Aarp works to protect women’s retirement savings

Women often earn less money than men throughout their careers and are more likely to leave the workforce to take on family caregiving responsibilities. That may leave them in a precarious

position as they approach retirement. That’s why AARP is backing federal legislation that would improve financial security for older American women and provide resources to help them be

independent in retirement. The Women’s Retirement Protection Act (WRPA) of 2025, if passed, would prevent the withdrawal of retirement funds by one spouse without the consent of the other

and boost financial education and literacy among women. The bill was reintroduced in the U.S. House March 11 and in the U.S. Senate the following day. ​“AARP believes it is crucial to

protect marital assets for both spouses and safeguard hard-earned retirement savings from fraud and deception,” wrote AARP’s Bill Sweeney, senior vice president for government affairs, in

letters to the House and Senate sponsors of the bills. He noted that the legislation would be “avaluable tool in helping women across America secure their financial future.” AARP has long

supported efforts to boost retirement savings for women,who typically earn less than men and more often mustpause contributions to retirement plans because they leave the workforce for

caregiving reasons. This can reduce the amount they can collect from Social Security. Women make up two-thirds of low-wage workers in the U.S., even though they comprise less than half of

all workers, according to the WRPA bill. Low-wage workers are less likely than other workers to participate in a retirement plan at work. Also, because of the pay gap, women working

full-time and year-round typically lose out on $398,160 over a 40-year career compared to men. That requires the average woman to work almost a decade longer than her male counterpart to

make up that gap. JOIN OUR FIGHT TO PROTECT SOCIAL SECURITY Sign up to be an AARP activist and tell your lawmakers to protect Social Security for the hardworking Americans who have earned

it. Learn more about how AARP is safeguarding Social Security so it remains strong. When it comes time to retire, women generally receive fewerSocial Security dollars. The monthly average

payment for women was $1,714 in December 2023, compared to $2,106 for men, the WRPA bill notes.  More than 90 percent of women ages 50 to 64 are concerned about having enough money to live

comfortably throughout their retirement years, according to a 2022 survey by AARP. Many of those who lacked confidence worried their Social Security and savings would fall short of their

expenses, while others said they did not earn enough money to save.