Marie Cocco: Mom’s Dreary Retirement Prospects

[marmar]

from Truthdig:



Mom’s Dreary Retirement Prospects

Posted on May 8, 2009
By Marie Cocco


Not to ruin brunch, but Mom’s probably not doing very well. Not if she’s already retired, not if she’s a baby boomer approaching retirement, not if she’s a younger woman who hasn’t yet given retirement a thought.

This Mother’s Day could stand fewer sweet greeting cards and more frank conversations about how mothers—and all American women—are going to be supported in old age.

They used to depend on traditional pensions that under the law protected surviving spouses, usually a widow, with lifetime monthly benefits. These pensions are becoming extinct. Then they were expected, like most American workers, to self-finance their retirement through 401(k) savings plans. But women live longer and earn less than men. Their lower pay means they can’t save as much, yet they need more savings in old age.

The double bind leaves them much more likely to run out of savings before they die. And that’s before the escalating costs of health care are figured in.

Despite all the educational and employment gains women have made over the last three decades, “there’s still a tremendous gender gap” in retirement prospects, says Beth Almeida, executive director of the National Institute on Retirement Security. ...........(more)

The complete piece is at: http://www.truthdig.com/report/item/20090508_moms_dreary_retirement_prospects/?ln

[Captain Hilts]

1. Thanks for posting this. Coco is one of the many women who are snubbed by major op-ed pages. nt

[Earth Bound Misfit]

2. "Coco is one of the many women who are snubbed by major op-ed pages"

+ 1.

It's Cocco, btw.

K & R.

[Captain Hilts]

3. Yeah, I caught that! Only 14% of the Wash Post's op-eds are written by women. NYDNews has NONE. nt

[Earth Bound Misfit]

5. ***sigh***

:kick:

[tom_paine]

6. Yet there's PLENTY of room for Bushie-Nazi bastards like John Yoo.

No matter how they disgraced themselves.

:grr:

[Captain Hilts]

7. The WP has hired Bush's speechwriter, Michael Gerson, Bill Kristol and Kathleen 'it's all feminists'

fault' Parker.

I canceled my subscription.

[JDPriestly]

4. K&R

[northernlights]

8. not to worry

once SS is reformed...well, yes, plenty to worry about :(