Women and Aging 2011: Policy Implications for an Aging Population

The United States is bracing for a dramatic cultural and economic shift sparked by our rapidly-aging population. Women over 60 make up a rapidly growing percentage of those retired or entering retirement. As this trend continues, the need for a national dialogue on the future of America’s aging women is more urgent than ever before.

Volunteers of America is excited to announce its third-annual discussion on women and aging on May 10, 2011, at the National Press Club in Washington, DC. Guest panelists include Arianna Huffington of the Huffington Post; Debra Ness, President of the National Partnership for Women & Families; Lorraine Cortés-Vázquez, Executive Vice President of Multicultural Markets and Engagement for AARP; and Mike King, National President of Volunteers of America. The discussion will focus on public policy surrounding the needs of America’s women as they age into an uncertain economic future where access to health care, income and other vital resources is often elusive. Everyone who can make it is encouraged to attend the event and participate in the discussion.

To illustrate the importance of public policy for aging seniors, consider some important facts and figures:

· Women over 60 make up 80% of the caregivers for chronically ill or aging relatives.

· Women can expect to spend 18 years caring for a parent.

· Women have a longer life expectancy than men on average.

· 66% of baby boomers feel they have not adequately prepared financially for the future.

· Nearly half of women caregivers (48 percent) say the economic situation has made providing care more difficult.

· 39% of current non-caregivers are not confident about their ability to cover the costs of their possible future care responsibilities.

Responsible public policy is crucial to meet the needs of our nation’s women. Women like Jeannette can’t afford to wait and women like her need a certain future in our society. As a community, we must start this discussion today. Please join the conversation, spread awareness and get involved today.

Why Women Need To Save More For Retirement

Image by George Eastman House via Flickr
In a conversation with my wife about our future financial plans the subject of longevity came up. We discussed our possible longevity and how it would effect our retirement. Our estimation of a possible life into our 90's came up. Determining we could live so long and the statistics of women living longer had to be factored into our plans.

The fact is women live longer than men. Lucky them. Because of this it makes sense that they should prepare by saving more money. If a women is single and never marries she has the whole burden alone.

Women have a second problem to deal with and that is they don't have complete earnings parity with men. Some of this has to do with the type of job and some with history. But whatever the reason is they are not there yet. If the salary difference is 15% it puts women at at a disadvantage in saving for retirement. So this can only be made up by saving and investing more.

Another problem only women face is whenever they have a child, they leave the workforce for a period of time or maybe permanently. Men don't have this problem. Staying home with junior ceases the salary and savings.  Men are lucky they aren't put into this position. Here is when mom has to depend on dad for current support and future retirement support. So men let's be grateful you are trusted to carry out your role.

Men don't have to depend on their looks as women do. Sadly our society sees women's looks as a diminishing asset. Over time age takes the focus from older women to younger women. You see in the media how the once beautiful starlets are tossed aside for the newer, younger models.

Time and our culture work against women in the workplace. Maybe in the future, someday we will see economic equality in the workplace. But for the time being women have to compensate by saving and investing more.