Women Worse Off in Retirement


FINANCIAL PLANNING
A recent Government Accountability Office report found that while almost 90% of men and women age 65 and older received Social Security benefits, men’s median annual income from the source was almost $3,800 higher than women’s ($12,583 vs. $8,799). Among most of the population age 65 or older, Social Security is the largest source of income, representing 53% of total income for unmarried women but only 38% for unmarried men.

When it comes to other major sources of income for those 65 and older—such as wages and salaries, pension income, and interest and dividends from assets—gender differences remain. Not only did women have less income from these sources than men ($6,141 vs. $12,000 in median pension income and $12,000 vs. $20,800 in median wages and salaries), but fewer women received income from these sources (22% vs. 43.5% for pension income and 12.7% vs. 18.3% for wages and salaries).

The report noted that certain life events, including changes in marital or employment status and long-term care needs, can significantly affect Social Security and pension benefits.

Source: GAO’s Women Face Challenges in Ensuring Financial Security in Retirement , www.gao.gov/new.items/d08105.pdf .

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

CHECKLIST

Being responsive to clients

CPAs and their firms have daily pressures and hectic schedules, but being responsive is crucial to client satisfaction. Leaders in the profession offer advice for CPA firms that want to be responsive to clients.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.