Thu Mar 29, 2012 at 10:00 AM PDT
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More than half of people age 65 and older face the prospect of not
having enough money to meet basic daily expenses while staying in their
homes and communities, a
new analysis
(PDF) from Wider Opportunities for Women finds. We're talking basic
necessities here—renting a one-bedroom apartment or having a modest
mortgage, basic food, health care, and transportation, and just $265 in
miscellaneous monthly expenses for a single person.
Within the 52 percent of all elders struggling to get by, though,
there's a big gender gap—60 percent of women compared with 41 percent of
men are economically insecure. The fact that women live longer and have
more years to spend down their savings doesn't help. But that's not
all. In retirement, as during their working years, women have lower
incomes than men: "Elder men studied report typical annual incomes that
are nearly 75% higher than the typical elder woman’s income ($24,300
compared to $14,000)." Women are more likely to be dependent on Social
Security, and receive smaller Social Security payments than men. And, as
in so many other things, women of color face greater struggles than
white women: "[E]lder African-American women report median annual
incomes of $12,000; both Asian and Hispanic women report median annual
incomes that are less than one-half of the general male population's
median incomes at $10,100 and $9,600, respectively."
These numbers underscore the incredible importance of Social
Security, which provides, on average, 77 percent of older women's
income. They also raise a terrifying prospect: Pensions are becoming
less common, but here we see how crucial they've been in keeping some
seniors out of economic insecurity. What happens to a generation that's
forced to rely on Social Security, or whatever's left of that after the
various catfood commissions are done weakening it, and whatever savings
people can cobble together despite stagnating wages and stock market
crashes?
Originally posted to Daily Kos Labor on Thu Mar 29, 2012 at 10:00 AM PDT.
Also republished by
Daily Kos.
