If Social Security benefits play a significant role in your retirement plan, it may be time to rethink your strategy. The big news on the Social Security front over the past few years has been the fact that, due to an overabundance of encroachments on the system, it will soon be paying out more than it takes in. Opponents argue that the current Administration's move toward personal retirement accounts will further erode what the American Association of University Women has referred to as "one of the most successful anti-poverty programs in our nation's history. ?

An issue that often goes unnoticed, or at least unsung, is the extent to which the Social Security system extends the inequities against women that are established in the workplace. Despite gains in salary equality reported in the 1990s, which brought women somewhat closer to parity with men in the working world, studies show that those gains have slowed in the first five years of the 21st century. There is still a huge salary gender gap prevalent in the world of corporate America and it is a gap that carries over into retirement plans, and specifically Social Security.

It is estimated that women who work full-time in this country earn 76 cents on the dollar when their salaries are compared with men in the same work categories. The gap gets wider for older women (ages 55-64) who only earn 68 cents on the dollar when compared with men of the same age group. Women's pensions are correspondingly smaller because they haven't paid as much in to the company's pension plan, and women who live alone reputedly have a difficult time making ends meet, much less saving for anything.

Not only do women earn less than men, but married women generally spend less time in the workforce than do men, due to time spent raising families, taking care of elders, and other care issues that confront the typical family. Thus their earning power is diminished, impacting pension plans, specifically Social Security.

Thus, women are more dependent on Social Security, but receive less of it. Of all women aged 65-75 in this country, a quarter of them report Social Security as their primary income, constituting 90% of what they have to live on from month to month. That number goes up among women 85 years of age or older, 40% of whom depend on Social Security for 90% of their income. It is estimated that over half of all older women in the US would be living in poverty without Social Security.

Yet, because of womens' lower earnings and less years in the workforce, elderly men's pension incomes are generally twice that of women, who are forced to depend on spousal benefits for survival in their elderly years.

No matter what happens with the political maneuverings surrounding Social Security, it is apparent that it is a critical program that allows people to remain self-sufficient long after their working years. For many people, particularly women, it may be the only estate planning tool available.