Study: Maryland women must save $364,337 more than men for comfortable retirement

BALTIMORE — Maryland falls in the top five states where women must save more than men to have a comfortable retirement, a new study shows.

Women tend to live longer and earn less than men, the Nov. 11 study by NetCredit showed.

In Maryland, women need to save $969,506 to retire comfortably, or about $364,337 more than men, according to data from the U.S. Census Bureau and MIT’s Living Wage Calculator.

NetCredit, an online financial services provider, compared the average length of retirement in the U.S. to life expectancy and wages by gender by state.

The findings showed that the additional amount women in Maryland need to save would be equivalent to working more than seven years extra, with no spending.

NetCredit said about 4.1 million Americans will end up retiring this year. About two-thirds of retirees live on savings or pensions, while about 92% draw on Social Security.

Of those yet to retire, about a quarter lack retirement savings and more than one in 10 over age 65 lives in poverty. Single women and women of color are disproportionately represented in that group.

On average, women earn 84% of what men earn and living six years longer. They are more likely to spend time out of work raising children or caring for aging parents, the study said.

It found differences by state because of cost of living, gender wage gap and life expectancy. The study found women in Hawaii with the biggest disparity, needing $422,897 more than their male counterparts to retire comfortably. Maryland ranked as having the fifth biggest disparity.

NetCredit said younger workers face challenges in saving for later in life too. The average millennial carries more than $30,000 in debt, not including mortgages.

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