TThe following statistics generated by research conducted by the National Center for Women & Retirement Research (NCWRR) demonstrates why women must address financial planning issues and educate themeselves about investments.
- In 1996, 71% of the nation's 4 million elderly poor were women. Of this group, 48% are widowed.
- The median income of women 65 and older in 1996 was $8,189.
- In 1995, Social Security was the sole source of income for
18% of unmarried women 65 and older;
33% depended on it for at least 90% of their income.
- Women are less likely to receive a pension, and those who do
receive a pension get half as much as men.
- The average age of widowhood in the United States is 56.
- The average woman earns 74 cents for every dollar a man earns.
- Women live an average of 7 - 9 years longer than men.
In 1994, half of all women over the age of 65 were widows.
- Among women 35 - 55 years old, between 1/3 and and 2/3rd's will be impoverished by age 70.
- During the last decade mid-life divorce has tripled in the
United States. One year post divorce, the average mid-life woman remains single with an average income of $11,300.
- Over 58% of female baby boomers have less than $10,000 saved in a pension plan or 401(K) plan. In comparison, male boomers have saved 3 times more in pension programs.
- Based on the 1996 NCWRR Baby Boom study findings, the average
female born between 1946-1964 may likely experience the following:
- Remain in the workforce till at least 74 years of age due to
inadequate financial savings and pension coverage;
- Have inadequate resources to maintain the same standard of living prior to age 65.
- For every year a woman stays home caring for a child, she must work 5 extra years to recover lost income, pension coverage, and career promotion.