Chapter 9, Page 83
“Making retirement money last for life is particularly important to women because, on average, their retirement savings are smaller than men’s, and they have longer life spans over which to make the money last.” Virginia P. Reno, Vice President for Income Security Policy, National Academy of Social Insurance
Virginia Reno examines the Bush administration’s proposal for personal private accounts and the implications for boomer women’s retirements. In her article “Turning Personal Accounts into Secure Retirement Income: A Challenging Proposition for Boomer Women,” the author analyzes the four financial risks (longevity, survivorship, inflation, and investment) facing women in retirement. Compared with the new private accounts proposal, she describes how the present Social Security system better protects boomer women and recommends adjustments to the Social Security system to ensure its solvency.