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Economy
Related: About this forumIn retirement, income gap worsens for women
http://justcareusa.org/in-retirement-income-gap-worsens-for-women/We know that women earn 79 cents for every dollar men earn. A new report from the Institute on Retirement Security reveals that in retirement the gap in income widens. And, over time, the retirement income gap only worsens for women. As a result, women are much more likely to suffer financially in retirement than men.
Older women live on just three-quarters of the retirement income of men. As a result, they are 80 percent more likely to be impoverished than men. And, by the time women are 80, the income gap widens, with their median income just 70 percent that of men, $26,470 to $38,040.
Women receive one third less in retirement income from a pension, $12,000, than men, $17,856. And, they save 34 percent less in their 401(k) type retirement plans, $24,446, than men, $36,875. Because they have a longer life expectancy than men, they are at greater risk of depleting all their retirement savings.
On average, women receive lower Social Security benefits than men. Yet, for women with annual incomes under $80,000, Social Security is a key source of income. Without Social Security, almost half of all older women would be living in poverty. Social Security represents the majority of income for single, widowed and divorced women over 70.
Almost two out of three older adults living in poverty are women.
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In retirement, income gap worsens for women (Original Post)
eridani
Mar 2016
OP
It is? Assuming you mean caregiver credits, which is a good idea. But the Pete Petersen dogwhistle
eridani
Mar 2016
#2
FreakinDJ
(17,644 posts)1. Hillary's position is noble
But Means Testing Social Security could lead to it's undermining
eridani
(51,907 posts)2. It is? Assuming you mean caregiver credits, which is a good idea. But the Pete Petersen dogwhistle
--is pretty alarming. Last heard the "help the poorer recipients" thing in 2010. What it meant then and still means is "Cut Social Security. Then add replacement money for those in the lowest quintile."
FreakinDJ
(17,644 posts)3. That is what I am referring to
That verbatim is Third Way's plan
snot
(10,478 posts)4. And guess what, I'd bet on avg., women worked harder for, & saved more out of
what they earned.
MisterP
(23,730 posts)5. the harder you work, the less you have to save
eridani
(51,907 posts)6. Hard work has something to do with how much you get paid? On what planet? n/t
MisterP
(23,730 posts)7. zactly: with inverted incentives like we have in our economy, there's little recourse for those
with goals of any sort
eridani
(51,907 posts)8. OK--I see what you mean now. n/t