Are Senior Women Less Financially Secure Than Men?

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Senior women tend to enjoy less financial security than their male counterparts.

We all have women in our lives.

They are our mothers, sisters, daughters, aunts, nieces, and grandmothers.

We all want what is best for them.

Unfortunately, aging women are a vulnerable population.

According to recent a National Council on Aging article titled “The Pay Gap is an Aging Issue,” women are at greater financial risk as they age than men.

Senior women have lower retirement income than men.
Senior woman tend to have greater financial insecurity than man.

Why is this?

There are a number of contributing factors.

Woman often earn less than men during their working years.

They often earn smaller paychecks from their jobs.

Women often leave the workforce or cutback on hours to rear children to adulthood, care for aging parents, or manage the home.

As a result, women have fewer assets and greater debt going into retirement.

With less income earned, women tend to receive a smaller Social Security check than men.

Because women often outlive men, the assets they have saved need to stretch to match that longer lifespan.

Consider these statistics.

The median income for men age 60 or older is $55,000.

For women, the amount is $39,600.

Yikes!

How might these women find support?

There are a few public programs available for American seniors.

The National Council on Aging (NCOA) is an excellent resource.

This organization has offices in every state and can direct aging Americans to assistance with housing, food, and medical assistance.

If women are eligible, they could benefit from Medicaid’s Supplemental Nutrition Assistance Program (SNAP) for food, the Medicare Savings Program for health care, Help/Low income subsidy for finances, and Low-Income Home Energy Assistance Program for heating and cooling.

The railroad and the military also provide qualified assistance.

Should a senior woman require Medicaid, it would be wise seek the assistance of an experienced elder law attorney.

The greatest support you can provide an aging loved one is to be present and help them find the assistance they need.

References: National Council on Aging. “The Pay Gap is an Aging Issue.” (accessed October 17, 2019) https://www.ncoa.org/blog/the-pay-gap-is-an-aging-issue/