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Women’s Wealth Gap Exceeds Pay Gap | Squared Away Blog
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Society’s focus is on working women’s lower pay, but the bigger problem is that they have less wealth than men: https://bit.ly/2tc2Wyt 

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Related Reading:

Women and Retirement: The Gender Gap Persists.

Americans today are increasingly concerned that they will not have saved enough money to provide for a reasonable standard of living in retirement. When people were asked in a recent survey which they fear most – death or outliving their money in retirement – nearly two-thirds chose running out of money.

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 and they more often work part-time or in jobs that do not offer retirement savings plans.

Source: crratbc

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Finding Affordable Senior Housing Is A Challenge For Many Americans. Here's Why

About half of private sector employers don’t offer a retirement plan. That means about a quarter of Americans retire on not much more than social security, even those who’ve worked all their lives.

via NPR.

Stay on top of issues like this by signing up for our free newsletter, Your Morning Read, by clicking here.

Source: bit.ly politics seniors housing elderly older americans retirement retirees retirement crisis entitlements entitlement reform retirement security p2
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Survey Highlights Women's Retirement Insecurities

Franklin Templeton Investments

The Gender Pay Gap

While there have been many strides in terms of gender equality, there clearly is more work to be done. A major study by the National Institute on Retirement Security (NIRS) found that women were 80% more likely than men to live in poverty.1 On average, the NIRS study showed women age 65 and older have been living on 25% less income than men of the same age, and for those age 80 and older, this widens to 44%.2 This report cites several factors; for one, women have “higher rates of part-time employment” and shorter job tenures. As a result, many do not qualify for employer-sponsored retirement benefits—if there are any. The NIRS said that in 2010, men received $17,856 in median retirement income from a pension, whereas women received $12,000—33% less.3

Social Security benefits are lower for women, too. Why? For one thing, on average, women earn less than men.

via Seeking Alpha.

You can learn more about this topic from our women’s initiative, Eleanor’s Hope, by clicking here.

Source: bit.ly women's rights gender pay gap gender wage gap p2 elderly seniors retirement retirees retirement crisis entitlements entitlement reform earned benefits social security medicare
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New Jerseyans should delay retirement, group says. They’ll have fatter Social Security checks.

People say they'll retire early because they are “sick and tired of working.” I respond that they will be even more sick and tired of not having enough money in old age.

It’s no secret that American workers face a major – and very real – retirement crisis. Wealth inequality and workplace changes have all but kicked-out two of the legs of the traditional retirement stool: pensions and private savings – both of which are at historic lows. More and more retirees have come to rely on the third leg of the stool, Social Security, for most of their income. (The average monthly Social Security benefit in New Jersey is about $1,500 or some $18,000 per year, only a few thousand dollars above the federal poverty line.) 

Even with Social Security, nearly 7% of New Jersey seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.

via NJ.com

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You can learn more from our education initiative, Delay & Gain, by clicking here.

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Source: bit.ly delay and gain seniors social security social insurance elderly older americans retirement retirees retirement crisis entitlements entitlement reform earned benefits new jersey retirement security retirement age p2
bit.ly

Another Voice: Delaying retirement means gains in Social Security

It’s no secret that American workers face a major – and very real – retirement crisis. Wealth inequality and workplace changes have all but kicked out two of the legs of the traditional retirement stool: pensions and private savings – both of which are at historic lows.

More and more retirees have come to rely on the third leg of the stool, Social Security, for most of their income. (The average monthly Social Security benefit in New York State is about $1,450 or some $17,000 per year, only slightly above the federal poverty line.) Even with Social Security, 10% of New York’s seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.

Read more from this op-ed by clicking here.

Source: bit.ly politics delay and gain social security social insurance retirement retirees retirement crisis entitlements entitlement reform seniors older americans elderly p2 retirement age retirement security
bit.ly

Opinion: Detroit workers win by delaying retirement

Workers in Detroit face a major — and very real — retirement crisis. Wealth inequality and workplace changes have practically sawed-off two of the legs of the traditional retirement stool: pensions and private savings. More than half of today’s retirees rely on the third leg of the stool, Social Security, for most of their income. Even with Social Security, some 7% of Michigan seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.

