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The following are from a 1996 National Center for Women and Retirement Research study into women's financial decision-making process, as reported.
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In 1996, 71% of the nation's 4 million
elderly poor were women.
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The median income of women 65 and older in 1996 was $8,189.
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In 1995, Social Security was the sole source of income for 18% of unmarried women 65 and older; 33% depended on it for at last 90% of their income.
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Women are less likely to receive a pension, and those who do receive a pension get half as much as men.
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The average age of widowhood in the United States is 56.
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The average woman earns 74 cents for every dollar a man earns.
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Women live an average of 7-9 years longer than men. In 1994, half of all women over the age of 65 were widows.
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Among women 35-55 years old, between 1/3 and 2/3 will be impoverished by age 70.
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During the last decade mid-life divorce has tripled in the United States. One year post divorce, the average mid-life woman remains single with an average income of $11,300.
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Over 58% of female baby boomers have less than $10,000 saved in a pension plan or 401(k) plan. In comparison, male boomers have saved 3 times more in pension programs.
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Based on the 1996 NCWRR Baby Boom study findings, the average female born between 1946-64 may likely experience the following:
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Remain in the workforce until at least 74 years of age due to inadequate financial savings and pension coverage
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Have inadequate resources to maintain the same standard of living prior to age 65.
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For every year a woman stays home caring for a child, she must work 5 extra years to recover lost income, pension coverage, and career promotion.
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