SoFi

A crane operator is responsible for the safe and precise transportation of large loads at building sites. Crane operators play a crucial part in the dynamic world of heavy machinery and construction, and the need for people in this role is growing along with the demand for infrastructure projects.

For those interested in this profession, the income potential is a key consideration. According to the U.S. Bureau of Labor Statistics (BLS), the average salary for a crane and tower operator in May 2022 (the latest data available) was $65,220 per year, or $31.36 per hour. Depending on experience, industry, and location, some crane operators can make considerably more.

Read on to learn more about how much a crane operator can make, typical salary ranges, where to find the top-paying jobs, and the training and experience required to get a job as a crane operator.

What Are Crane Operators?

Crane operators handle all aspects of operating a crane — a machine that is used to lift and move heavy loads, machines, materials, and goods for a variety of purposes. A trade job that is often in high demand, crane operators are vital to many industries, including manufacturing, transportation, and construction.

Individuals in this role are responsible for more than just operating controls. To guarantee the safe and effective transportation of objects, crane operators also need to have a thorough awareness of load capabilities, safety procedures, and other site-specific factors.

Crane operators may use a variety of different cranes, including tower cranes, mobile cranes, and boom trucks, to perform their jobs. Though crane operators work solo, it’s not necessarily a good job for people with social anxiety, as they must be able to effectively communicate with other members of the construction team on the ground.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

How Much Do Starting Crane Operators Make a Year?

The starting salary for crane operators varies depending on industry, region, prior training, and certifications, but pay for an entry-level position averages around $35,000 per year, according to Zippia.

The earning potential of crane operators tends to improve as they gain more certificates and experience. The first few years lay the groundwork for skill development, and operators who put in the time and effort can move up the pay scale. Working overtime and overnight shifts can also boost crane operators’ salaries.

Recommended: 11 Work-From-Home Jobs for Retirees

What is the Average Salary for a Crane Operator?

According to the BLS’s most recent data, the average salary for a crane and tower operator in 2022 was $65,220. The lowest-paid 10% earned less than $37,680 that year, while the highest-paid 10% percent earned more than $93,410.

How much a crane operator makes, however, will depend on the operator’s level of expertise, industry specialization, and geographic location.

Crane operators working for construction and mining companies typically earn more than those who work in warehousing, storage, and manufacturing.

The highest-paying cities for crane operators are Vancouver, WA; New York, NY; and San Diego, CA.

How Much Money Does a Crane Operator Make by State?

As mentioned above, how much money a crane operator makes can vary by location. What follows is a breakdown of how much a crane operator makes per year, on average, by state.

Source: U.S. Bureau of Labor Statistics

Crane Operator Job Considerations for Pay & Benefits

To become a crane operator, you first need a high school diploma or an equivalent. While not required, many crane operators attend trade school to learn practical construction skills and how to operate heavy machinery, including cranes. This is typically a one- or two-year course.

After graduating from a high school or trade school, many crane operators enroll in a general crane operator training program. These programs, which last between three weeks and three months, help prepare aspiring crane operators for the National Commission for the Certification of Crane Operators (NCCCO) examination.

It’s necessary for crane operators to hold the certification relevant to the types of cranes they operate. Some states and cities also require crane operators to hold a local license.

Once you have a job as a crane operator, you can not only earn competitive pay but also benefits. Many companies supplement the base pay with perks like paid time off, health insurance, and retirement programs.

When thinking about a career as a crane operator, it’s important to take into account the whole range of compensation and benefits that come with the job.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of a Crane Operator Salary

As with any profession, working as a crane operator comes with both advantages and disadvantages. Understanding the pros and cons of this role will help you determine if you’re well-suited for this career path.

Pros of Becoming a Crane Operator

•   Competitive salary: While you may not earn a $100,000 a year salary as a crane operator, this is generally a well-paid position.

•   Opportunities for overtime: Since construction projects often take longer than originally anticipated, crane operators frequently have the opportunity to make extra money by working overtime.

•   Industry need: The need for construction projects is ongoing, which helps to maintain a solid job market for crane operators and a constant flow of employment prospects.