Delayed claiming past the early retirement age of 62 results in bigger monthly benefit checks for life. Waiting until after the current full retirement age of 66 yields even greater gains — up to 44% more than early claiming. But too few of Detroit’s workers are taking advantage of this delay-and-gain strategy. More than half of Michigan workers retire by age 62 — four years before they can collect their full Social Security benefits.

Read more from our op-ed by clicking here.

Source: bit.ly politics social security social insurance earned benefits eldelry older americans working class retirement retirement crisis retirement age retirement security retirees entitlements entitlement reform p2
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Louisville workers can gain big by delaying retirement

Workers in Louisville face a major — and very real — retirement crisis. Wealth inequality and workplace changes have practically sawed off two of the legs of the traditional retirement stool: pensions and private savings.

More than half of today’s retirees rely on the third leg of the stool, Social Security, for most of their income. (The average Social Security benefit in Kentucky is roughly $16,000 per year, only about $3,500 above the federal poverty line for individuals.)  Even with Social Security, some 13% of Kentucky seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.  

Read more from our new op-ed by clicking here.

Source: bit.ly social security politics social insurance earned benefits retirement retirees retirement crisis retirement security retirement age elderly older americans entitlements entitlement reform seniors p2 delay and gain
“White workers have nearly five times as much wealth in retirement accounts as black worker: Since the rise of 401(k)s in the early 1980s, the retirement gap between black and white workers has widened. Before 401(k)s took off, black and white...

White workers have nearly five times as much wealth in retirement accounts as black worker:

Since the rise of 401(k)s in the early 1980s, the retirement gap between black and white workers has widened. Before 401(k)s took off, black and white workers had similar rates of participation in retirement plans. In 1983, 53 percent of white workers and 52 percent of black workers age 32-61 (the age range during which most workers would be expected to save for retirement before becoming eligible for reduced Social Security benefits) participated in an employer-based plan.

via EPI.

Further Reading:

African Americans Rely on Social Security for More of Their Retirement Income.

Source: ncpssm.org retirement retirement crisis politics seniors entitlements p2 entitlement reform social insurance older americans 401k
“Black & Hispanic women are disproportionately impacted by the pay gap. Want their vote? Support equal pay #womenvote ” Related Reading:• Women and Retirement Savings Gap. • The financial gap of single women, women with lower levels of education or...

Black & Hispanic women are disproportionately impacted by the pay gap. Want their vote? Support equal pay #womenvote

via Center for American Progress.

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Source: bit.ly women's rights politics retirement seniors older americans p2 retirement crisis equal pay gender pay gap gender wage gap elderly womenvote election election 2016 2016 election
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Delaying retirement boosts Social Security checks

Max Richtman

It’s no secret that American workers face a major retirement crisis. Wealth inequality and workplace changes mean more and more retirees have come to rely on Social Security for most of their income. But the average monthly Social Security benefit in Maryland is $1,472 — or roughly $18,000 per year, which is only slightly above the federal poverty line. And even with Social Security, some 7 percent of Maryland’s seniors live in poverty.

The good news is that Maryland workers can increase the size of their future Social Security checks by delaying retirement. Delayed claiming past the early retirement age of 62 results in bigger monthly benefit checks for life, and waiting until after the current full retirement age of 66 yields even greater gains — up to 44 percent more than early claiming.

But too few Marylanders are taking advantage of this “delay-and-gain” strategy, or are even aware of it. The average age for claiming Social Security in Maryland is 64 — two years older than the minimum, but early enough to be penalized with lower benefits, which are cut by roughly 6 percent for every year that they file for Social Security before the full retirement age.

Read our full op-ed by clicking here.

Source: bit.ly politics social security social insurance delay and gain earned benefits p2 elderly seniors retirement retirees retirement crisis entitlements entitlement reform retirement age retirement security
“It could be as simple as this: Wealth buys higher-quality medical care, which allows people to live into old age. But a long line of evidence, including the new work, suggests it’s less obvious than it might seem. The affluent seem to live in...

It could be as simple as this: Wealth buys higher-quality medical care, which allows people to live into old age. But a long line of evidence, including the new work, suggests it’s less obvious than it might seem. The affluent seem to live in healthier ways. They exercise more, smoke less, feel less stress and are less likely to be obese.

via New York Times.

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Source: ncpssm.org retirement retirement age politics seniors healthcare p2 rich poor poverty retirees elderly health care retirement crisis social security entitlements entitlements reform
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