Gender inequality doesn’t end at the workplace. For many women, the gender gap haunts them well into their retirement years, when far more women find themselves living in poverty.
On average, women 65 years and older rely on a median income of around $16,000 a year — roughly $11,000 less than men of the same age, according to a Congressional analysis of Census data. And many elderly women rely exclusively on Social Security benefits.
The problem: Women earn — and save — less over their lifetimes than men, leaving them with a smaller nest egg. And because they tend to live longer, that savings has to last longer, too.