Without Social Security benefits, more than 40 percent of Americans 65 years and older would live below the federal poverty line. Even more striking is that Social Security is the only source of retirement income for almost a quarter of elderly beneficiaries.
Social Security makes up a much larger share of total retirement income for unmarried women and minorities than it does for married couples, unmarried men and whites.
On the other end of the spectrum, these women who do live long enough to collect Social Security face the challenge of being disproportionately dependent on the Social Security system for retirement income.
Almost half of all Latinas currently on Social Security rely exclusively on their benefit check in retirement.
When the average Social Security benefit is $1328 a month, and more than one-third of our senior citizens rely on Social Security for Virtually all of their income, our job is to expand benefits, not cut them.
The debate over Social Security should not be about how much we can cut from the program in order to balance the federal budget. The debate over Social Security should not be about raising the retirement age or limiting benefits. The debate over Social Security should be about retirement security.
Women tend to live longer than men do. Women tend to have, unfortunately, their salaries peaked sooner than men's do. Both of these things are extraordinarily important in putting together financial and investing plans for women.
Over half of people who are working now and over 50 have nothing for retirement savings. They will only have Social Security to rely on.
Some studies show that women can be better money managers than men because they tend to be more conservative and do their homework. Men tend to take more risks without the research.
Men make different investments than women do. Women tend to invest more of their earnings than men do in their family's well-being - as much as 10 times more.
Social Security is the foundation stone of that kind of retirement security. It not only needs to be strengthened in order to make sure it's there for younger baby boomers and Generations X and Y, but it probably needs to be strengthened and expanded because the retirement benefits now being offered by most employers are not sufficient to support middle-income Americans in their long years of retirement.
Through good times and bad, American workers and their families have been able to rely on Social Security to provide guaranteed protection against the loss of earnings due to retirement, disability, or death.
However, the Administration's plan to privatize Social Security will undermine retirement security for all Americans by cutting guaranteed benefits by more than 40 percent, and risky private accounts won't make up for the loss of benefits for millions of Americans.
The research indicates that when we women invest, we women do tend to be more patient, take a longer-term perspective and as a result of it, tend to be better investors than men. But the messages we get are that investing is sort of 'the guys' world.'
Today more people believe in UFOs than believe that Social Security will take care of their retirement.
President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts.