This Is Why It’s Not Easy For Women To Retire in Idaho

Should women in Idaho avoid retiring in Idaho?

According to NetCredit.com, nearly 4.1 million Americans will retire this year, and Idaho isn't making it easy for women to retire here. The challenges they face include the gender wage gap, life expectancy, and the cost of living.

The gender wage gap in Idaho.

Women in Idaho earn less on average than men, meaning they have less disposable income to save for retirement. Expenses like housing, healthcare, and everyday costs add up over time, and I'm sure we all feel that way. Because women earn less than men, women need to work 9.6 years more than men to retire comfortably in Idaho, which happens to be the 4th highest state after Hawaii (11.2 years), Mississippi (9.6 years), and South Carolina (9.6 years). The states with the lowest are Minnesota, with 6.5 years, and Vermont, with 6.9 years.

Women live longer.

This isn't just in Idaho, obviously, but it does pose a problem. Women need more money to cover the extra years of retirement, which also means they will have higher healthcare costs.

How much do women need to retire in Idaho?

So, how much should women have in their savings when they retire in Idaho? According to NetCredit.com, they will need $894K, while men will need to save at least $644k. It's a difference of $250,000 and is one of the smallest gaps in the country, just before Utah, which has a savings gap of $219,000. 

With that being said, Boise and Meridian did make USA Today's Top 10 Best Cities to Retire. The research team at USA TODAY Homefront examined 329 cities with populations above 100,000 across 13 measures to find the best cities for retirees. As for Eagle, they made the list of HGTV's 20 Best Small Towns To Retire.