While the numbers for your “average” Social Security recipients are reported regularly by the Social Security Administration (SSA), the statistics can vary depending on many factors. From gender to years spent within the labor force and lifespan and overall earnings, the Social Security Administration (SSA) computed the data differently. By pulling the numbers from the Department of Labor (DOL), Social Security Administration (SSA), and Bureau of Labor Statistics (BLS), we can determine the most vital figures by gender.
The existence of a gender-based pay gap is a historical fact based on the available data, with men and women earning vastly different salaries. Because Social Security benefits are dependent upon a citizen’s lifetime earnings, the pay gap continues in retirement through Social Security payouts. A report released by PayScale noted that, in 2022 alone, women earned 82 cents for every dollar their male counterparts earned.
The income earned by an individual, regardless of gender, plays a vital role in the final determination of qualifying Social Security benefits. On average, men have higher incomes than women, which means their Social Security retirement benefits will also be higher. Furthermore, men have a higher level of participation in the workforce than women, meaning fewer women participate in Social Security contributions overall.
On average, women continue living longer lives than men, producing unique data within the Social Security system. As such, women make up more than 55% of Social Security benefit recipients, whereas men make up 45% or less. Over the course of a lifetime, this information helps even out payout balances. While men receive a higher payout, women receive payouts for a more extended period.
These differences can be dramatic, with retired male citizens earning $1.7k per month on Social Security, compared to women receiving an average of $1.3k. With more women taking on part-time work than men, it’s easy to see how these rates are so different from one another. Ultimately, these payout differences equate to a 24% difference across the board, further highlighting the issues associated with gender-based pay gaps in the United States.
Contact Information:
Email: [email protected]
Phone: 6122163911
Bio:
Mickey Elfenbein specializes in working with Federal Employees relative to their retirement benefit plans, FEGLI, TSP, Social Security and Medicare, issues and solutions. Mr. Elfenbein’s mission is to help federal employees to understand their benefits, and to maximize their financial retirements while minimizing risk. Many of the federal benefit programs in place are complicated to understand and go through numerous revisions. It is Mr. Elfenbein’s job to be an expert on the various programs and to stay on top of changes.
Mickey enjoys in providing an individualized and complimentary retirement analysis for federal employees.
He has over 30 years of senior level experience in a variety of public and private enterprises, understands the needs of federal employees, and has expertise built on many years of high-level experience.
