CNNMoney: Retired Women Often Live in Poverty
The financial disparity between men and women extends beyond the workplace into retirement, a time when women are more likely to live in poverty.
In fact, women are almost twice as likely as men are to live below the poverty line during retirement, with single and minority women struggling the most, CNNMoney reports.
Men aged 65 or older have an annual median income of $27,612 a year, but their female counterparts depend on average of only $16,040 a year, Census data show.
Women have less money during their golden years for multiple reasons, including their tendencies to earn less, save less and live longer.
“You combine lower resources with longer life expectancies and very quickly you can identify that there is more risk here,” Dave Littell, retirement income program director at The American College, tells CNNMoney.
Click here to view original web page at www.moneynews.com
Category: Articles, Retirement Planning
