of all races, ages, and education levels. “On average, women get paid 20% less than men for doing the same amount of work.” (K. Miller). Laws such as the Equal Pay Act of 1963 have been put in place in attempt to fix the problem, and while they have helped, nothing has ever solved the problem completely. The gender pay gap is a serious problem in America because it leads to women encountering issues when retiring, and leading to women accepting less promotions. When people think about the pay gap, many don’t think about all of the effects. The pay gap has a big effect on women’s retirement. “Women need to save more for retirement than men do because they can expect to live about three years longer. (“Retirement Gap”). The exact amount of money that women need to save, varies based on the state. “Even in New York, the state where the gender pay gap is the narrowest, women still need to stock away $1.13 for every $1 a man puts into a traditional retirement account.” (Voigt). This means that women already must put more money in savings because they live longer. However, they have other priorities
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