Americans today are increasingly concerned that they will not have saved enough money to provide for a reasonable standard of living in retirement.
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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.
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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.
via Bloomberg.
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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.
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.
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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.
The gender wage gap continues, meaning women earn only 78 cents for every dollar paid to their male counterparts.
Max Richtman via Tampa Bay Tribune.
March is Women’s History Month – During the month, we’ll be highlighting ways the gender wage gap affects women’s Social Security benefits.
The gender wage gap has improved quite a bit since women started entering the workforce in large numbers. Women who work full time and year-round earned just 58 percent of what men earned annually in 1968; now that ratio is about 79 percent.
via VOX.
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.
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.
The demographic reality facing most American women in retirement simply can’t be ignored.
Women live longer than men, on average, yet their lifetime earnings are generally lower. Women are more likely to work in part-time jobs that don’t qualify for a retirement plan or they interrupt their careers to take care of family. In fact, non-married women have among the highest poverty rates in the nation.