Posts Tagged "women"

Married Women Gain on Singles

iStock_000018997190_SmallFor decades, single women earned much more than married women over their working lives. But new research on historical wage trends finds that the earnings gap is finally closing.

Wages for married women without a college degree have increased faster over the past 50 years than wages for their single coworkers without degrees, making them nearly identical. While single women with a college degree still earn more than married women with a degree, the gap has also closed dramatically: Single women earned $1.12 for every dollar earned by married women in 2006, compared with $1.30 for single women who entered the workforce in the early 1960s.

Married women “have caught up tremendously,” said Chinhui Juhn, labor economist at the University of Houston, who conducted the research with Kristin McCue at the US Census Bureau for the National Bureau of Economic Research. …Learn More

Women Lag in Retirement Readiness

When it comes to retirement, we women are in lousy shape.

We live longer, so will need more money when we retire. Yet we work less over our lifetimes and earn 80 percent of what men earn while we are working. As a result, we’ve saved less in our 401(k)s and IRAs.

Not surprisingly, the rising economic insecurity among all Americans ushered in by the Great Recession is more pronounced among women, according to reports Monday by the Institute for Women’s Policy Research (IWPR) in Washington:

  • 58 percent of women interviewed by IWPR were concerned they would not have enough to live on in retirement, compared with 43 percent of men;
  • 47 percent of women lacked confidence that their resources would last throughout their retirement, compared with 35 percent of men;
  • 51 percent of women worried they would not be able to afford retiree healthcare, compared with 44 percent of men.

Financial data support women’s concerns. In 2010, the average balance in defined-contribution plans managed by Vanguard Group, one of the nation’s largest mutual fund companies, was $58,833 for women and $95,675 for men. The median balance was $21,499 for women and $33,547 for men.

Women’s personal retirement savings are even lower, relative to men’s, when one considers that women live much longer. Among women born in 1935, 51 percent are expected to live until age 85 – just 36 percent of men will, according to the Center for Retirement Research at Boston College, which hosts this blog. Fully 13 percent of women will make it all the way to 95 – only 6 percent of men will. …Learn More