M . C I N D Y H O U N S E L L

W O M E N ’ S I N S T I T U T E F O R A S E C U R E R E T I R E M E N T ( W I S E R )

G U A R A N T E E I N G S AV I N G S T O L A S T A L I F E T I M E : T H E N E X T R E T I R E M E N T C H A L L E N G E

S E P T E M B E R 11 , 2 0 0 9

How Can Women’s Income Last as Long as They Do?

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Why focus on women?2

There are many more older women than men! At age 65+, there are 6.2 million more women than men At 75+, there are 4 million more women than men Women make up 71% of the 85+population Many women who have never been poor before end up in

poverty

Why women need more retirement income3

Live longer More likely to have chronic illness and need long-

term institutional careMore likely to be single and not remarry

1 out of 5 women living alone who are 65+ live below the poverty level

Why women have less retirement income4

Make up majority of minimum wage earners2x as likely to work part-time, with fewer or no

benefitsPrimary family caregivers for children and aging

parents, working 12 years less than men on averageLow earnings: 78 cents for every $1 earned by a

man

What can happen5

Cordelia Robertson, at age 99 Threatened with eviction from her assisted living home of 10

years

Virginia Costello, at age 75 Earned $38 a month in pension benefits

Lee Sevilla, at age 71 Lived in her car due to a divorce and minor financial setbacks

Hazel Shoyrer, at age 67 Health issue financially devastated this 30-year factory worker

Lifetime income is the answer

But in what form?How do we “get there” given public perception, and

common misconceptions about retirement?

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Thought leader roundtable

Pre-roundtable interviews with thought leadersLive roundtable session on how women’s income

can last as long as they doFull report available at www.wiserwomen.org

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The good…

“…To the extent that an annuity is available, it provides a guaranteed source of income… . The annuity provides the stability that even if you exceed your life expectancy you still have a set amount of income.”

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The bad…

“...Some annuity products out there are really expensive. …They look like bad guys. …”

“There are very few people in the marketplace that people feel that they can trust because everybody’s selling a product ... .”

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…and the ugly

“I just want to remind everybody that I work in a world where life expectancy is based on when your mother died, and if that was 43, then that’s how they look at their life.”

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Critical issues need to be addressed

Fiscal state of Social Security The saving grace for millions of older women

Health care crisis For a 50/50 chance of having enough money to cover health

care costs in retirement, a 65-year-old woman retiring today needs $98,000 - $242,000 in savings (EBRI)

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To be continued

Roundtable will reconvene in 2010 to continue the discussion

For more information, visit www.wiserwomen.org

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