Adults face the ongoing challenge of saving enough money for retirement while still having a decent standard of living right now. The problem is particularly acute for women, who generally earn less and live longer. USA TODAY reports several surveys show the differences in what men and women have accumulated over the years for retirement.
About 40 percent of retired women have less than $100,000 in savings compared to about 33 percent of men. The difference in earnings is also reflected in the average Social Security benefit check. For women, the benefit is $1,638 compared to $2,020 for men.
Divorce is a factor in making saving more challenging, especially for single mothers who bear the burden of child-rearing. Longevity also makes the task more daunting because women in general live longer and actually need to set aside more. As a result, they must work longer and defer retirement as long as their earning power remains high.
Council of Seniors Wants Retirement Years to Be Easier
Seniors will have more freedom to enjoy life with additional retirement income. That’s why here at Council of Seniors, we’re totally committed to getting Congress to pass The SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) has short-changed seniors in recent years, this legislation is a must. The amount of $581 was withheld from seniors, and it’s time for that money to be returned.
Please sign our petition right away. With your support, we’ll be able to finally return this money to seniors.
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