•   Opportunities for advancement: As crane operators gain knowledge and specialized skills, they may be able to negotiate higher wages.

Recommended: The Pros and Cons of Salary vs Hourly Pay

Cons of Becoming a Crane Operator

•   Physically demanding: Operating a crane can be physically taxing since it involves standing or sitting for extended periods of time.

•   Safety concerns: Working with heavy machinery at significant heights is a necessary part of the profession, which has inherent safety concerns. Strict adherence to safety procedures is essential to avoiding accidents.

•   Variable working conditions: Crane operators are often exposed to a range of weather conditions and terrain. Work conditions can be challenging.

•   Training and certification requirements: You can’t just get a job as a crane operator right out of high school. Training and certification is necessary, which means you may need to invest some time and money into the career before you can start making a good salary.

The Takeaway

Crane operator jobs are one of the most coveted positions in the construction business thanks to the competitive pay. On average, crane operators earn $65,220, but certain jobs in competitive areas can pay considerably. Crane operators often have the opportunity to work overtime and typically get benefits on top of their base pay.

Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday living expenses. To ensure your monthly outflows don’t exceed your monthly inflows, you may want to set up a budget and check out financial tools that can help track your income and spending.

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

Can you make $100k a year as a crane operator?

The average annual salary for a crane operator is $65,220. However, a highly skilled and experienced crane operator may be able to make a six-figure salary, especially those employed in high-demand industries or areas.

Do people like being a crane operator?

Many people find a job as a crane operator rewarding due to its competitive pay, diverse work environments, and opportunities for skill development and advancement. For some, however, the physical demands and safety risks lower overall job satisfaction.

Is it hard to get hired as a crane operator?

Working as a crane operator can provide ample job opportunities for people who are qualified to work with these machines safely. To get a good job as a crane operator, you typically need to take trade school courses, complete general operator training, and gain apprenticeship experience.

Photo credit: iStock/ewg3D

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SORL0124044

Lawyers are highly educated and command high salaries to match. How much a lawyer earns a year depends on what type of law they practice, what school they attended, as well as their competence and experience.

According to the U.S. Bureau of Labor Statistics (BLS), the average salary for a lawyer in May 2022 (the latest data available) was $135,740 per year, or $65.26 per hour.

Corporate lawyers who work in the private sector tend to earn more than those in the public sector (such as district attorneys or public defenders), and sole practitioners typically earn less money than lawyers at large firms.

Read on to learn more about how much a lawyer makes, where you can find top-paying jobs for lawyers, and the benefits and drawbacks of becoming a lawyer.

What Does a Lawyer Do?

Lawyers advise and represent clients on legal proceedings or transactions. They typically conduct in-depth research into law, regulations, and past rulings. They also prepare legal documents, including lawsuits, wills, and contracts.

Not an ideal job for people with social anxiety, lawyers will often appear in court in support of their clients and present evidence in hearings and trials, including arbitration and plea bargaining. Lawyers also counsel their clients in legal matters and suggest courses of action.

A lawyer’s exact duties will vary depending on the type of law they practice. For example, criminal defense attorneys advocate on behalf of those accused of criminal activity; family lawyers handle family-related legal issues like divorce, adoption, and child welfare; and corporate lawyers handle legal matters for businesses.
Some lawyers work for the government or in the public’s interest, and are known as public interest lawyers. Public defense attorneys, for example, represent criminal defendants who cannot afford to hire a private attorney. Public interest lawyers also work for nonprofit organizations to support civil rights and social justice causes.

Other types of lawyers include:

•   Environmental lawyers

•   Bankruptcy lawyers

•   Immigration lawyers

•   Intellectual property lawyers

•   Entertainment lawyers

•   Tax lawyers

•   Personal injury lawyers

•   Estate planning lawyers


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

How Much Do Starting Lawyers Make a Year?

Lawyers tend to be well paid even at the entry level because they are highly educated. And, the more experience a lawyer gains, generally the more they will earn. According to ZipRecruiter, entry-level lawyers make $100,626 a year, on average, with a range from $47,000 to $138,000.

