When women retire, yet another gap
Back in April of this year, I discussed Equal Pay Day and the sad reality that in the 21st century, women still aren’t paid at the same rate that men are for the same jobs. Here’s news that heightens our awareness of this pressing concern.
The National Institute on Retirement Security reports that women have substantially less income than men in retirement. In fact, women are 80 percent more likely than men to be impoverished at age 65 or older. And those between the ages of 75 and 79 are three times more likely than men to be living in poverty.
While this does not mean that 80 percent of women definitely will be poor in retirement, the very likelihood should horrify all Americans, and particularly us, since 76 percent of NEA members are women.
Let’s consider the roots of this problem. Actually, it’s pretty simple.
Most estimates are that women working full time earn just 79 percent of what men earn – a pay gap of 21 percent. (For a lighthearted look at one young woman’s attempt to deal with this issue, check this out.)
What’s more, women are living longer. A report released by the Centers for Disease Control and Prevention found that women live, on average, almost five years longer than men. Less pay over the course of a woman’s working life plus a longer life span means women face a higher likelihood than men of spending retirement in poverty, or on the edge of it.When women retire, yet another gap - Lily's Blackboard: