Understanding Social Security’s Gender Gap
Social Security benefits are calculated based on the income you earned before retirement. The more you earn while working, the bigger your benefits will be. That being said, why do men tend to get a larger monthly benefit check than women?
An article by Yahoo! Finance points the finger at gender inequality. Historically, men have been paid more than women, even when they do the same job. In addition, women often leave the workforce, at least temporarily, to care for children. Less working time impacts Social Security because benefits are calculated based on income during your 35 highest earning years.
The difference in benefits between the sexes is quite substantial when you look at the big picture. According to the article, the average Social Security payment for all retirees was $1,658.03 a month at the end of December 2021. For men, the overall average was $1,838.08, while $1,483.75 was the average benefit for women — a difference of $354.33 per month. That equates to a $4,252 difference per year and a difference of more than $106,000 over a 25-year retirement.
The Seniors Trust is committed to protecting and expanding Social Security retirement benefits for every American senior. Our mission is to convince lawmakers to pass the Social Security Expansion Act.
