CNBC: “Covid has hurt women’s retirement accounts. Here’s how they can rebuild”

CNBC, Jan. 27, 2021 — In today’s article by Carmen Reinicke, she writes, “Women were already less prepared for retirement than men. Then the pandemic hit.”

She explains: The gender gap in retirement savings has long been an issue even among those with adequate investment accounts, and the coronavirus pandemic has made the disparity even worse, according to a survey released Monday from the Nationwide Retirement Institute.

Nearly 3 in 4 women with investable assets of $100,000 or more said the pandemic has negatively affected their ability to retire, according to the survey, which questioned more than 2,500 investors, advisors, and financial professionals online between May 17 and June 25, 2020.

Reinicke turned to Marguerita Cheng, CFP® for insights. 

“If you can’t save consistently, allocating part of windfalls such as a stimulus check or tax refund is a good way to contribute to retirement,” says Cheng, who is a member of the CNBC Advisor Council.

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