Median earnings for women working full-time are less than 80 percent of what men earn, according to the Women's Institute for a Secure Retirement (WISER). This pay gap alone can have a major impact on a woman's retirement outlook. Generally, women are also not only earning less than men; fewer are saving part of that income.
Women's History Month (March 1-March 31) is a perfect time to start narrowing, and ultimately eliminating, the gender gap in retirement savings. myRA makes that a little easier, especially for women who don't have a way to save at work.
This March, we celebrate all of the women who push us closer to financial equality, either by breaking through barriers or sharing their experiences. These stories and the women that made it happen can inspire us all to make a little history in our own financial journey.
First female CEO of a Fortune 500 company
In 1973, Katharine Graham became the first female CEO of a Fortune 500 company when she assumed leadership of The Washington Post Co. (now Graham Holdings Company). She authorized Watergate coverage and publication of the Pentagon Papers, and is well-known for ushering journalism into the modern era.
Youngest self-made female billionaire
Sara Blakely founded Spanx, the women’s clothing line, in her Atlanta apartment. After persisting through countless rejections, she eventually achieved unprecedented success and was named the world’s youngest self-made female billionaire by Forbes magazine. Her current net worth is $1.19 billion.
World's only black billionaire for three consecutive years
"The Oprah Winfrey Show" made Oprah a worldwide sensation, and later helped her launch other successful endeavors in publishing and television programming. Born in rural Mississippi, Winfrey was named the most influential woman of her generation (Life Magazine) and recognized as the greatest black philanthropist in American history (Business Week, 2005). According to Forbes, her net worth is $3.1 billion.
Make history — and benefit yourself
You can make a little history of your own this March by taking steps to secure your future. If a retirement savings account isn't available to you at work, then myRA could be a great option for you. There are no costs to open a myRA, and no fees to maintain it. Plus, there are no minimum balance or contribution requirements, and the account safely earns interest.