One of the most worrying issues of recent decades in the United States is the gender gap. Social Security cannot avoid this controversy, and it is that also during retirement women have, as a general rule, a lower amount of money than men. The final figures are really shocking and can result in a woman earning much less money from Social Security. The problem is that the solution is very difficult to realize, if there is a real solution.
One of the big factors that determines a woman’s lower Social Security is maternity. Through maternity, a woman can go years without working, which means that the final retirement pension check can go down. In order for a woman not to receive this penalty in her monthly payment, that woman must not have children. Therefore, it is a very difficult and unfair decision in many instances.
The difference in payments for men and women
Social Security payments are different for men and women. According to Usatoday, the average for a man’s retirement is $1,848 per month. On the other hand, women receive on average about $1,494 per month. This makes a gap of $354 per month. Therefore, it means that we are looking at a remarkable difference.
If we take into account a full year, the amount of money is $4,248 per year. All these figures have more significance if we make the calculation with ten years of retirement. Therefore, over a long period of time, women will end up receiving a lower amount than men.
Reasons why women receive less Social Security
There are two main reasons why women receive less money in Social Security checks. The first of these reasons is the gender gap and the second is maternity. Regarding the gender gap, if a woman gets paid less money during her time working, when she retires that will mean a lower amount in pension payments.
The same goes for maternity. If we take into account that maternity does not allow a woman to work for a period of time, this means a reduction in the Social Security pension. To calculate the pension, the 35 years with the highest salary are taken. If a woman cannot work for 2 or 3 years due to maternity, those years add $0 to the average, so the final Social Security pension drops significantly.
Therefore, a woman faces the gender gap from working days to Social Security. Earning less money in the working days means earning less money in retirement. And add to that the years of motherhood and all the other personal situations each woman may have during her lifetime.