The Employee Benefit Research Institute (EBRI) reported that if female workers over 50 in 2006 received an annuity or employer pension, they were likely to end up with a smaller amount. However, EBRI was quick to add, women currently in the workforce are in better shape than their older counterparts since they are more likely to spend more time in the workforce.
The EBRI study evaluated the impact of gender, age, education, marital status, and other demographics in the likelihood of a worker receiving annuity and/or pension income in retirement.
According to the EBRI data, in 2006, 44.6% of men age 65 and older received annuity and/or pension income, with a mean amount of $17,200 per year while only 28.4% of women age 65 and older received annuity and/or pension income in 2006, with a mean amount of $11,142 annually.
Although fewer individuals age 50 and older received pension income from a public-sector plan (7.5%) than from a private-sector plan (12.6%) in 2006, the median amount an individual received from a public-sector plan ($17,974) was considerably larger than that received from a private-sector program ($8,146).
In 2006, some 27.5% of men age 50 and older with a graduate-level education received annuity and/or pension income, compared with 21.7% of men without a high school diploma.
A woman age 65 or older in 2006 was only about two-thirds (63.7%) as likely to receive an annuity and/or pension payment as her male counterpart, and her mean benefit was likely to be about 65% of that received by a man of he same age.
In fact, the likelihood of receiving annuity and/or pension income increases with age, until the oldest age group (80 and older), for whom the data shows a lower percentage receiving such income. However, the percentage of those 80 and older receiving annuity and/or pension income increased from 17.7% in 1975 to 39.7% in 2006.
EBRI pointed out that the women who were born in 1956 at the latest are part of a group who, on average, spent fewer years in the labor force than their younger counterparts. However, on average, today’s younger women tend to spend more time in the workforce than did women who were 50 and older in 2006, so the number of younger women who will receive annuity and/or pension income and the amounts they will receive are likely to increase over time.
Men age 50 and older in 2006 who were married or widowed were more likely to receive annuity and/or pension income than men of the same age who were never married. Women age 50 and older in 2006 who were never married were more likely to receive annuity and/or pension income than married women, but widowed women were much more likely to receive annuity/pension income than either married women or women who were never married.
The research is available here.