Greater Financial Security for Women with Personal Retirement Accounts

September 16, 1999

The New York Times reported Monday on the importance of women to the debate over Social Security, Medicare and other programs aiding the elderly. Since women have life expectancies six years longer than men's, they make up a larger share of the elderly population. And because they generally have lower incomes than men, elderly women often find themselves disproportionately dependent upon programs like Social Security.

Cato's Darcy Olsen explored the impact of Social Security on women in Cato Briefing Paper No. 38, Greater Financial Security for Women with Personal Retirement Accounts. Social Security currently leaves many older women in poverty, and Olsen found that privatization would benefit women across the board. Olsen concluded that Social Security featuring "fully private accounts would significantly improve the retirement incomes of women - single, married, divorced, or widowed with low-to-moderate, moderate, or average incomes..."

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