Donald M. Payne: “We must bring attention to the exceptional circumstances of women as we examine the Social Security issue. As other…”

“We must bring attention to the exceptional circumstances of women as we examine the Social Security issue. As other Members of Congress have mentioned tonight, there are a few simple facts that show why women are effected by changes made to Social Security more than their male counterparts. First of all, most women earn a lower salary than men and therefore put a smaller amount into the Social Security Trust Fund with every paycheck. They are also more likely to spend a portion of their lives out of the workforce than men and women are half as likely as men to receive a pension which means they depend on their Social Security check as their sole source of income. Finally, women live longer than men and depend on Social Security for a longer period of time. Therefore, changes made to the Cost of Living Adjustment and the idea of converting Social Security funds in private accounts will have a drastic effect on the way that retired women live. These factors must be taken into consideration when we decide how to resolve the issue of the potential insolvency of the Social Security Trust Fund. While limiting COLA's may cut costs, it will lower the standard of living for retired women because they rely heavily on Social Security as their only means of income and they live longer and need these adjustments to stay out of poverty.”