Let's add something to the gift list for mom this Mother's Day along with flowers and candy: financial security in retirement. Our nation's mothers – indeed, all American women – are at greater risk of financial insecurity in their senior years than fathers (and other men). For myriad reasons, the women in our lives are less able to save for retirement than men, and their Social Security benefits are typically lower.
We've written a lot about how pay inequity has hurt generations of working women, not just while they're on the job, but lasting throughout their retirement. The economic challenges facing American women in retirement is the heart of our “Eleanor's Hope” project, designed to raise awareness and advocate for legislation to address the inequities threatening millions of retired women.
A woman's place is on the money” is the catchy tagline of a growing national movement to put an American woman trail blazer on the $20 bill. It's pretty fitting timing given that it's Women's History month and a long overdue improvement if you consider that the Susan B. Anthony and Sacagawea dollars (when's the last time you used one of those?) are the only places women are represented on our currency.
NCPSSM Board Chair, Catherine Dodd, testified before the Senate Finance Committee today on the retirement challenges facing America's women and the National Committee's Eleanor's Hope initiative to improve Social Security benefits