In January 2008, the first members of the baby boom generation became eligible to collect Social Security retirement benefits. This milestone marks the beginning of a process that will stretch out over the next two decades, as millions of post-WWII workers move through retirement. The commencement of this process has generated intense debate concerning the long-term future of the Social Security program. (more…)

OVERVIEW

Older women enter retirement with fewer economic resources than men. Overall, there is a substantial gender gap in all sources of retirement income including pensions, savings and earnings from post-retirement employment. The difference in income from pensions is especially pronounced. Among seniors, women are only about two-­thirds as likely to receive income from pensions compared to men. In 2005, 44 percent of men received a pension payment compared with 29 percent of women. 1 Among those who received income from pensions, women’s benefits were only about 60 percent of benefits received by men. In 2005, the average pension benefit for a woman was $10,866 compared to $16,933 for her male counterpart. 2 Participation in a retirement plan is an essential step in ensuring adequate financial resources for retirement. Retirees’ receipt of pension income significantly affects their ability to maintain a standard of living similar to that of their pre-retirement years. This is particularly true for women, who enter their retirement years with fewer resources and with longer life expectancies. (more…)