Women Face Greater Economic Insecurity During Retirement Than Men
Even if women do live longer, they receive a lower pension income than men, according to the SSA. How so? Don’t all women work and pay contributions so they can get more Social Security credits and enjoy a higher benefit during retirement?
Unfortunately, women are still paid less than men. A 2021 Fidelity survey shows that the average total earning for women is only $27,165, while men get $43,703.
As a result, there is also a gender gap in pensions. A woman will live her golden years with fewer Social Security benefits, and thus she is more likely to face greater financial challenges. In fact, according to the SSA, around 12% of women over the age of 65 live in poverty, while the percentage for older men is 7%.
If you’re a woman, this may serve as a wake-up call. Financial experts recommend investing wisely to avoid any financial troubles and get the most out of your Social Security benefits.
8 Responses
I am a federal employee and will turn 65 in 2023. I am still working. Do I have to apply for SS or can I delay till I retire?
My wife and I are 74 and 81 respectively. Her SS benefit is $898 and mine is $2416. If I die first, what would be the best way for her to maximize her income?
i took SS at 62 . Will my wife’s benefit be reduced up to 30% if I die first?
Hi
Is there any bill in Congress to increase senior women’s income, as we still get paid lower than men!!
TY
if you were divorcedbut married for 10 years and now re married and die who gets s s benefits
I am 75 years old. I am a man. My Social Security is less than a 1,000 dollers a month.
I 66 don’t have a good retirement other SSA
Which I can live off
But I have training and experience
Can work in a lot of industries and remote to supplement my retirement which can be very helpful
Age of course is the problem
My husband died 7/18/22 he was 68 yrs old and worked his entire adult life I only collect $800 from his SS. I can’t believe that with my SS I get $772 I can only pay the mortgage. Is this low income SS.