A recent report from the AARP’s Public Policy Institute found women face a greater challenge preparing for their retirements than men do.
The report found that because women who reach the age of 65 live two years longer than their male counterparts, they are more likely to be single as they age, are more likely to need long-term-care services and face higher medical bills.
Women are also more likely to take time off of work or have a part-time job in order to care for their children or another family member. This means they spend on average 12 fewer years in the workforce than men do and are less likely to receive benefits from an employer’s pension or retirement plan because they do not have enough hours or tenure to qualify.
Because of these factors, the public policy institute found the median retirement income for women was $15,072, and 10.7 percent of women older than 65 live in poverty. Men had a median retirement income of $25,704 and a poverty rate of 6.2 percent.
— From staff reports