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A recent report from the National Institute on Retirement shows shocking results regarding women in retirement. The report that women in retirement are 80% more likely than men to be impoverished.
The reasons are apparent; throughout a women’s working life, their income is lower, less money is contributed to Social Security for retirement. Combine this with the known fact that women live longer than men.
The study found that women at all age groups have substantially less available income at retirement time than men. For women age 65 and older, the report indicates that their average income is as much as 25% lower than men.
As men and women grow older, the men’s income advantage widens to 44% by age 78. Consequently, women were 80% more likely than men to face poverty at age 65 and older. Women who reach age 75 to 79 were three times more likely to fall below the poverty level than were men.
These findings are contained in a new report, Shortchanged in Retirement, The Continuing Challenges to Women’s Financial Future.
Key points in the report showed:
The report suggested several recommendations to help change the balance for women in retirement:
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