Women are 80 percent more likely to live in poverty in retirement than men. To combat this savings shortfall, AARP and the Ad Council have launched the "We Say Save It" campaign to help women save more for retirement.
The campaign name has another meaning. It encourages women to say “Save it” to those who offer old-fashioned (and incorrect) information, such as “Women aren’t good with money.” “That false narrative does not line up with the strength women show every day,” says Mary Liz Burns, communications strategies director at AARP. “Whether it be juggling family and finances during the pandemic or taking on new challenges, women always find a way to rise to the occasion. Now is the time to focus on their financial futures, and we’re here with resources and support along their journey.”
Women and retirement
Poverty hits women in retirement harder than men. For example, the average Social Security benefit is a modest $1,555 a month. Among retirees who draw Social Security benefits, 42 percent of women get more than 50 percent of their income from Social Security, compared with 37 percent of men. Fifteen percent of women rely on Social Security for 90 percent of their income, compared with 12 percent for men.
The pandemic has only made things worse. Women are more likely to say that their financial situation is worse than it was a year ago, and with good reason. More than 1 in 5 women (22 percent) prematurely dipped into their retirement savings or stopped contributing altogether since the COVID-19 pandemic began, jeopardizing their retirement security.