Women have made tremendous progress over the years when it comes to educational attainment and career opportunities, but they still face unique challenges that make it hard for them to save for retirement.

“The gender pay gap is alive and well. With less income, [women] have less income to save, which long-term can lead to an even greater retirement savings gap,” says Catherine Collinson, president of Transamerica Institute and Transamerica Center for Retirement Studies and executive director of Aegon Center for Longevity and Retirement. “Our uphill battle doesn’t stop there because we are more likely to take time off from the workforce for parenting or caregiving which leads to loss of income.”

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