Women Face Unique Retirement Concerns

05:22

October 19, 2015

Anita Dante, in her late 60s, searches for a job in a local newspaper's classified section at her home July 26, 2002 in Margate, Florida. After working for most of her life, Dante had planned on retiring, but her plans have changed. A financial adviser explained that she should be more aggressive in her investments approximately 2 1/2 years ago. Dante has since lost most of her retirement nest egg and must now get a job to continue to support herself. Like Anita Dante, many people around the U.S., who are reaching retirement age, are having to rethink their strategy with investments plummeting and 401 (k) saving plans shrinking. (Joe Raedle/Getty Images)

A recent study from the group Financial Finesse finds that women, on average, are more than $268,000 short of what they need to retire comfortably. That's compared to men, who are $212,000 short on average.

Women face a number of unique issues when it comes to retirement. There's the gender pay gap and women typically live longer, meaning that they need more money to retire than men. They also may spend fewer years in the work force, taking time out for raising children or caring for elderly parents.

CBS's Jill Schlesinger speaks with Here & Now's Robin Young about the unique problems women face when it comes to retirement.

"Choose to Save" retirement calculator

Guest

Jill Schlesinger, business analyst with CBS News. She tweets @jillonmoney.

This segment aired on October 19, 2015.