Retirement may be dicey for single women
Sharon Epperson/Laura Sanicola
March 22, 2016
“Across all age groups, women have substantially less income in retirement than men, according to another report from the National Institute on Retirement Security. For women age 65 and older, their income is generally 25 percent lower than that of men. As men and women age, the gap widens to 44 percent by age 80.
As a result, the study found that women are 80 percent more likely than men to be impoverished at age 65 or older. Additionally, women age 75 to 79 are three times more likely to fall below the poverty level than men in the same age group.
Why the disparity? The gap may stem in part from the fact that women live longer on average than men, said Diane Oakley, executive director of the National Institute. In the United States, a woman turning 65 today can expect to live to more than 86. For men, it’s 84.
Women generally still earn less than men during their working years and that could affect their financial situation down the road, said Andrew Simonelli, director of communications and marketing at the Insured Retirement Institute.”
Read the entire article at: http://www.cnbc.com/2016/03/18/women-more-likely-than-men-to-retire-poor.html