1 in 6 women over 65 can’t afford their basic needs
WASHINGTON–(BUSINESS WIRE)–Today, financial and retirement experts called for swift action to
change the sprawling retirement gender gap during a panel discussion
hosted by the Indexed
Annuity Leadership Council (IALC). Today’s retirement reality is
staggeringly unequal – 60 percent of women 65 and older cannot afford to
cover their basic needs and 43 percent of women expect to work past age
70 or do not expect to retire.
Today’s panel was held to bring attention to policymakers and the wider
public that the well-known gender gap in salary doesn’t stop once
retirement begins. In fact, years of unequal pay exacerbates the
financial difficulties women face in retirement.
“While many know that women still earn less than men, the gender gap in
retirement is still troublingly unknown,” said panelist Susan Jennings,
an Executive Committee Member of the Indexed Annuity Leadership Council
and Senior Counsel of the National Life Group. “Business leaders,
policymakers and the public need to understand the unique challenges
women face in retirement and begin taking steps to level the playing
field, so all women are able to plan for a secure retirement.”
“The problems women face in retirement are real,” said panelist Kathy
Stokes and a Senior Fellow at the Women’s Institute for a Secure
Retirement. “Women need to understand the unique risks they face and
take action. And lawmakers and businesses need to provide them the tools
and education to make smart, long-term decisions.”
As the debate on retirement inequality continues and policymakers
consider proposals to help women save and plan for a comfortable
retirement, the IALC will draw on today’s findings to educate the public
about smart saving strategies.
To watch the panel event, click here.
About the Indexed Annuity Leadership Council
The Indexed Annuity Leadership Council (IALC) brings together a
consortium of life insurance companies with a commitment to providing
consumers, the media, regulators and industry professionals complete and
factual information about the use of indexed annuities. Namely, that
these products provide a source of guaranteed income, principal
protection, and interest rate stability in retirement as well as balance
to any long-term financial plan.
For Indexed Annuity Leadership Council
Staci McCabe, 202-973-2930