Men with a high school education earn nearly as much as women college graduates. Older women face a double whammy. Because earnings determine pension amounts and Social Security benefits, women s economic security in old age is jeopardized. Women are less likely than men to receive any pension because they more often work part-time or in industries where pension coverage is low or unavailable. Only 30 percent of women receive pension benefits, compared with 48 percent of men, the institute says.
Women live on average seven years longer than men and retire with dramatically fewer savings.
Also, women s Social Security benefits are lower than men s because, on average, women earn less and spend 11.5 years out of the workforce caring for children and older relatives. Schumer has observed, Women today hold a very precarious place in the economy. They are earning less and saving less. But they have higher costs and greater responsibilities. After considering women s total economic conditions, Schumer concludes, If we are to remain number one in the world, women must become full partners in the economy.