Those who choose to invest the time, money, and work into becoming a lawyer can feel relatively confident about being able to get a job when they graduate: The BLS projects an increase of 62,400 attorney jobs between 2022 and 2032, representing an 8% growth (which is faster than the average for other occupations).

Recommended: What Trade Job Makes the Most Money?

How Much Money Does a Lawyer Make a Year on Average?

According to the BLS’s most recent data, the average salary for a lawyer in 2022 was $135,740. The best-paid 25% made $208,980 that year, while the lowest-paid 25% made $94,440.

A lawyer working for a law firm or as in-house counsel will typically be paid with an annual salary versus an hourly wage, but the average hourly pay for a lawyer works out to be $65.26 an hour.

How much a lawyer makes, however, can vary widely depending on their experience, specialty, and location.

The highest paying legal specialties include:

•   Patent attorney

•   Intellectual property attorney

•   Trial lawyer

•   Tax attorney

•   Corporate lawyer

The cities that pay the highest lawyer salaries are:

•   San Jose, California ($267,840)

•   San Francisco, California ($239,330)

•   Washington, District of Columbia ($211,850)

•   Bridgeport, Connecticut ($209,770)

•   Oxnard, California ($207,970)

Recommended: 11 Work-From-Home Jobs Great for Retirees

How Much Money Does a Lawyer Make by State?

As mentioned above, how much money a lawyer makes can vary by location. What follows is a breakdown of how much a lawyer makes per year, on average, by state.

Source: U.S. Bureau of Labor Statistics

Lawyer Job Considerations for Pay & Benefits

To get a job as a lawyer, you must complete a four-year undergraduate degree and then attend law school to earn a juris Doctor degree, or J.D. This can mean four years pursuing a bachelor’s degree, followed by three years of law school (or four years if you go to law school part time).

After graduating from law school, you’ll need to pass the multi-day bar exam for the state in which you want to practice. In addition, most states also require lawyers to keep up to date with law and take training courses throughout their career.

The hard work and financial investment can pay off, however. In addition to competitive pay, lawyers who work full time for a specific company or organization typically get a wide variety of benefits, including health insurance, retirement plans, paid time off, flexible scheduling, and more. They may also get bonuses for cases won, costs of bar association fees covered, and training and development opportunities.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of a Lawyer’s Salary

Becoming a lawyer can be a clear path to making more than $100,000 but, as with any profession, working as a lawyer comes with both benefits and drawbacks. Understanding the pros and cons of this role will help you determine if you’re well-suited for this career path.

Pros of Becoming a Lawyer

•   Multiple job opportunities: As a lawyer, you have a variety of career paths, giving you the opportunity to work in an area you feel passionate about, whether that is corporate law, family law, real estate law, criminal law, or immigration law.

•   Option to start your own practice: With a law degree and significant experience, you may be able to start your own business and determine the types of clients you want to represent and how many cases you want to take on at any one given time.

•   Earn a high salary: Lawyers have the potential to earn well over six figures a year. Though you may not earn this salary right out of the gate, there is ample opportunity for career advancement and salary increases over time.

•   Stimulating and challenging work: As a lawyer, your daily duties will likely be intellectually challenging. Lawyers typically need to understand complex legal theories, form a hypothesis and create a legal strategy to benefit their clients, and argue and debate in a courtroom.

Cons of Becoming a Lawyer

•   Work can be stressful: Lawyers must meet deadlines as well as the demands of their clients. You may also come across stressful and emotionally difficult cases, which can take a psychological toll.

•   Long hours: This professional is notorious for its long hours, particular for those who are just starting out in a prestigious law practice. It’s not unusual for an associate lawyer to put in 60 to 90 hours a week each week, depending on the demands of the case they’re working on.

•   High level of student debt: In addition to a bachelor’s degree, lawyers need to pay for law school, which often comes with a high price tag. Generally, the more prestigious the school, the higher the price. Even with a high salary, new lawyers may not be able to pay off their debt for many years.

