Women Depend on Social Security More Than Men: Is Their Retirement at Risk?

Core Insights - The reliance on Social Security as a primary source of retirement income is notably higher among women, with 27% of women workers expecting it to be their main source compared to 19% of men [1] - The Social Security trust fund is projected to be depleted by 2033, raising concerns about potential benefit cuts if reforms are not implemented [1] Group 1: Gender Differences in Social Security Reliance - A higher percentage of women retirees depend on Social Security compared to men, indicating a gender disparity in retirement income sources [3] - 77% of women workers express concern that Social Security may not be available when they retire, highlighting a significant level of anxiety regarding future benefits [4] Group 2: Financial Planning Recommendations - Women are encouraged to focus on building personal savings and employer benefits to reduce reliance on Social Security, emphasizing the importance of meaningful employment with retirement benefits [4] - Early and consistent saving, along with utilizing tax-advantaged savings opportunities like 401(k) plans or IRAs, is crucial for achieving financial security in retirement [4] - Establishing emergency savings is recommended to prevent the need to access retirement funds prematurely [5] Group 3: Contributing Factors to Financial Challenges - The gender pay gap persists, affecting women's ability to save for retirement [6] - Women often take breaks from the workforce for caregiving, which can hinder their career progression and earning potential upon returning [6] - The rapid changes in the job market make it challenging for women to find work at the same pay level after returning to the workforce [6]