Retirement for U.S. women is more likely to be a financially challenging time than for men. Women 65 and older typically have an income that is 25 percent lower than men, according to the National Institute on Retirement Security. By the age of 88, men have an income that is 44 percent higher than women. And if you're a woman, you are 80 times as likely to become poverty stricken once you retire because you earned less than a man during the work years, you may have taken time off to take care of family members, and once you retire, you live longer. Women earn 79 percent of what men earn for doing the same work. Since Social Security, pension income and retirment savings are based on earnings, it's not surprising that women have less money in retirement.
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