Asbury Park Press, May 10, 2009
Marie Coco covers NIRS new research brief and says Mother’s Day is a time for more conversations about how mothers—and all American women—are going to be supported in old age. Women used to depend on traditional pensions that under the law protected surviving spouses, usually a widow, with lifetime monthly benefits. These pensions are becoming extinct. Then they were expected, like most American workers, to self-finance their retirement through 401(k) savings plans. But women live longer and earn less than men. Their lower pay means they can’t save as much, yet they need more savings in old age.
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