PoliticsPensions Could Solve Financial Woes for Retired FL Women

Pensions Could Solve Financial Woes for Retired FL Women


- Advertisment -sslate

The persistent pay gap between men and women often leads to less retirement income for women, and groups that support expanding pension plans say they offer a solution.

A new report from the National Institute on Retirement Security said even if a woman works full-time, she’ll likely earn less throughout her career and receive 80% of a man’s retirement income.

Women tend to rely more on Social Security and, as they age, are more likely to slip into poverty.

Daniel Doonan, executive director of the Institute, said women face other challenges that can make retirement more costly.

“Given that women tend to be more ‘durable’ than us guys, meaning they live longer, on average, they should expect to need income for more years during retirement,” Doonan noted.

Women also are more likely to leave the labor force to give birth or provide caregiving for family members, which impacts their ability to save for retirement.

In Florida, about one in eight women over age 65 live in poverty.

Doonan explained women in fields like education, where defined-benefit pension plans are more prevalent, have higher retirement incomes and lower poverty rates than in other industries.

“But teaching is a very big part of the public-sector workforce,” Doonan pointed out. “And it’s actually a bright spot for women generally, because they still have access to quality retirement benefits. That’s still commonplace across most states.”

But Doonan added access to defined-benefit pension plans is shrinking as private-sector employers turn to other options, like 401(k) plans.

“There’s a recognition that ‘do-it-yourself’ retirement is going to be very challenging for a large number of people,” Doonan contended. “So, we do see some bipartisan agreement moving towards making defined-contribution a little more user-friendly, with lifetime income options.”

In a January 2020 survey, about seven in ten workers said they were confident about having enough money to live comfortably in retirement, but that number likely has decreased with the pandemic and economic recession.

Sunshine Slate
Sunshine Slatehttps://www.sunshineslate.com
Sunshine Slate is your news, entertainment, music fashion website. We provide you with the latest breaking news and videos straight from the United States of America.


Please enter your comment!
Please enter your name here

Latest news

Best Apps and Games for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.

Decoding The Role of Professional Home Builders in Realising Your Dream Abode

From choosing the right design, materials, and fixtures to ensuring a timely completion, the complexities involved are numerous. This is where the role of a professional home builder assumes paramount importance.

New map reveals high wildfire risks for Florida amid heat wave

A newly updated wildfire risk map could help level the playing field for rural communities who don't have the resources to conduct their own wildfire risk assessments

Essential Summer Safety Tips for staying Healthy in Florida heat

As the summer sun blazes, especially in the Sunshine State, it is easy to get caught up in the fun and excitement of the season.
- Advertisement -

Free summer camps boost career goals for underserved youth

A series of free summer camps focused on STEM and other career paths seeks to boost the career goals of youth in the agricultural community of Immokalee.

Metatarsal Foot Pain Prevention Diagnosis and Treatment

Metatarsal foot pain can be irksome, to say the least- affecting mobility while sowing the seeds of frustration. This is a painful condition
- Advertisement -sslate

Must read

Best Apps and Games for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.

Florida aims to build a comprehensive crisis response system

Florida is getting attention for its efforts to create a comprehensive crisis response system for mental health needs.
- Advertisement -
- Advertisement -sslate

You might also likeRELATED
Recommended to you