Men Received Greater Pension/Annuity Income than Women in 2005

March 22, 2007 ( - Men over 50 years old got a higher average annual pension or annuity income than women in 2005 and are more likely to receive one at all, according to a recent article by the Employee Benefit Research Institute (EBRI).

The March article by the Washington, D.C.-based group showed that men over 50 receive an average of $18,942 each year, whereas women in the same age group receive a substantially-lower $12,190. That schism widens for those 65 and older, in which men get $16,933, and women, $10,866.

One reason for the difference suggested by EBRI is that younger women spend less time in the work force than men of similar ages and tend to have lower-paying jobs.

The results of the survey also showed that a quarter of men age 50 and older received a pension or annuity payment in 2005, while just 18.4% of women received them. Forty-three percent of men over 65 received a pension or annuity payment, compared to 29.2% of women of the same age.

The median annual pension or annuity income for men age 50 and older was $14,400, and for women in that age group it was $7,584. Men age 65 and older had a median annual pension or annuity income of $12,000, compared to $6,420 for women.

The data also showed that only 19% of those age 50 to 60 had annuity and/or pension income in 2005, but they had a far higher income than those over 60, suggesting that individuals who retired early may have done so because they were eligible for early retirement benefits and/or were able to buy a large annuity, and therefore no longer needed to work for financial reasons, according to the EBRI article.

The EBRI data is based on the March 2006 Current Population Survey, conducted by the U.S. Census Bureau.

Data for all years 1975 – 2005 are here and the March EBRI article is here .