US women 80% less likely than men to enjoy retirement security – study

American women are at a higher risk of poverty after retirement than men, because their existence is conditioned by a combination of lower pay, a longer lifespan and other factors such as taking time off to be with their families.

A new study by the Washington, DC-based Institute on Retirement Security (NIRS) found that retirement security is up to 80 percent less likely for women as a result.

The study of American retiree prospects found that “the retirement gender gap is alive and strong”, and that a woman earning on average $50,000 annually must save more than $1,000 more of that each year to catch up to men.

© Jessica Rinaldi

The situation is currently so that by the age of 80, a man’s income will have surpassed a woman’s by 44 percent.

Moreover, women were three times more likely than men to live in poverty at ages 75-79. Further to this, widowed women were twice as likely as widowed men to experience the same fate.

As a rule, women need to acquire more retirement assets.

This is firstly related to women’s longer life expectancy. But a slew of other distinctly female life issues contribute greatly to the gap, even exacerbate it, NIRS finds.

“According to [an earlier] 2007 study, full-time female workers made just 76.2 percent of their male counterparts’ wages – that means less money for savings.

“Women still earn less, have less to save, and are less likely to have workplace retirement plans,” policy analyst and research brief author Ilana Boivie said.

Researchers explain that “given that the global economic crisis has drastically eroded retirement readiness, it’s all the more urgent that a policy framework is put in place to give all women a shot at achieving retirement security with a pension, 401(k)-type supplemental savings accounts, and Social Security.

“The fact that women over 65 are 80 percent more likely than men to fall into poverty in their retirement years is tragic and should be a call to action for policymakers,” co-author and executive director at NIRS said in a statement.

Recent research by NIRS found that there’s also a big gap in psychological perceptions of financial security upon retirement in the US. A sizable 88 percent of woman said they were concerned for their security, compared to 79 percent of men.

Share...Share on FacebookShare on Google+Tweet about this on TwitterEmail this to someoneShare on LinkedInShare on RedditShare on Tumblr

Related Posts:

All content herein is owned by author exclusively. Expressed opinions are not necessarily the views of VT, VT authors, affiliates, advertisers, sponsors, partners, technicians or Veterans Today Network and its assigns. In addition, all images within this post are the full responsibility of the author and NOT Veterans Today Network.
Legal Notice - Comment Policy

Posted by on March 2, 2016, With 507 Reads Filed under Economy & Business. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Comments Closed

One Response to "US women 80% less likely than men to enjoy retirement security – study"

  1. paul becke  March 2, 2016 at 7:56 am

    When you consider that the ‘powers that be’ have no compunction about condemning impoverished women, even families, to sleeping rough, you realise that the actions of our politicians cry to heaven for vengeance. And it will come.

    ‘…21To make you know the certainty of the words of truth That you may correctly answer him who sent you? 22Do not rob the poor because he is poor, Or crush the afflicted at the gate; 23For the LORD will plead their case And take the life of those who rob them.…’

    Proverbs 21-23

    .. and while the use of the word ‘man’ here is generic, it seems unlikely to me that the author would even have had to contemplate women being included. The history of the world, right up to the present day, has largely been a long and sordid chronicle of the ministrations of psychopaths.

    We have gone backwards, so that the likes of Xerxes, and the Persians over whom he ruled, as related in the Book of Esther, put them to shame with their government of laws – laws, moreover, by which the ruler, himself, is bound. A true country of laws – now seemingly replicated by Russia, under the rule of Vladimir Putin.

You must be logged in to post a comment Login

From Veterans Today Network