Max Richtman notes the sheer number of females sworn into the 116th Congress, and how it provides increased hope for more attention to financial issues involving women, including their prospects for retirement.
In a piece for The Hill, Richtman—president and CEO of the National Committee to Preserve Social Security and Medicare—claims that in 2018, women’s average monthly benefits were 21 percent lower than men’s.
“Historically, women have had fewer assets and income in retirement, and depend more heavily on Social Security to make ends meet,” he writes. “The ongoing gender pay gap and time away from the workforce caring for family diminish women’s Social Security retirement benefits.”
Many of the newest female Congressional representatives won their elections by specifically pledging to protect Social Security and Medicare, but Richtman pushes for more by offering the five items to increase elderly women’s financial security:
Gender pay equity
Strengthen and reform the Equal Pay Act of 1963 by putting an end to pay secrecy, enhance workers’ ability to challenge discrimination and bringing equal pay law into line with other civil rights laws.
Caregiver credit
Create an annual Social Security caregiver credit for each year spent away from the workforce caring for family (up to five years).
Improve survivor benefits
Increase the benefit paid to a surviving spouse to an amount that is equal to 75 percent of the total combined benefits that were paid to the couple prior to the spouse’s death, capped at the benefit level of a lifelong average earner.
Consumer Price Index for the elderly
Adopt the Consumer Price Index for The Elderly (CPI-E) for the purpose of determining cost-of living adjustments (COLAs) for Social Security benefits. This would be especially valuable to women because they live longer.
Boost benefits for beneficiaries 85-plus
Provide a bump-up in benefits at age 85, which would help older women better keep pace with increases in the cost of living.