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Equality in Retirement Income for Women is Focus of
Possible Legislation
Senate Aging Committee focuses on financial
security for retiring women
March 18, 2006 - A working group to develop
"bipartisan legislation" specifically aimed at narrowing the income gap
between retired men and women, was announced this week by the Chairman
of the Senate's Special Committee on Aging.
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Chairman Gordon Smith (R-Oregon) made the
announcement at a hearing titled “Bridging the Gender Gap: Eliminating
Retirement Income Disparity for Women,” which was held Wednesday. The
hearing’s goal was to highlight the challenges faced by women in
planning for retirement and to find ways to increase women’s savings
rates.
The group will be comprised of a broad coalition of
advocacy groups, financial services experts and employer organizations,
with legislation expected to be introduced in the coming months,
according to Smith.
Because women earn only 77 cents for every dollar
earned by men and tend to spend longer periods of time outside the
workforce, their earning power and ability to save is greatly diluted,
according to testimony at the hearing.
According to the U.S. Census Bureau, in 2004 the
average annual income of senior men over age 65 was $32,420, while women
earned only $17,124.
“Bridging the gender gap is a serious challenge
that must be met if we are to ensure women are financially secure in
their retirement years,” said Smith. “We must encourage Americans to
save more now so future generations of retirees are not solely dependent
on Social Security to meet their needs later in life.”
The gender gap is exacerbated due to women living
longer than men, thus needing a longer stream of income in retirement.
As a result, of the 3.5 million Americans over age 65 living in poverty
in 2004, nearly 70 percent were women.
“Because women face these unique obstacles in
preparing for retirement, our government must do more to level the
playing field”, said Smith. “We must work to allow every American an
equal opportunity to be comfortable and secure in their golden years.”
Following is a list of speakers at the hearing a
links to their prepared testimony.
Member Statements
● Senator Herb Kohl (Click
here to view statement - PDF)
● Senator Gordon Smith (Click
here to view statement - PDF)
Witness Testimony
● Jean Chatzky (Click
here to view statement - PDF) , Editor-at-large for Money Magazine,
Financial editor for NBC’s Today Show, Briar Cliff Manor, NY
● Cindy Hounsell (Click
here to view statement - PDF) , Executive Director, Women’s
Institute for a Secure Retirement (WISER), Washington, DC
● Barbara B. Kennelly (Click
here to view statement - PDF) , President, National Committee to
Preserve Social Security & Medicare, Washington, DC
● Dr. Jack L. VanDerhei (Click
here to view statement - PDF) , EBRI Fellow, Employee Benefit
Research Institute, Washington, DC
● Karyne Jones (Click
here to view statement - PDF) , President and Chief Executive
Officer, The National Caucus and Center on Black Aged, Inc., Washington,
DC
● Sara C. Hart (Click
here to view statement - PDF) , Director, Corporate Benefits, CNF
Service Company, Portland, OR
● Lynn Rollins (Click
here to view statement - PDF) , Senior Advisor, Women’s Issues to
New York Governor Pataki, New York, NY
Helpful Link
> Webcast:
Click here to view hearing
>
Real.com - Download your free real player to view the hearing by
clicking on the link to the left.
>
Senate's Special Committee on Aging
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