•   Today’s clients have more options: The opportunity to get clients has gotten more competitive with the rise of self-help legal websites, legal document technicians, and virtual law offices. If a client seeks legal advice or counsel, they don’t always have to go to a lawyer for help.

The Takeaway

A law degree is a valuable credential that takes around seven years of study to achieve (including a bachelor’s degree). Lawyers can choose where they want to work and what type of law they would like to specialize in, whether it be criminal law, corporate law, environmental law, or immigration law.

The amount a lawyer makes will vary depending on the school they attended, experience, type of law they practice, and where in the country they practice. According to the BLS, the highest paid lawyers earn over $230,000, and the lowest paid lawyers earn around $66,500.

Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday living expenses. To help ensure your monthly outflows don’t exceed your monthly inflows, you may want to set up a basic budget and check out financial tools that can help track your income and spending.

FAQ

Can you make $100k a year as a lawyer?

Yes. Most lawyers earn over $100k a year. The average salary for a lawyer, according to the U.S. Bureau of Labor Statistics, is $135,740 per year. The best-paid lawyers, however, can earn more than $200,000 a year.

Do people like being a lawyer?

Being a lawyer can be a great career choice if you enjoy working in a fast-paced and challenging environment and have an interest in upholding laws and defending an individual’s rights. According to a recent survey by Law360 Pulse, 83% of surveyed attorneys report they are stressed at least some of the time, nonetheless 68% percent say they are satisfied or very satisfied with their overall job.

Is it hard to get hired as a lawyer?

It’s generally not hard to find a job as a lawyer after you pass the bar exam, especially if you attended a top-rated law school, graduated in the top third of your class, and/or had strong internships and clerkships. Jobs for lawyers are expected to grow 8% between 2022 and 2032, which is faster than the average for other occupations (3%).

Photo credit: iStock/shapecharge

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SORL0124045

Nutritionists advise others on what to eat in order to lead a healthy lifestyle or achieve a specific health-related goal, such as losing weight or reducing blood pressure. Some nutritionists work directly with clients and patients in clinical settings, while others work in community settings like schools or health centers developing food plans and strategies for certain groups or demographics.

How much a nutritionist makes will depend on their qualifications, experience, and where they work, but the average nutritionist’s salary in the U.S. is $54,137 a year, according to ZipRecruiter.

Read on to learn more about how much a nutritionist can make a year and an hour, which cities and states pay the highest salaries, and other compensation and occupational benefits nutritionists enjoy.

What Are Nutritionists?

A nutritionist is an expert in using food to improve health and to prevent and manage disease. Nutritionists often advise people on what to eat to address a particular medical issue, such as hypertension, diabetes, or obesity. They may also be called upon to come up with a plan of action in situations where a treatment protocol, such as chemotherapy, impacts an individual’s overall diet or creates particular food sensitivities. Their exact role will depend on their specialization.

Being a nutritionist is not an ideal job for antisocial people, since you generally don’t work alone. Nutritionists can work in a variety of work settings, including:

•   Hospitals and doctors’ offices

•   Nursing homes

•   Gyms and recreation centers

•   Foodservice organizations

•   Food and beverage companies

•   Pharmaceutical companies

•   Government organizations

While the terms “nutritionist” and “dietician” are often used interchangeably, there are some key distinctions between them. A registered dietitian (R.D.) is qualified to diagnose and treat certain medical conditions. Nutritionists, on the other hand, tend to focus on general nutritional aims and behaviors.

Dietitians also tend to have more education and credentials, though that’s not always the case. Depending on the state they practice in, a nutritionist may be required to have specific qualifications, certifications, or a license. However, in some states, there are no such mandates — meaning anyone can use the title if they want to.

While every dietitian can be called a nutritionist, not every nutritionist is a dietitian.

How Much Do Starting Nutritionists Make a Year?

While the average nutritionist’s salary is $54,137 a year, someone just starting out in the field may not be able to earn that figure as an entry-level salary. That said, a nutritionist coming into the profession with an advanced degree, such as a master’s or doctorate, and a license or other credentials, may be able to command a higher-than-average salary even when they are just starting out.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

What is the Average Salary for a Nutritionist?

