What the Wage Gap Does to Women As They Grow Old
Women 80% more likely to be impoverished in retirement than men
We all hear discussions about the income gap between men and women, but far too often we don’t think about the long-term ramifications.
A study by the National Institute on Retirement Security (NIRS) finds that women age 65 and older are 80% more likely to be impoverished than men, while those age 75 to 79 were 3 times more likely to fall below the poverty line than their male counterparts.
“It is well documented that the nation faces a retirement savings crisis, but the pain is particularly severe for women because we need a bigger retirement nest egg than men thanks to our longer life expectancy,” said Diane Oakley, NIRS executive director and report co-author.
“This new data is troubling—it shows that a woman’s nest egg is substantially smaller than a man’s and that we’re not making real headway toward closing the retirement gender gap,” she adds.