Shattering the Retirement Glass Ceiling: Women Need a Three-Legged Stool
Women remain at a higher risk for retirement insecurity than men. That risk can be reduced with the combination of a traditional pension, supplemental 401(k)-type individual savings, and Social Security.
“Shattering the Retirement Glass Ceiling: Women Need a Three-Legged Stool,” examines the specific challenges facing women in retirement and assesses the policies that may help increase retirement security for women.
The research finds achieving retirement security often is more challenging for women than men and includes the following key findings:
Women need to accumulate more retirement assets than men because they often to live longer. But, acquiring enough assets is more difficult because women still have lower wages and less access to retirement plans during their working years as compared to men
Defined benefit (DB) pension plans provide benefits and protections that are especially important for women – spousal protections and a lifetime income stream that cannot be outlived.
Supplemental defined contribution (DC) savings plans like 401(k) accounts offer portability of assets, which is an important tool for women who may move in and out of the workforce more so than men.
Attaining the “three-legged retirement stool” – Social Security, a traditional DB pension, and supplemental DC savings – offers the greatest opportunity for women to achieve security in retirement.
Debunking the Job-Hopping Myth: A Data-Driven Look at Tenure and Turnover Among Younger Workers
Contrary to popular belief that Millennials and Generation Z employees are constantly switching jobs, new research from the National Institute on Retirement Security finds that younger workers today show job retention patterns that closely mirror previous generations at the same stage of their careers.
Views of Retirement in America by Political Party Affiliation
Despite deep polarization across the U.S., a research brief from the National Institute on Retirement Security finds common ground when it comes to Americans’ support for Social Security and defined benefit pension plans. At the same time, Views of Retirement in America by Political Party Affiliation finds Americans across party lines are worried about retirement. […]
Women face an uphill climb when it comes to preparing for retirement. They earn less than men, often take time away from the workforce for caregiving, they live longer, and are less likely to have access to a retirement plan at work. In fact, U.S. Census Bureau data show that half of women ages 55 […]
Retirement Insecurity 2024: Americans’ Views of Retirement
This national opinion research finds 83% of Americans believe all workers should have a pension, 79% say the nation faces a retirement crisis, and they want action now on Social Security.
