by Lauren Popham, PhD
“We weren’t surprised when more than half of women responding to a survey we conducted with Ipsos said they are worried about outliving their savings. Income is tied to lots of aspects of aging, but the way that plays out once you turn 60 is very different for men and women. One major reason: the gender pay gap.
“A lifelong problem
“Women are more likely to experience financial insecurity than men, and this discrepancy becomes even more pronounced later in life. Making less than their male coworkers means women have less money saved when they retired, and will draw less money from Social Security once they’re eligible. We’re left with sobering statistics like this from the Health and Retirement Study: half of women age 60 or older have household incomes below $39,600, yet the median income for men in the same age range is $55,000.
“Despite entering retirement age at a disadvantage, women tend to live longer and face more out-of-pocket costs for things like medication each year.”