The record number of women legislators on Capitol Hill could have a positive impact on women’s retirement security. More than 100 women were sworn into office as members of the U.S. House last week.
This new “sisterhood” of lawmakers brings a stronger female perspective to the nation’s retirement challenges — which disproportionately affect women — and the possibility of reversing long-term trends that will decrease women’s financial stability during their senior years.Historically, women have had fewer assets and income in retirement, and depend more heavily on Social Security to make ends meet. The ongoing gender pay gap – and time away from the workforce caring for family — diminish women’s Social Security retirement benefits. In 2018, women’s average monthly benefits were 21 percent lower than men’s. At the same time, women’s greater longevity means their retirement dollars must stretch over a greater number of years.
As mothers, caregivers, and members of the workforce, most women of the 116th Congress understand these critical issues and are well positioned to affect change. Elle magazine described some of the incoming lawmakers as “women who can’t afford their rent until their new job starts… women who look nothing like Mr. Smith, and who are revolutionizing Washington.”
Boosting Social Security and Medicare benefits would go a long way toward improving women’s retirement security. But there is even more to be done.