Therefore, replacing some or all of the existing Social Security program with a new system of personal retirement accounts would undermine the financial security of older women. At the same time, single older women continue to experience high poverty rates, so some targeted change within the current system should be made to help this group. Let me briefly summarize my views. They have lower lifetime earnings than men. Women who work are more likely to work part-time.
Women take more time out of the labor force than men do.
They live longer. Although gender neutral, the present Social Security system compensates for these differences. The progressive benefit formula provides proportionately higher benefits for low earners than for high earners. For women who spend their careers taking care of their families, Social Security provides spouse's benefits. For older women whose husbands die, Social Security provides survivors' benefits equal to 100 percent of their husbands' benefits.