Women’s Retirement : An Uphill Battle
Hindsight is 20/20, meaning that it is easier to exam-
ine—and determine the correct course of action in—a situation or event after it has taken place. This phrase emphasizes the importance of having foresight, to ensure that rather than lament the mistakes of the past; we make the correct decisions today to create a better tomorrow. The lessons of hindsight in regards to women continue to be largely overlooked to this day. Women professionals have continually earned less, had less representation and possessed fewer opportunities than men. Currently, women earn a mere 79 cents for every dollar a man earns, translating to a formidable 27 percent gender wage gap. And for African American women and Latinas, who earn 60 and 55 cents for every man’s dollar respectively, the situation is even harder. Do women get to pay less for food and other necessities than men? No, they are forced to live under the same demands and circumstances with fewer means and resources.
How else can this be viewed other than women are being taxed merely because of their gender? These disproportions hinder women’s ability to acquire savings and reach life milestones like independence and buying a home. Women’s paychecks don’t travel as far as men’s, and they wouldn’t even if they were paid the same. Let’s not forget that the difficulties women endure can have a prolonged and deeply rooted effect on their families and children. The U.S. Census Bureau reports that more than 1 in 4 families with children under the age of 18 are headed by a single parent, and more than 3 out of 4 single parent families are headed by a female. In the U.S., 30.9 percent of families headed by women with no husband present live below the poverty level. Of these, 40.5 percent households have children below 18 years of age and 47 percent have children under five years of age. It’s obvious that the imbalances women endure don’t just pertain to them, they affect us all.
"Currently, women earn a mere 79 cents for every dollar a man earns, translating to a formidable 27% gender wage gap."
Studies show that women pay more than men for most things, from hygiene products to elderly care. The New York Department of Consumer Affairs reports that on average, women’s personal care products cost 13 percent more than men’s. These pricing differences, dubbed the “pink tax,” end up costing women over $1,000 a year. In over 40 states, women even have to pay a luxury tax for tampons; which are a necessity not an extravagance.
It is vital to realize that women’s disadvantaged circumstances have a huge effect on their future, especially in retirement. An unfair professional arena and a lifetime of higher expenses, coupled with the fact that women have a higher life expectancy than men (86.6 vs. 84.3 years), leave women in dire straits when preparing for retirement. NAWRB MAGAZINE |
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