The wage gap has a real effect on the lifetime earnings of women. The Institute for Women's Policy Research estimates that the wage gap costs New Jersey working women nearly $16.6 billion in lost wages annually. In addition to lost wages, lower pensions and Social Security benefits accumulate at a far reduced rate during women's time in the workforce. This has serious financial consequences for New Jersey women over the course of their entire lives, compromising their ability to financially support their families, afford home ownership, pay back student debt, and save for retirement.