While salaries for a nutritionist can range anywhere from $32,500 to $90,000, the average annual pay for a nutritionist in the U.S. is $54,137 a year, according to February 2024 data from ZipRecruiter.

Nutritionist’s typically get paid an annual salary but some may make money by the hour, which can range from $15.62 to $43.27.

How much a nutritionist makes, however, can vary significantly by education, credentials, experience, industry, and location. Advanced education, such as a master’s or doctoral degree, can generally help you qualify for a higher-than-average nutritionist’s salary.

Certain metropolitan areas also pay more than others. The top paying cities for nutritionists include: Berkeley, CA,; Renton, WA; Newark, CA; Woburn, MA; and Santa Monica, CA.

Recommended: Is a $100,000 Salary Good?

The Average Nutritionist Salary by State for 2024

As mentioned above, how much money a nutritionist makes can vary by location. What follows is a breakdown of how much a dietician makes per year, on average, by state (listed from highest to lowest).

Source: ZipRecruiter

Nutritionist Job Considerations for Pay & Benefits

To get a job as a nutritionist or dietician, you may need:

•   A bachelor’s degree, ideally in dietetics, nutrition, food service systems management, clinical nutrition, or a related area.

•   Advanced degree (such as a master’s or doctoral degree)

•   Supervised training through an internship

•   A license (many, though not all, states require licenses for dietitians and nutritionists to practice)

•   Certification (many dietitians earn the Registered Dietitian Nutritionist credential, which requires a bachelor’s degree and completed a dietetic internship program).

Nutritionists who work on staff typically receive not only competitive pay but also a suite of benefits, which may include:

•   401(k)

•   Dental insurance

•   Disability insurance

•   Employee assistance program

•   Flexible spending account

•   Health insurance

•   Life insurance

•   Paid time off

•   Retirement plan

•   Vision insurance


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Becoming a Nutritionist?

As with any profession, becoming a nutritionist comes with both advantages and disadvantages. Here’s a closer look at the job’s pros and cons.

Pros of Becoming a Nutritionist

•   Opportunity to help people: Nutritionists help people by guiding them in their food choices and assisting them in reaching their health and nutritional goals, which can be highly rewarding.

•   Varied tasks and responsibilities: A nutritionist can enjoy meeting a variety of people in different contexts. No client or situation will be the same, and each will bring new challenges.

•   Can work in a variety of settings: Nutritionists can choose where they want to work, such as a hospital, nursing home, school, or gym. With extensive experience, a registered dietitian might open a private consulting practice and offer specialized services to their patients.

•   Strong job outlook: The U.S. Bureau of Labor Statistics predicts the employment of dietitians and nutritionists to grow 7% between 2022 and 2030, which is faster than the average for all occupations.

Cons of Becoming a Nutritionist?

•   May need an advanced degree and certification: Depending on where you want to work, you may need to obtain a master’s and/or certain certifications (on top of a bachelor’s degree).

•   Can be emotionally draining: Though generally a low-stress job, nutritionists may need to have frequent interactions with seriously ill patients, which can be emotionally challenging.

•   You constantly have to stay up to date: Nutrition is an evolving science, which means you’ll need to stay current on the latest nutritional guidelines, regulations, and research, and adjust your practice based on new developments.

•   Competition for top-paying jobs: While the job outlook is strong for nutritionists, jobs with competitive pay may receive a lot of applicants. Obtaining more than the minimum education and training required by the state, however, can set you apart from other job competitors.

Recommended: How Much Does a Nurse Make a Year?

The Takeaway

Working as a nutritionist can be a rewarding career for people who want to help others improve their health and lifestyle. Nutritionists can choose where they want to work and who they want to work with. A nutritionist’s salary can range from $32,500 to $90,000 or more depending on their certification, experience, and employer.

Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday living expenses. To help ensure your monthly outflows don’t exceed your monthly inflows, you may want to set up a basic budget and check out financial tools that can help track your income and spending.

