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Women & Social Security: A Closer Look at Gender and Retirement

Marguerita Cheng looks at the issue of women and Social Security in this FORBES article.  Because of child rearing, women often spend fewer years in the workforce.  Similarly more work part-time as compared to men. Even women who do work full-time (35+ hours per week), tend to work less than their male counterparts.  Less cumulative time in the workforce means lower Social Security benefits and fewer opportunities to save money or contribute to retirement plans.  Many women are socialized and/or prefer not to talk about money and finance.  Cheng notes that though they are “great negotiators for others, they’re often not comfortable negotiating for themselves. Asking for higher pay or negotiating a better contract can be uncomfortable.”  Divorce is also a factor as is the fact that women spend more years in retirement due to their increased life expectancy.  This means women are often more dependent on Social Security, as they may exhaust savings and investments as they age.  Read more…

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