Women of retirement age have a difficult time taking care of themselves financially. Many of them cannot afford basic necessities such as food, housing, and health care. According to the Alliance for Retired Americans the poverty level among women age 65 or older is 13 percent. Those numbers are even higher for minorities, widows, and never-married women. The poverty level among the elderly is at 16 percent for Asians and Pacific Islanders, 21 percent for Hispanics, 26 percent for blacks, and 17 percent for the never-married. Major reforms are needed to correct this situation if an increase in poverty among retired women is to be avoided in future years.

Although the research on women and their retirement is inconclusive, three major factors have been found to influence the timing and quality of women's retirement. According to David Bach in the book "Smart Women Finish Rich", these factors are tenure and quality of employment, family...