Retirement Deficit: AARP Campaign Seeks to Keep Senior Women Out of Poverty
Women are 80% more likely to live in poverty than men, according to AARP, and among those who draw Social Security benefits, 42% of women receive more than half of their income from Social Security and 15% rely on Social Security for 90% of their income. Too few women save for retirement, which is why AARP and the Ad Council have announced the launch of the “We Say Save It” campaign to help combat poverty for women in retirement.
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When it comes to financial planning and saving, women typically face more challenges than men. According to the U.S. Department of Labor, women are more likely to work part-time, with part-time workers making up 30% of all female wage and salary workers in 2020, and they’re less likely to have employer-sponsored retirement plans. Women are also more likely to leave the workplace to care for others, such as a child or sick family member. In addition, women are less likely to save for retirement, despite spending more time in retirement than men.
The pandemic has only exacerbated the problem. Twenty-two percent of women dipped into their retirement savings or stopped contributing since the pandemic began, AARP noted.
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The “We Say Save It” campaign is urging women to save 2% of their income for retirement, or save 2% more than they are currently saving.
The AARP and the Ad Council campaign also encourage women to say “Save it” to those who spread negative and old-fashioned information related to women and money.
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