Today’s vs. Tomorrow’s Income Security

Times have changed since the “three-legged stool” was conceived. Over the last several decades, women’s labor force participation has increased dramatically. Today, the majority of women in every age group are in the labor force. Unfortunately, our retirement income system has not responded to the change in the composition of the workforce, and this is one of the primary reasons why the traditional three-legged stool of retirement is so wobbly for women. Even though women have worked in some capacity their entire adult lives―raising children, caring for an ill parent, as well as joining the paid labor force either full- or part-time, millions of women find themselves with few financial resources when they look toward the future, and many are vulnerable to the real possibility of poverty in their retirement years. It is clear that without significant changes, women’s work patterns and caregiving responsibilities will continue to place them at a disadvantage in our nation's retirement system. As long as women earn less, live longer, and experience more interruptions from paid work and work in the types of jobs that do not provide benefits, the bleak retirement picture will remain largely the same, and retirement security for millions of women retirees will remain elusive. While we can hope that public policymakers will adopt changes to prevent poverty in old age, there are things women can do to seize control of their own economic future and make the most of the existing system. Our goal at WISER through the distribution of this book is to educate as many women as we can reach, to provide them with the knowledge they need to take meaningful steps toward controlling their financial future.