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This brief reports on a recent study that explores how the changing lives of women affect Social Security replacement rates for households across seven birth cohorts (from early 1930s to early 1970s). Findings show that the increased labor force activity of women has led to a marked decrease in the amount of pre-retirement income that Social Security replaces, and will continue to put downward pressure on replacement rates for years to come. As people are living longer but many are still retiring in their early 60s, this declining role for Social Security implies that retirees will have to rely increasingly on other sources of retirement income.