FAQ

Can you make $100k a year as a nutritionist?

Earning $100K as a nutritionist is possible but isn’t typical. Nutritionist salaries range anywhere from $32,500 to $90,000 a year, according to ZipRecruiter. That said, getting an advanced degree and extra certifications and/or starting your own private practice could lead to a six figure income.

Do people like being a nutritionist?

People who want to help others and who have an interest in the science of food will enjoy being a nutritionist. There are plenty of opportunities for nutritionists in a variety of contexts.

Is it hard to get hired as a nutritionist?

Nutritionists and dieticians are currently in demand and job opportunities are expected to grow 7% between 2022 and 2030, which is faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics.

Photo credit: iStock/Candle Photo

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SORL0124041

Retirement is supposed to be a time for enjoying life after decades of work. Yet many women are in a financially precarious situation when it comes to the so-called “golden years.” In a 2023 SoFi survey, 57% of women said they aren’t saving for retirement. Similarly, 50% have no personal retirement savings according to a 2022 Census Bureau Report.

Given that women now outlive men by approximately six years, according to a recent study in JAMA, they need to save for an even longer retirement than their male counterparts. That makes the fact that they have fewer funds earmarked for retirement even more troubling.

Why aren’t women saving for the future? And how can they start financially preparing for retirement? Read on to learn about the retirement gender divide, why it exists, and some possible solutions for overcoming it.

A Look at Retirement Trends for Women and Men

There has long been a disparity in retirement savings for men and women. According to the U.S. Department of Labor, as women get older, their chances of living in poverty increase, a trend that has persisted for at least 50 years, when such data collection started.

Consider the current retirement savings divide between women and men today, as reported by respondents to the SoFi 2023 Ambitions Survey:

Retirement Savings for Women and Men in US

According to the survey of Americans ages 18 to 75, men have a median retirement savings that’s about $40,000 to $60,000 higher than women’s savings. In addition, 11% more women than men aren’t saving for retirement, and likewise 11% more women don’t know how much is in their retirement savings. In fact, 33% of women have less than $5,000 in retirement savings, the survey found.

This savings disparity typically begins early in adult life and accumulates over time. Employment, marriage, and motherhood all play a role.

💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.

How Marriage and Children Impact Retirement

Women aged 55 to 66 who have been married once tend to have more retirement savings than women who have never been married, or those who have been married two or more times. According to a recent income survey from the U.S. Census Bureau, close to 37% of women married once have no retirement savings, compared to 41% of women married two or more times and 55% who never married.

In a divorce, some couples may be required to split their retirement savings or one may need to transfer some of their retirement funds to the other, which could be one of the reasons why the percentage of those without retirement savings is lower among women married two or more times than those who never married.

Motherhood and Money

When women have children, they often take time off from the workforce and/or may work part-time, which can have an impact on their earnings. According to an analysis by the Pew Research Center, among people 35 to 44, 94% of fathers are active in the workforce while 75% of mothers are.

Motherhood is also a time when the wage gap comes into play. In 2022, mothers 25 to 34 earned 85% of what fathers the same age did, while women without children at home earned 97% of what fathers earned, the Pew analysis found. The less money women make, the less they have to save for retirement.

Earning less also affects the Social Security benefits women get in retirement. While men got $1,838 a month on average in Social Security in 2022, women received on average $1,484, according to the Social Security Administration.

Retirement Is a Top Priority for Women and a Bigger Concern

While saving for retirement is the top goal for women, they are also focused on, and perhaps feeling stress about, paying off credit card and student loan debt, according to the SoFi Ambitions Survey.

Overall, women tend to perceive financial goals and success quite differently than men do. Two-thirds of female survey respondents said their marker of success is being able to feed their families. By comparison, one-third of men said their marker of success is being seen as successful, while another one-third say it’s reaching a certain income bracket.

That divergence may help explain why men are far more likely than women to consider investing a top financial goal, which could help them build retirement savings. For women, investing is at the bottom of the list of their financial priorities, perhaps out of necessity.

