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Three steps that will help you to maximize your retirement savings:

  • Just start,
  • Reach out for help and use your plan’s resources, and
  • Take the long-view.

Average retirement statistics regarding women and retirement show that, in general, women face stiffer retirement challenges than men. Compared to a man, a woman’s average life expectancy is almost five years longer, and a woman’s Social Security benefits may be lower. As a result, many women have had to stretch less retirement money over a longer period of time than men do.

But a recent study indicates that the gender gap has closed in one key area. The National Institute on Retirement Security (NIRS) reports that the percentage of women participating in employer-sponsored plans has risen from 41% to 46% since 1998, bringing women to the same level of participation as men.

It is important for women to make the most of these plans and to take steps to save for retirement. Here are some things women can do today to save for retirement.

1) Just start

One of the biggest obstacles in starting to save in a retirement plan is the difficulty in determining a realistic goal. Just 41% of workers surveyed in the EBRI 2017 Retirement Confidence Survey report that they and/or their spouse have tried to calculate how much money they will need to live comfortably in retirement. Although, many of us do not feel confident setting a goal, just starting saving any amount of money can make a difference.  Even $10 withheld from your paycheck can potentially increase your retirement savings if the amount is contributed to your employer’s retirement plan.

Once you start saving $10 per paycheck in your employer’s retirement plan, use Voya’s myOrangeMoney®, an interactive online educational experience. It, not only enables you to visualize your retirement goal, it also charts your progress and allows you to make adjustments over time. Change your target retirement age from 65 to 67, for example, and you can instantly see how small changes could impact your retirement readiness. To use myOrangeMoney just log in to your ABA Retirement Funds Program account at

2) Reach out for help and use your plan’s resources

By Phone: For a confidential consultation call Voya Retirement Advisors at 800.348.2272. Representatives are available Monday through Friday from 8:00 a.m. to 8:00 p.m. ET. (There is no additional charge for the first consultation.) From there, if interested, you can receive additional guidance by enrolling in Voya’s fee-based Professional Management program, which provides investment management and ongoing portfolio monitoring through Voya Retirement Advisors.

Online: Or, if you prefer, you can access Online Advice, on the Program website at Personal Online Advice is a self-guided resource that offers online investment recommendations, retirement income forecasts and progress monitoring. The personal Online Advice is available at no additional cost.

3) Take the long view

A significant number of women from across the socioeconomic spectrum step out of the workforce at some point to raise children, this includes 30% of women with bachelor’s degrees.1 If you are planning to have children, it is important to factor in the impact this could have on your earning potential — and your retirement savings.   How?  In April 2018, the ABA Retirement Funds Program will introduce a new service to help you “Be Ready”.  “Be Ready” financial advisors (registered representatives from Voya Financial Advisors) will be able to help you create a plan for your financial goals. We will be sending you more information in the near term about “Be Ready.”

Some women decide to postpone retirement for many reasons, including because of a mid-career interruption in their earnings, because they haven’t saved enough for retirement or because they enjoy their careers. Additional years at the end of your career can help boost both your Social Security benefits and those you accrue through your employer-sponsored plan.


Advisory Services provided by Voya Retirement Advisors, LLC (VRA). For more information, please read the Voya Retirement Advisors Disclosure Statement, Advisory Services Agreement and the Program’s Fact Sheet. These documents may be viewed online by accessing the advisory services link(s) through the Program’s website at after logging in to your account. You may also request these from a VRA Investment Advisor Representative by calling the Program’s information line at 800.348.2272. Financial Engines Advisors L.L.C. (FEA) acts as a sub advisor for Voya Retirement Advisors, LLC. FEA is a federally registered investment advisor and wholly owned subsidiary of Financial Engines, Inc. Neither VRA nor FEA provides tax or legal advice. If you need tax advice, consult your accountant, or if you need legal advice, consult your lawyer. Neither VRA nor FEA can guarantee results, and past performance is no guarantee of future results. Financial Engines® is a registered trademark of Financial Engines, Inc. All other marks are the exclusive property of their respective owners.