A panel of financial experts gathered in Washington recently to discuss women and finance, and the results were crystal clear - women need to save more for retirement.
Led by the nonprofit group Volunteers in America, the discussion was based around statistics showing that females between the ages of 45 and 65 are unprepared to finance their golden years, the Associated Press reports. Reasons for the results included living longer than their partners, earning lower wages, and leaving the workforce due to childrearing.
"Sixty percent of women over 65 are single, and we're going to be making our own decisions and [we'll have] fewer financial resources to do that with," Rosemarie Rae, executive vice president of strategy for Volunteers of America, told the news source.
According to the Social Security Association's online information center, elderly unmarried women are entitled to 51 percent of their total income from Social Security. The website also reports that a quarter of unmarried women earn their total income from the government-funded program.