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The retirement crisis will hit one half of America harder than the other
(Sallie Krawcheck of Ellevest.Bloomberg TV screenshot)
America is facing a retirement crisis.
We're all living longer, many companies are facing huge pension deficits, and with interest rates so low returns have been lousy.
And there is one group that is going to have an even tougher time of it: women.
That's according to Sallie Krawcheck, a former Wall Street executive who founded Ellevest, an online investing adviser for women.
In the latest episode of "Hard Pass," a podcast I host with Josh Barro, Krawcheck said women would have a tougher time because "we live longer ... and when we retire we have less money."
A bunch of factors contribute to this situation. Part of it is that women take more career breaks than men, while another is that they tend to get paid less than men.
But there's more to the story than that, Krawcheck said. Women also just tend to outsource investing to their husbands. As such, Wall Street has always tailored itself to how men look at money.
"Women think of money not as a means to more money, but money as a means to accomplish goals," Krawcheck said.
More from Krawcheck on "Hard Pass" below:
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