How the Gender Pay Gap Harms Women's Retirement

Women make up nearly half the U.S. workforce, receive more college degrees than men and are the sole breadwinners in four of 10 American households. Yet they earn less than men at virtually every job — a persistent problem known as the gender pay gap. And that gap can mean a more challenging retirement for women.

The retirement challenges facing millions of American women simply can’t be ignored. On average, women live longer than men yet their lifetime earnings are generally lower. Pay inequity while they’re working and often reduced benefits once they retire means millions of women face retirement and health insecurity in their old age.

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“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.
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Related Reading:Women and the Retirement Savings Gap.
Women and Social Security. — *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:
Women and the Retirement Savings Gap.
Women and Social Security.

Source: eleanorshope.org equal pay women's rights gender wage gap gender pay gap politics p2 seniors retirement retirement savings retirement crisis social security

“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... — 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:
Women and the Retirement Savings Gap.
Women and Social Security.

Source: eleanorshope.org social security seniors p2 politics retirement women's rights gender wage gap retirees retirement crisis entitlements entitlement crisis social insurance gender wage inequality gender pay gap

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.

Source: The Huffington Post social security women's rights gender wage gap politics p2 seniors retirement retirement crisis retirees

“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... — **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.

Source: bit.ly women's rights gender pay gap gender wage gap politics equal pay retirement retirees retirement crisis entitlements entitlement reform social security p2 seniors

“Today’s seniors are so reliant on Social Security in part because companies that once provided pensions began, in the 1970s, to turn the responsibility of retirement saving over to individuals. Rather than “defined benefit” plans, in which people... — Today’s seniors are so reliant on Social Security in part because companies that once provided pensions began, in the 1970s, to turn the responsibility of retirement saving over to individuals. Rather than “defined benefit” plans, in which people are guaranteed a certain amount of money every year in retirement, they receive “defined contribution” plans, which means the employer sets aside a certain amount of money per year…
…For many seniors, the answer to this lack of savings has meant working longer and longer, as Roberta Gordon is doing. Today, about 12.4 percent of the population aged 65 or older is still in the workforce, up from 3 percent in 2000, according to Oakley…
…These troubles can be particularly hard on women. That’s in part because they typically receive lower benefits than men do. In 2014, older women received on average $4,500 less annually in Social Security benefits than men did. They received lower wages when they worked, which leads to smaller monthly checks from Social Security. They also are more likely to take time off from work to care for children or aging parents, which translates to less time contributing to Social Security and thus lower monthly benefit amounts.
via The Atlantic.
**Related Reading:**
**Women and Retirement Savings Gap.**
These trends inordinately impact women who tend to spend more time out of the workforce as a consequence of their caregiving responsibilities. Women earn less than men even when doing the same jobs, they more often work part-time or in jobs that do not offer retirement savings plans, and as a result women tend to accumulate fewer savings for retirement.
At the same time, their longer average lifespan means that they will have higher retirement costs, both for everyday expenses and for necessary medical care.

Source: bit.ly politics retirement social security earned benefits gender wage gap gender pay gap women's rights p2 older americans retirees retirement crisis entitlements entitlement reform elderly social insurance seniors healthcare health care

rewire.news

Yes, the Gender Wage Gap Is Real, New Report Says

A major research report out Thursday from the Economic Policy Institute (EPI) aims to inform the national discussion about workplace policies with a new analysis showing the gender wage gap is real.
“We’re basically saying we’ve measured it a lot of different ways, and it exists, and it’s real, and unfortunately it has not gone away,” said Elise Gould, an economist with the nonpartisan Washington, D.C.-based think tank EPI, in a phone interview with Rewire.
via Rewire.

The truth about the gender wage gap

Women earn 79 cents on the dollar compared with men. But the gender wage gap is much, much more than one number.

Sarah Kliff

Nearly 10,000 people graduated with MBAs from University of Chicago’s Booth School of Business between 1990 and 2006.
In 2009, three economists decided to study a quarter of those graduates. They asked a detailed set of questions about the jobs they’d held since graduation, how many hours they worked, where they worked, and what they had earned each year.
via VOX.

NCPSSM — How the Gender Pay Gap Harms Women's Retirement

See, that’s what the app is perfect for.