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Starting now until 2030, 30.4 million Americans are expected to turn 65. Many are financially unprepared for retirement and will be relying solely upon SS.
As predicted by some years ago largest cohort of these "peak boomers" will be women, and they in good number (about 52%) lack sufficient financial resources for retirement.
80% of married men die married . 80% of married women die alone .
men tend to earn more but more important men tend to be much more aggressive investors .
women are more concerned with security and not being the proverbial bag lady . men are more concerned about returns.
women tend to give more of their money away to family and friends when they really shouldn’t
My wife lost her first husband ...she had no idea about any of the investments her husband dropped in her lap .
So she went to the person she trusted , the guy at her bank.
He put her in all dot com and tech and when the smoke cleared half her savings was gone.
as if we didn't know it ,women are different creatures than men. they think different ,have different needs ,wants and requirements.
any good financial planner will tell you: men are more interested in growing wealth , they care about allocations ,investments , getting the biggest bang for the buck ( no pun intended),beating indexes , etc .
women clients are different as far as what brought them to that planners office and it is nothing like the mans reason. a mans reason is usually facts, figures and greed to increase wealth , a womens reason is she has a story to tell. ( don't they always?) ha ha
women have very different concerns and it is usually centered around the fact they have visions of being alone eventually if they are not already alone and fear being the proverbial homeless bag lady under the bridge after they out lived their money. women want security.
women live longer than men , a big point when planning but more important while 80% of all men who are married die married ,80% of all women die alone. I think that sentence requires reading a 2nd time as there is a huge difference in situations for a woman.
women usually don't like to take on much volatility,especially a widow who just lost a social security check or a woman alone .
So every woman needs to know what is going on with the finances and if they are uncomfortable with what their partner is doing speak up.
To many spouses keep their partners uninvolved and uneducated on the subject and that is bad when that partner gets a pile of investments they don’t understand or want dropped in their lap
Starting now until 2030, 30.4 million Americans are expected to turn 65. Many are financially unprepared for retirement and will be relying solely upon SS.
As predicted by some years ago largest cohort of these "peak boomers" will be women, and they in good number (about 52%) lack sufficient financial resources for retirement.
Starting now until 2030, 30.4 million Americans are expected to turn 65. Many are financially unprepared for retirement and will be relying solely upon SS.
As predicted by some years ago largest cohort of these "peak boomers" will be women, and they in good number (about 52%) lack sufficient financial resources for retirement.
Not surprising as womens pay is still ~80% of mens pay. So of course they will have less.
Boomers will make up first time a demographic in USA history (well since SSA began) where large numbers of women will hit retirement and old age as never married, widowed and divorced.
Some divorcees and relicts are well provided for; good number are or were not.
Even those who were well taken care of would have had to make that money last and keep it lasting through their retirement years. No easy feat.
Women who were married to men that didn't earn very much won't be getting a windfall from SS either as spousal or survivor benefits either.
Boomers will make up first time a demographic in USA history (well since SSA began) where large numbers of women will hit retirement and old age as never married, widowed and divorced.
Some divorcees and relicts are well provided for; good number are or were not.
Even those who were well taken care of would have had to make that money last and keep it lasting through their retirement years. No easy feat.
Women who were married to men that didn't earn very much won't be getting a windfall from SS either as spousal or survivor benefits either.
Starting now until 2030, 30.4 million Americans are expected to turn 65. Many are financially unprepared for retirement and will be relying solely upon SS.
And -- wait for it -- even more are financially prepared and even though they are not yet 65 they are already living a great life in retirement because the senior age cohort is the most affluent of all age cohorts. The current senior age cohort arguably is the most well-prepared cohort in history.
Last edited by moguldreamer; Yesterday at 03:46 PM..
To many spouses keep their partners uninvolved and uneducated on the subject and that is bad when that partner gets a pile of investments they don’t understand or want dropped in their lap
this was my mom. she lucked out a bit in that my dad died due to a service connected condition which got her some extra money every month.
dad was a depression era kid and as such his investments were pretty conservative as well and relatively easy for us kids to manage once he died. mom didn't have a clue where the money was when he died.
Hence my conviction that Social Security would eventually have to be means tested and those who don't have an immediate and compelling NEED for Social Security benefits will have them reduced, or more likely heavily taxed.
Cutting sort of violates the letter of the law as regards their promise. Taxing benefits merely breaks the spirit of the law. You still gross your promised benefits, you just don't get to keep much of them after taxation.
Of course, the other "solution" is just to put everything on the soaring national debt and bring about a faster world financial collapse. That is another way to deal with it. Deal with it by not dealing with it.
I just keep hoping I am gone first.
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