Record Details

Shortchanged in Retirement: Continuing Challenges to Women’s Financial Future

Journal of Insurance and Financial Management

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Title Shortchanged in Retirement: Continuing Challenges to Women’s Financial Future
 
Creator Brown, Jennifer Erin
Rhee, Nari
Saad-Lessler, Joelle
Oakley, Diane
 
Description This report, which is based on the authors’ analysis of the 2012 Survey of Income and Program Participation (SIPP) data, examines the distinct challenges posed by the current retirement system of Social Security, pensions, and savings for working-age, retirement-aged, and retired women. Women are 80 percent more likely than men to be impoverished at age 65 and older as they end up having less retirement wealth, live longer, and have overall higher medical expenses. Building retirement savings remains difficult as women’s higher rates of part-time employment and shorter job tenure make it more difficult to meet eligibility requirements for participation in retirement plans, and the gender pay gap lowers women’s lifetime earnings. Security they may have had from Social Security or direct benefit (DB) plan benefits are also reduced as direct contribution (DC) plans have become dominant. Yet, the report also finds women in the health care, education, and public administration fields, where DB pension plans are more prevalent, have higher incomes in retirement and lower rates of poverty than in other industries, due to their increased participation in DB pension plans. In consideration of these findings, we propose further policy solutions that will reduce women’s retirement insecurity.
 
Publisher Journal of Insurance and Financial Management
 
Contributor BNY Mellon
 
Date 2016-08-02
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://journal-of-insurance-and-financial-management.com/index.php/JIFM/article/view/48
 
Source Journal of Insurance and Financial Management; Vol 2, No 1 (2016): Journal of Insurance and Financial Management
2371-2112
 
Language eng
 
Relation https://journal-of-insurance-and-financial-management.com/index.php/JIFM/article/view/48/pdf
 
Rights Copyright (c) 2016 Jennifer Erin Brown
http://creativecommons.org/licenses/by/4.0