First, women are more likely to live in poverty during their retirement years than are men.
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For these reasons, women tend to rely more heavily on Social Security in their retirement than do men.
If a woman did not work and have the opportunity to save and invest on her own throughout her lifetime, she is often totally reliant on her family and Social Security for her retirement years.
Women continue receiving less salary for the same kind of job. Women have a higher unemployment rate in our country. When you analyze the composition of poverty, you will find that most of the families in poverty are being run by a woman.
Because there still exists a significant pay gap, women tend to earn less than men over the course of their lifetimes. Compounding the problem, women tend to spend less time in the workforce than men.
Social Security makes up a much larger share of total retirement income for unmarried women and minorities than it does for married couples, unmarried men and whites.
Women would be disproportionately affected by the privatization of social security. It is one of the most important safety nets for American women in old age, or in times of disability, to insure financial income for their families.
On the other end of the spectrum, these women who do live long enough to collect Social Security face the challenge of being disproportionately dependent on the Social Security system for retirement income.
Men are able to sustain a career into their 50s and 60s and still present themselves as sex symbols. With women, on the other hand, people say, 'Why doesn't she retire?'
Research by James Poterba at the Massachusetts Institute of Technology finds that the wealth of the U.S.'s elderly is highly skewed. About half of retirees have little or no financial wealth when they retire and depend almost entirely on Social Security for their income.
Social Security is the only thing most Americans can count on to keep them out of poverty during retirement.
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