Hi friend,
If you are a woman reading this, or if you love one, I want to share something the financial industry rarely leads with: women are significantly more likely to face economic insecurity in old age than men — and it’s not primarily because of individual financial decisions.
Understanding why this happens is the first step toward doing something about it.
💛 One big idea: the retirement gap is a lifetime gap, arriving late
Research from the NCOA is specific: women receive roughly $3,900 less per year in retirement income than men. That gap compounds over 20 or 30 years of retirement into a meaningful difference in security and independence.
Where does it come from? It’s not one decision — it’s a chain:
The wage gap means women earn less during their working years, contributing less to Social Security earnings records and retirement accounts. The caregiving gap means women are far more likely than men to leave the workforce or reduce hours to care for children, aging parents, or ill spouses — each interruption shrinks lifetime Social Security benefits and savings. The longevity gap means women live longer on average, stretching whatever resources exist over more years.
Together, these create a situation where many women arrive at their 70s and 80s with fewer resources and more years to cover — often alone, since they statistically outlive male spouses.
Older women of color face the steepest challenges: economic insecurity rates among Black and Hispanic older adults approach 43–44%, and for women of color in late retirement, the rates are even higher.
🌟 One win: the system has specific protections worth knowing
Spousal Social Security benefits: If you were married for at least 10 years to a higher earner, you may be entitled to up to 50% of their Social Security benefit — even if you’re divorced. This is a widely underused protection.
Survivor benefits: A surviving spouse is entitled to 100% of the deceased spouse’s Social Security benefit if it’s higher than their own. The timing of when to claim this matters significantly.
Medicare Savings Programs: Help low-income Medicare beneficiaries pay Part B premiums, deductibles, and cost-sharing. Women who left the workforce for caregiving often qualify.
SNAP and food programs: The income limits reflect real-world retirement income, and many women in their 70s and 80s qualify who haven’t looked into it.
🎯 One thing to try this week
If you’re a woman who left the workforce for caregiving at any point — even temporarily — it’s worth understanding exactly how that affected your Social Security record. Create a free my Social Security account at ssa.gov/myaccount and review your earnings history and benefit estimate. If there are gaps, knowing what they are now gives you time to plan around them.
And if you know a woman in her 70s or 80s who is living very carefully and would never ask for help — she may qualify for food assistance, Medicare savings programs, or utility help that she’s never looked into. Sharing this information is a genuine act of care.
Age boldly, Robert
Sources: National Council on Aging, “Get the Facts on Economic Security for Seniors” (2024); Social Security Administration, spousal and survivor benefit rules; NCOA economic security data by gender and race/ethnicity.