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A Gender Gap in Economic Security for Seniors
(By – Drew Altman, The Wall Street Journal)
Recently I wrote about how seniors have been left out of the debate about income inequality despite their high poverty rates, which increase with age, leaving the oldest Americans the most economically vulnerable. Although many seniors are financially well off, and enjoying their golfing years, other data drive home just how economically fragile many seniors are:
* In 2012, nearly two-thirds (65%) of people 65 and older received half or more of their income from Social Security. The average monthly Social Security payment is $1,294.
* More than one-third (36%) of Social Security beneficiaries 65 and older rely on the program for 90% or more of their income.
* There is a gender gap in retirement readiness. As the chart above shows, among retirees, average Social Security payments are lower for women than for men ($1,134 vs. $1,451). Read more…
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