Although more than a quarter (26.6 percent) of all the state’s retirees receive less than $900 per month in Social Security, even more of Florida’s women (36.2 percent) receive less than a $900 monthly benefit.
Max Richtman via Tampa Tribune.
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The future of Social Security is shaping up to be a major contention in the 2016 presidential campaign and women, who depend more heavily on the system, have much at stake.
“Social Security is often women’s only asset,” said Sylvia Allegretto, a labor economist…
Eleanor’s Hope
To alleviate the retirement crisis, the National Committee to Preserve Social Security and Medicare launched a national initiative in October to modernize the Social Security system. Called Eleanor’s Hope, in honor of first lady Eleanor Roosevelt who championed passage of the Social Security Act in 1935, the initiative takes a comprehensive long-range approach to reflect women’s contributions as breadwinners as well as family caregivers.
In addition to public retirement credits for people who take time off from paid employment to serve as family caregivers and for retirees who have worked in low-wage occupations, the plan also calls for strengthening the Social Security cost-of-living allowance and boosting benefits of all current and future beneficiaries.
via Womens E-News.
Related News:
States Not Waiting To Close Gender Wage Gap:
Emily Martin created a state-by-state map of the gender wage gap in the United States. She calculated: Washington, D.C., has the smallest wage gap where women average nearly 90 cents to a man’s dollar; Louisiana has the largest gap — women there earn just 65 percent of what men do.
via NPR.
Related Reading:
- Women and the Retirement Savings Gap.
- Americans today are increasingly concerned that they will not have saved enough money to provide for a reasonable standard of living in retirement.
While the U.S. has made strides toward reducing the gender wage gap over the decades, new research today shows just how far there is to go.
via Bloomberg.
Related Reading:
The gender wage gap hasn’t budged in 9 years:
The average woman who had a full-time, year-round job in 2015 made just 80 percent of what a man did, according to the latest data from the Census Bureau. That’s up from last year’s 79 percent, but the increase is not statistically significant. The wage gap hasn’t closed significantly since 2007.
via Think Progress.
Related Reading:
- Women and Retirement Savings Gap.
- Women are also more likely to spend time out of the workforce
entirely to raise their children or provide care to elderly parents. In
2014, 43 percent of women were out of the workforce compared with 31
percent of men.
For women who live longer on lower benefits, America’s retirement crisis is very real. That’s why the financial protection that Social Security provides is even more critical for the millions of women who depend on this vital program to keep them from poverty.
Max Richtman via Huffington Post.
Retirement insecurity is a startling piece of the vast economic inequality puzzle facing women today. Women are paid $0.78 on the dollar that men are paid for the same amount of work, resulting in decreased Social Security payments and retirement benefits. More women than men take time from their jobs to give birth, raise children and care for family members – leading to lower overall lifetime savings.
via Salon.
Related Reading:
NCPSSM Board Chair, Dr. Catherine Dodd, testified before the U.S. Senate Finance Committee today on the economic challenges facing America’s older women. 22 million older women receive Social Security benefits yet the inequalities they face threaten their retirement security. The National Committee’s Eleanor’s Hope initiative urges Congress to pass a number of improvements to the program including: providing Social Security credits for caregivers, improving Social Security survivor benefits, equalizing Social Security’s rules for disabled widows, strengthening the Social Security Cost of Living Allowance and boosting the basic Social Security benefit of all current and future beneficiaries.
Stated simply, women depend substantially in retirement on the benefits they receive from Social Security.
via Eleanor’s Hope.
Stated simply, women depend substantially in retirement on the benefits they receive from Social Security.
National Equal Pay Day 2019 reminds us that gender pay equity is crucial not only for social justice, but for women’s retirement security. When women earn less than men (currently, only 80 cents on the dollar), they cannot afford to save sufficient money for retirement – and their Social Security benefits are lower.
In 2016, the average annual Social Security income received by women 65 years and older was $13,891, compared to $17,663 for men. – National Committee Social Security Fact Sheet
Women take more time off work to care for family members, but don’t get credit for it in their Social Security earnings history. On average, women outlive men by five years – forcing them to stretch their retirement dollars over a longer span of time. That’s one reason why 11% of senior women live in poverty – an unacceptable number in the wealthiest country on earth.