Editors' pick: Originally published Nov. 10.
Women in the workforce will need to work until April 4, 2017 to earn what men will have made during 2016. Put another way, for every dollar men make, women get only 79 cents, a 21% differential -- according to U.S. Census Data.
When it comes to women of advanced age who are in or approaching retirement, the gender wage gap is greater still.
The gender earning difference peaks to 44% among those 65 and up, meaning women earn 56 cents for every dollar men do.
That means an older woman today earns less than the typical woman did in 1963, the year of the Equal Pay Act was enacted. At that time, women earned an average of 59 cents for every male dollar.
Inequality will not change overnight. But women can try to overcome the long-term disadvantage they may face from the gender wage gap through savvy investing strategies that are tailored for them in particular.
In fact, the female-focused robo-advisor Ellevest launched this May with this purpose in mind.
"Ellevest's mission is to close the gender gap," says Charlie Kroll, co-founder and president of Ellevest. "Women live longer, have more breaks in their career and face more problems in their peak salary".
The main distinctive feature of Ellevest's product is that it is goal-based. All is done in the context of client goals instead of asking about risk tolerance. The robo-advisor expects its customers to achieve their long-term goals, instead of focusing only on the returns. There are 21 asset classes over a variety of portfolios available through Ellevest, and it focuses on low-cost ETFs.