While Social Security law is now completely gender-blind and has been for close to 40 years, the effects of Social Security’s various provisions on each gender vary quite a lot. Some of the differences in outcomes by gender appear to be exogenous and not amenable to any legislative solution. They highlight the fact that financial planning for retirement at advanced ages is even more important for women than it is for men, because women are much more likely to survive to the oldest ages, while having the least financial resources available.
Author: Bruce D. Schobel, FSA, MAAA, CLU, CEBS, is a consulting actuary in Winter Garden, Florida, who worked for SSA during 1979 through 1988 and has stayed involved in Social Security matters since then. He was staff actuary to the National Commission on Social Security Reform (the “Greenspan Commission”) that developed the framework for the Social Security Amendments of 1983.
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