But women are the nation's primary caregivers, taking time out from market-based work to care for children, aging parents, relatives, and disabled husbands. So there will be years when many women have zero earnings, and they will continue to have fewer years of earnings and lower overall earnings than men. What's more, women are increasingly likely to be unmarried. Social Security's complex payout rules are based on the model of the traditional one-earner family, where dad works and mom stays at home. To be sure, women are doing better than ever in the job market.
Women also account for about two-fifths of business, medical, and law school graduates.
The wage gap between men and women is narrowing, especially after adjusting for education. More women are becoming investors, too. These are promising developments. But despite the dramatic labor-market improvements, the specter of poverty remains all too real. What will shift is the mix of women who are at greater risk of falling into poverty.