Retirement is women’s number-one goal and it’s also one of their greatest worries. One in five female respondents to SoFi’s survey said they may not be able to retire.

That means women are 33% more likely than men to believe that retirement may not happen for them.

Even if they can retire, there is no guarantee women’s savings will cover their expenses. In fact, women are approximately 10% more likely than men to say they are concerned about outliving their assets and having enough savings, according to a report from McKinsey Insights.

Recommended: When Can I Retire?

Why Are Women Facing a Retirement Gap?

In addition to the financial impact of marriage, motherhood, and lower earnings, women also experience some additional barriers to retirement saving.

For instance, a report from the Global Financial Literacy Excellence Center found that women tend to score lower in financial literacy than men do. And women with lower financial literacy are less likely to save and plan for retirement, according to the research.

Women also lack confidence when it comes to investing. Only 33% see themselves as investors, according to a 2022 SoFi Women and Investing Insights analysis, and 71% of their assets are in cash, rather than in investments or a retirement account, where their funds might have the potential to grow.

Minding and Mending the Gap

So how can women and society at large move forward and start closing the retirement gap?

The first step is for everyone, across all genders and ages, to build confidence in their financial skills by learning about money, saving, and investing. Knowledge helps create strength and belief in oneself, and it’s never too early or too late to start learning.

There are numerous good resources on retirement planning, to help individuals determine how much they may need to save for retirement and strategies that could help them get there. They can also sign up for financial classes and courses, and they might even want to consult a financial advisor.

At work, employees can participate in their employer’s 401(k) plan or any other retirement savings plan offered. Because money is automatically deducted from their paychecks and placed in their 401(k) account, saving may be easier to accomplish.

How to Start Saving for Retirement

No matter what your age, the time to kick off your retirement savings is now. Here’s how to begin.

Figure out your retirement budget.

To determine the amount you’ll need for retirement, think about what you want your life after work to look like. Do you want to move to a smaller, less expensive home? Do you hope to travel as much as possible? Having a clear picture of your goals can help you calculate how much you might need.

You can also consider the 4% rule, which suggests withdrawing 4% of your retirement savings each year of retirement so that you don’t outlive your savings. That could give you a ballpark to aim for.

Cut back on current expenses.

Take an honest look at what you’re spending right now on everything from rent or your mortgage to car payments, groceries, clothing, and entertainment. Find things to cut or trim — for example, do you really need three streaming services? — and put that money into your retirement savings instead.

Some savvy belt tightening now could help give you a more financially secure future.

Contribute as much as you can to your 401(k).

If you can max out your 401(k), go for it. You’re allowed (per IRS rules) to contribute up to $23,000 in 2024. If that much isn’t possible, contribute at least enough to get your employer’s matching contribution. That’s essentially “free money” that can help build your retirement savings.

Consider opening an IRA.

If you’ve contributed the max to your workplace retirement plan, opening an IRA online could help you save even more for retirement. You can contribute up to $7,000 in an IRA for 2024, or $8,000 if you’re 50 or older. IRAs offer certain tax advantages that may help you save money as well by lowering your taxable income the year you contribute (traditional IRA), or allowing you to withdraw your money tax-free in retirement (Roth IRA).

Recommended: How to Open an IRA: A Beginner’s Guide

Diversify your portfolio.

Whatever type of retirement account you have, including a brokerage account, diversifying your portfolio — which means investing your money across a variety of different asset classes — may help mitigate (though not eliminate) risk, rather than concentrating your funds all in one area.

Just make sure that the way you allocate your assets matches your retirement goals and your risk tolerance.

The Takeaway

Women are far behind men when it comes to retirement savings, due to a number of factors, including earning lower wages, and motherhood, which can mean time away from work, costing them in lost earnings. There’s also an emotional component involved: Women are less confident about investing overall.

However, building financial strength, and educating themselves about retirement planning is a good way for women to start saving for their future. Cutting expenses and directing that money into savings instead, participating in their workplace retirement plan, and opening an IRA or investment account are some of the ways women can take charge of their finances and help position themselves for a happy and secure retirement.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.

SoFi Invest®