Here's the Median Retirement Savings Balance Among Women. How Does Yours Compare?

As of early 2024, the average Social Security beneficiary was receiving $1,907 per month, or about $23,000 in annual income. Even if you're not a particularly high earner, that might read like a serious pay cut. That's why it's so important to do what you can to build up a nice retirement nest egg.

But recent data from the Transamerica Center for Retirement Studies shows that the median retirement savings balance among women is just $44,000. And while that's actually quite a lot of money for a woman in, say, her mid or late 20s, it's not a lot of money for the typical woman in her 40s or 50s. That's why it's important to be honest about the amount of retirement savings you have compared to where you are in your career.

As a general guideline, Fidelity says it's good to have the equivalent of your annual salary in an individual retirement account (IRA) or 401(k) by age 30. So if you're 29 earning $44,000 a year and you have $44,000 on hand for retirement already, you're in a good spot. But if you're 41 earning $65,000 a year and your nest egg is only worth $44,000 at present, you have more work to do -- especially since Fidelity recommends having three times your income set aside for retirement by age 40.

You may be in a place where you know your retirement savings could use work. Here are a couple of ways to give your nest egg a boost.

1. Snag your full 401(k) match

Getting an employer match in your 401(k) plan isn't a given. But Vanguard says 95% of its retirement plans offer some type of matching contribution. So it pays to find out what your employer match looks like and contribute enough money to get every dollar of it.

Remember, when your employer funds your 401(k) to some degree, that's not just a lump sum of money that's yours for retirement. It's also money you can invest.

The stock market has returned an average of 10% annually over the past 50 years. So let's say you're 32 and intend to retire at 67. The funds you invest today could have 35 years to grow. If you can snag a $2,000 employer contribution to your 401(k) this year, and your investments in that account deliver a 10% annual return between now and when you turn 67, that $2,000 alone will have grown to be worth more than $56,000. To put it another way, a single $2,000 contribution could leave you with more than the current median retirement savings balance among women.

2. Take advantage of the gig economy

Women's wages often lag behind those paid to their male counterparts. It's a lousy facet of the workforce, and one advocates are fighting to change. But for now, if limited wages are making it difficult for you to fund a retirement plan, you can compensate with boosted income from the gig economy.

Working a second job could not only free up money for your retirement savings but also help you build skills and make connections. That could, in time, result in a better paying job -- one whose wages make it possible to fund a retirement account consistently so you don't have to perpetually hold down a second job.

The fact that women have a median of $44,000 saved for retirement may be an interesting statistic to read. But the reality is that it's important to make sure your savings are where they should be given your personal situation.

So either way, if you feel you're behind, try your best to claim your entire employer 401(k) match. Also, turn to the gig economy if your income needs a lift so you can free up money for your long-term savings. You'll be thankful you did down the line.