The gender pay gap refers to the difference in earnings between men and women. It can refer to how women are often paid less for doing the same job as men, or it can refer to the fact that over their lifetimes, women tend to earn less money than men. This difference in earnings can have a big impact on women’s retirement, especially if they are relying on Social Security.
According to USA Today, the average Social Security benefit for men is $1,848 per month, while the average benefit for women is $1,494 per month. Over time, this difference in benefits can add up to a significant amount of money. If a retired woman receives benefits for 20 years, she’d receive $84,960 less than her male counterpart.
The gender pay gap has been slowly narrowing over time, but it still exists. At The Seniors Center, we want all retirees to have the best possible quality of life. That’s why we’re committed to helping women understand the gender pay gap and its impact on their retirement. We’re also calling on Congress to pass legislation protecting and improving Social Security for generations to come.