Are you following AARP Advocates on facebook? Because you should. This week, they are sharing the top 5 reasons women would be especially hurt by proposals to cut Social Security benefits according to the chained CPI (a terrible proposal to deduce the federal deficit by cuting Social Security benefits, based on bogus math. The Chained CPI would cause measurable harm to retired men and women alike). Here are AARP Advocate’s first two reasons why women would be adversely affected by the cut:
Reason #1: Women can least afford a cut in Social Security benefits. Women earn less on average than men, are more likely to work part-time, and are more likely to have gaps in their employment. All this results in a lower average annual benefit for women (about $13,000) than men (about $17,000).
Reason #2: Women will face deeper cuts.
The chained CPI would cut benefits more with every passing year, and women will see a greater share of these cuts since they tend to live longer and make up a larger share of the population as it ages. More than two out of three (68 percent) Social Security beneficiaries age 85+ are women.
Be sure to follow them on AARP Advocates on Facebook or check back here to read the next three reasons.