Nita Lowey: “I am pleased that the nation is now engaging in a dialogue about the future of Social Security, our most important…”

“I am pleased that the nation is now engaging in a dialogue about the future of Social Security, our most important government program. President Clinton deserves credit for fueling this discussion. Without a doubt, we must take steps to preserve Social Security for today's seniors--and tomorrow's. But as part of this effort, we must also address the current inequities facing women of retirement age across America. Let me share a few facts. Women live seven years longer than men on average--so they have an increased need for economic security in their later years. Women move in and out of the workforce more than men to raise children and care for elderly relatives so their earnings can change dramatically from year to year. And, women are still paid less than men--about 70 cents less on the dollar and three quarters of women earn less than $25,000 per year. As a result, women have far less retirement income than men. Less than a third of all female retirees have pensions. And of those women with pensions, the average benefit is 40 percent less than men's. Equally troubling, women's average monthly Social Security checks are 25 percent smaller than men's. Given these disturbing figures, is it any surprise that fully one-quarter of women over 65 live in poverty, that women make up three quarters of the elderly poor? The good news is that there are ways to make Social Security fairer to women.”