Women, blacks face poverty in retirement

[OzarkDem]

Nearly twice as many women as men will face poverty in retirement, according to the incoming president of the American Association of Retired Persons.

Prospects for financial security in old age are starkly more bleak for minorities, said Jennie Chin Hanson, formerly the executive director of an elder care agency in San Francisco.

...

The poverty rate in retirement for black women is nearly three times the rate for white women.

Nearly two-thirds of white women who are poor in old age were not poor in earlier years.

Women face challenges in preparing for retirement because they often earn less than male counterparts, often must periodically leave the work force to provide family care and often have not adequately planned for retirement, she said.



http://www.cleveland.com/news/plaindealer/index.ssf?/base/news/1206001897245730.xml&coll=2

[merwin]

Because of Bush and the Republicans, I'm pretty sure that

white families are going to be going through the same thing. It's not the race as much as class.

[BlooInBloo]

6. lololol

[OzarkDem]

7. It does include whites - women

The linked article states that white women face poverty in old age also.

[merwin]

9. I should have clarified.

I am saying that ALL middle and lower-class people are in for some really rough times in retirement.

[lumberjack_jeff]

1. That... and the fact that they live twice as long in retirement. n/t

[Vincardog]

2. "not adequately planned for retirement," Does that mean never made enough to put any away? Typical

Blame the victim wording

[TheDebbieDee]

5. That's what it means in my case..........

I have never made enough to have any disposable income to put away for my retirement.

[bobbolink]

10. That's exactly what it means. Individual problem... not a systemic problem.

It's time to make this a part of the language "Systemic Problem"!!

[Warpy]

3. Social Security was always a vital program for women

because too often a man's pension dies with him, leaving his widow destitute.

Social security leaves her poor, but it leaves her poor in her own home, surrounded by her own things, instead of crying to her children to take her in or being dependent on a widow's shelter run by a church.

[Xenotime]

4. And the pugs tell us we are all equal....HA!

[jwirr]

8. I certainly fit into that category. I took care of my severely disabled

daughter for 45 years which only allowed me to work low-wage part time jobs when she was not at home. I get a very low social security payment and the rest is SSI. I can make it only by living with my other daughter and living very frugally. Everything I have to show for my life fits nicely into a bedroom. But I would do it again because my daughter is in better health now because she had excellent care.

I am hoping that the next generation of women who are better educated and worked outside the home most of their lives will fare better.