The Social Security gender gap shows that women receive about $4,800 less annually than men:
According to new research, women are more likely to rely on Social Security for their retirement income, yet on average, they receive about $4,800 less:
The research points out several factors that create financial inequality for women. First, women still tend to earn less than men, and second, 61% of caregivers are women:
These factors lead to women having less retirement savings, making them more reliant on Social Security:
Women also tend to live around five years longer than men on average, which also impacts their financial situation:
Research shows that women are more likely to need care, with the average lifetime cost for women aged 65 and over being $350,000:
More than 63 million Americans are receiving Social Security benefits, including around 28 million women:
