The sponsorship rate for working women rose from 52 percent in 1979 to 58 percent in 1993. By contrast, the sponsorship rate for men declined over the same time period from 59 percent to 56 percent. In addition to a retirement income plan, individuals need to be aware of the need for retiree health insurance, as Medicare does not cover all expenses. An employment-based retiree health plan is a good supplement to Medicare. In 1993, 24.0 percent of working women ages 45 and older had retiree health insurance available throughout their retirement years, compared with 33.0 percent of men.
Women live longer than men do.
When planning for retirement, women should keep this fact in mind. Women who do receive retirement benefits receive significantly lower benefits than men. Retired women also receive a lower monthly benefit from Social Security than men do. Women on average earn less in wage and salary compensation than men do, which accounts for at least part of the reason women receive lower benefit payments from Social Security and employment-based pension plans. A woman's average weekly earnings were 75 percent of a man's in 1996.