All of those changes in the rules for defined benefits could significantly alter the lifetime benefits of many women relative to their lifetime benefits under current rules. But the changes could raise lifetime benefits for some women and lower them for others, and differences in benefits could be large or small, depending on the rules and the earnings histories of the women and their spouses. On balance, most proposed changes in defined benefits would favor women with a greater lifetime attachment to the labor force relative to women with a weaker attachment. A woman with a stronger attachment to the labor force would probably benefit more from a 75 percent benefit for surviving spouses, for example. Women's economic roles vary greatly.
Many women have strong attachments to the labor market and high lifetime earnings.
But many others have low lifetime earnings. Just like today, however, Social Security will still be just one of several factors that influence people's decisions. Reforms now being considered could shift the balance between Social Security's two competing roles as an individual pension plan and a social safety net. Incorporating individual worker accounts, in particular, could make Social Security more like an individual pension plan. Such a shift could significantly affect the well-being of many women.