Women could lose $430,480 in earnings over the course of a 40-year career due to the wage gap alone.
via Entitled to Know.
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#politics #women's rights #p2 #seniors #retirement #retirement crisis #entitlements #entitlement reform #older americans #elderly #gender wage gap #gender pay gapMore you might like
But I feel from all the budgets that I’ve passed, normalizing entitlement reform, pushing the cause of entitlement reform and the house passing entitlement reform, I’m very proud of that fact. But yeah, of course more work needs to be done, and it really is entitlements. That’s where the work needs to be done, and I’m going to keep fighting for that.
Speaker Paul Ryan via Politico.
Related Reading:
Seniors Relieved as America’s Privatizer-In-Chief Heads for the Exits.
- House Speaker Paul Ryan’s retirement from Congress lifts a very dark cloud that has hung over older Americans for nearly two decades. During that time, Speaker Ryan has been the Privatizer-in-Chief on Capitol Hill – advocating to turn Medicare into a voucher program and to gamble retirees’ Social Security benefits on the whims of Wall Street.
Max Ritchman, President and CEO of the National Committee to Preserve Social Security and Medicare: “America’s seniors understand all too well that our nation faces a retirement crisis and improving Social Security benefits is vital to keeping millions from poverty. Rep. Linda Sanchez’s ‘Strengthening Social Security Act’ makes several important improvements for seniors by: phasing out the payroll tax cap so that the wealthy pay their fair share, creating a Cost of Living adjustment for the elderly and boosting benefits for all retirees including widows/widowers. NCPSSM strongly supports this legislation and applauds Congresswoman Sanchez for doing the right thing for America’s seniors and their families.”
Related Reading:
Americans today are increasingly concerned that they will not have saved
enough money to provide for a reasonable standard of living in
retirement.
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.
America’s middle class faces a growing retirement crisis. More than half of all working-age households are expected to be at risk of having to cut back their standard of living—often making painful adjustments—when they retire.
Related Reading:
- Women and the Retirement Savings Gap.
- Older women have significantly lower retirement benefits than men.
The gender pay gap is even worse than you thought. Popular, oft-quoted figures claim that women make 78 to 79 cents to the dollar a man makes, according to the American Association of University Women, but that number is actually just an average that compares women, overall, to their comparable male counterparts.
via Bustle.
Related Reading:
- Women and the Retirement Savings Gap.
- Stagnant wage growth over the past decade, combined with the lingering effects of the recession, have made it very difficult for most American workers to put aside savings for retirement, and instead have led many to dip into what retirement savings they have accumulated to cover daily expenses.
#workingfamilycredits help at every stage of life - here’s the case for making those provisions permanent.
Related Reading:
The gender gap in retirement income security happens because women are marrying less and working more but still being paid less than men.
Whether America is facing a “retirement crisis” in which seniors are making do with shrinking financial resources has been widely debated. But here’s a telling metric: Seniors are making a larger share of bankruptcy filings.
That’s the finding of a new paper by academic researchers affiliated with the Consumer Bankruptcy Project, which periodically samples personal bankruptcy filings from all 50 states and the District of Columbia. “Older Americans are increasingly likely to file consumer bankruptcy,” they write, “and their representation among those in bankruptcy has never been higher.”
via Los Angeles Times.
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Social Security will be more important
than ever for retirees.
We are asking Congress to BOOST Social Security benefits for all working Americans. Click here to sign our petition.
Asked Monday if the Trump administration would address “entitlement reform,” White House chief economic advisor Larry Kudlow said it will “probably” look at “larger entitlements” next year. Entitlement reform generally refers to changes or cuts to large government social programs such as Social Security, Medicare, Medicaid or food stamps.
via CNBC.
Related Reading:
Trump Advisor Re-Affirms Commitment to Cutting Social Security & Medicare.
- This aligns with comments from National Republican Congressional Committee chair, Rep. Steve Stivers, House Speaker Paul Ryan, and several other key GOP members about the need to pay for last year’s tax cuts by ‘reforming’ Social Security and Medicare. ‘Reforming,’ of course, means cutting and privatizing.