Karen Thurman: “I have to say that the thing that we most need to remember is that Social Security is so important, and why is it…”

“I have to say that the thing that we most need to remember is that Social Security is so important, and why is it important. Remember that women rely more on Social Security income than men. About two-thirds of all the women 65 and older get at least half their income from Social Security. For one-third of these women, Social Security makes up 90 percent or more of their income. Women live longer than men. We all know that women live longer than men, approximately 7 years longer, so fully 72 percent of Social Security recipients over 85 are women, and on average, women over age 85 rely on Social Security, again, for 90 percent of their income. Traditional Social Security continues to pay benefits as long as the beneficiary is alive. However, in talking about private accounts, women risk exhausting their savings in their most vulnerable years because they are not lifelong. Women take time out of the work force to care for children and elderly parents.”