Let me state from the outset that resolution of this nation's retirement policy, or the lack of one, is of paramount importance for all, but most especially if we are to combat the growing problem of poverty in old age being distinctly female. The Heinz Family Philanthropies are committed to ensuring that women have the information and skills needed to surmount the overwhelming challenges to secure retirement income. The reality of today is that most Americans, regardless of their gender, are ill-prepared for their retirement. The fate that awaits most women, however, is by far the more troublesome problem.
Women are at a structural disadvantage too.
Their work patterns provide them with fewer pensions and less time to accumulate savings through their workplace, yet they need more income because they live longer. These non-standard jobs also mean lower wages, fewer if any employee benefits, and more often than not, no company pension plan. In spite of work outside the home, women have not been relieved of their responsibilities as family caregivers. In addition to the time women are home on maternity leave, they also bear the primary responsibilities of caring for an ill child or sick relative resulting in diminished job tenures. As a result of a woman's dual burden of caring for her family and working outside of the home, the majority of working women are generally disadvantaged in their knowledge of pensions and investments.