Older Women's Retirement Security: A Primer

Abstract

This article provides an overview of the basic facts of old age in the United States, including a description of the retirement programs commonly available to the elderly and an examination of gender differences in the retirement experience. Women's greater economic insecurity relative to men during the retirement years is closely linked to their different work experiences, including differences in earnings, years of employment, Social Security earnings records, and likelihood of pension participation and receipt. Decisions about marriage, childbirth, and caregiving, as well as societal expectations and arrangements, also affect women's retirement security. Women are also disproportionately affected by risks associated with their longer lifespans and chronic health conditions that often result in women outliving their income and assets, losing access to a spouse's resources, paying high out‐of‐pocket medical expenses, and requiring long-term care. Many more older women than men live alone and among the elderly the poverty rate is highest among single women living alone. After exploring the sources of women's retirement insecurity, the article concludes with brief recommendations for reform. The aging of the baby boom and the global financial crisis of 2008 combine to raise questions about the future of retirement. The authors argue it is important for policymakers and advocates to work to improve retirement security in the United States and strengthen Social Security for all, preserving those features of Social Security that work well for older women, while also reforming the outdated aspects of the Social Security system that disadvantage women.