Enhancing women's retirement security : hearing before the Special Committee on Aging, United States Senate, One Hundred Twelfth Congress, second session, Washington, DC, July 25, 2012.

Pensions and retirement saving plans have helped millions of households build financial security. But tens of millions of people have been left behind, without access to these wealth accumulation vehicles. For many others, the plans they have do not ensure financial security in retirement. The problems that underlie these failures can be addressed. This book proposes concrete, practical ways to make dependable retirement income accessible for all Americans—not just those with means. Individual accounts have eclipsed traditional pensions as the primary vehicle for retirement saving in the United States—a shift that underlies many sources of retirement insecurity. The 401(k) plan and similar accounts have increased financial security for many people but have done nothing for millions more. Many of those who do have such plans are burdened with the need to make numerous saving, investment, and withdrawal decisions that stress their financial acumen. Financial advice that is unbiased, unconflicted, and affordable is often difficult to find. Managing wealth in retirement—especially the need to convert retirement savings into steady income—poses significant challenges that current financial instruments and practices do not adequately address. Economic downturns like the Great Recession and the COVID-19 pandemic increase financial insecurity and make addressing these issues more urgent. Written by noted experts in the field, Wealth After Work offers practical solutions that address these concerns. The proposals show how policymakers can help all Americans gain access to retirement savings accounts, obtain better information about their savings choices, and better manage their wealth in retirement. By proposing solutions that build on, rather than replace the existing system, the book provides a nuanced, practical guide to reform that would benefit all Americans.

Elderly women, who comprise a growing portion of the U.S. population, have historically been at greater risk of living in poverty than elderly men. Several factors contribute to the higher rate of poverty among elderly women including their tendency to have lower lifetime earnings, their taking time out of the workforce to care for family members, and outliving their spouses. Other factors affecting older women's financial insecurity include the economic downturn and changing trends in pension plan offerings. This book examines how women's access to and participation in employer-sponsored retirement plans compare to men's and how they have changed over time; how women's retirement income compares to men's and how the composition of their income the proportion of income coming from different sources - has changed with the economic conditions and trends in pension design; and what policy options are available to help increase women's retirement income security.

" Elderly women, who comprise a growing portion of the U.S. population, have historically been at greater risk of living in poverty than elderly men. Several factors contribute to the higher rate of poverty among elderly women including their tendency to have lower lifetime earnings, take time out of the workforce to care for family members, and outlive their spouses. Other factors could affect older women's financial insecurity. These include the economic downturn and changing trends in pension plan offerings. In light of these circumstances, GAO was asked to examine (1) how women's access to and participation in employer-sponsored retirement plans compare to men's and how they have changed over time, (2) how women's retirement income compares to men's and how the composition of their income-the proportion of income coming from different sources-changed with economic conditions and trends in pension design, (3) how later-in-life events affect women's retirement income security, and (4) what policy options are available to help increase women's retirement income security. To answer these questions, GAO analyzed data from two nationally representative surveys, conducted a broad literature review, and interviewed a range of experts in the area of retirement security. GAO is making no recommendations. GAO received technical comments on a draft of this report from the Department of Labor, the Department of the Treasury and the Social Security"