Women Face Unique Financial Challenges In Old Age

June 25, 2015 Victor Medina Elder Law, Finances 0 Comments

People talk a lot about the gender gap these days. Disparities in earnings between men and women have driven substantial political chatter and partisan debates in recent years, and the topic only seems to gain traction as we head into a new political season.

One context in which people rarely discuss the issue, though, is old age.

A new article in Forbes reveals the unique financial challenges that women face in old age. As it turns out, women tend to struggle on their own as they age to a greater extent than elderly men. Forbes thinks it’s figured out why, and we’ll highlight a few of their observations (which are all based on the latest statistics) below:

  • Women live longer.
  • Women make less.
  • Women spend less time in the workforce over the course of their lives, taking time away from work for pregnancy, childcare, or other family-related issues. As a result, their life savings are generally smaller.
  • Women tend to have older husbands, and yet women live longer on average than men. Accordingly, many women become widows during (or even before) their old age.
  • Nearly half of all unmarried women rely on Social Security as the source of 90% of their retirement income.

Unquestionably, financial planning is a paramount concern for American women, and it’s one they should strongly consider addressing sooner than later. The earlier one initiates a proactive plan for the future, the easier it is to stay on course.

At Medina Law Group, We have helped many widows face their financial planning challenges and they’re left alone to handle everything. We understand how quickly the future becomes today. We know first hand how crippling long-term costs can seemingly drop out of nowhere. And we’ve seen many incredible women overcome surprises in their health or financial situations and embrace an active, happy life well into old age.

We want to help make the same possible for you. Our New Jersey elder law attorneys offer a wide range of solutions, strategies, and services that will ensure you’re fully prepared for whatever may come your way. Your story need not be defined by statistics. Give us a call today.

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