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Why many retired women live in poverty
CNN Money ^ | 13MAY2014 | Melanie Hicken

Posted on 05/20/2014 9:34:42 PM PDT by Jack Hydrazine

Gender inequality doesn't end at the workplace. For many women, the gender gap haunts them well into their retirement years, when far more women find themselves living in poverty.

In fact, women are almost twice as likely as men to live below the poverty line during retirement, with single and minority women struggling the most (see chart).

On average, women 65 years and older rely on a median income of around $16,000 a year -- roughly $11,000 less than men of the same age, according to a Congressional analysis of Census data. And many elderly women rely exclusively on Social Security benefits.

The problem: Women earn -- and save -- less over their lifetimes than men, leaving them with a smaller nest egg. And because they tend to live longer, that savings has to last longer, too.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: poverty; retirement; women
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To: 9YearLurker

You couldn’t be more wrong.........I prefer Eastern European women, myself.


61 posted on 05/21/2014 5:20:40 AM PDT by dfwgator
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To: dfwgator

You’re a little short on your logic. I said FR is a magnet for the profile I described. I didn’t say that only men who fit that profile are here or that my profile applies to men who fit 100%, as opposed to those who might vary slightly by geography.


62 posted on 05/21/2014 5:23:29 AM PDT by 9YearLurker
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To: 9YearLurker

It was a joke, son.


63 posted on 05/21/2014 5:23:56 AM PDT by dfwgator
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To: 9YearLurker
I hear you two. There’s an unfortunate, persistent anti-female streak that runs through FR.

I'd say it's more of a tinge than a full streak - a tinge found everywhere, in both conservative and liberal circles, in both the real and virtual worlds. We also have a bit of an anti-Catholic tinge, anti-Mormon, and other unpleasant shadows. I don't think any of those are central to FR, but they are all present at FR just as they are present everywhere else.

Personally, I would be thrilled if my wife made more than I used to make, but the division of labor included me starting a company where I worked long hours, and her taking care of just about everything else. I'll get a lot in social security, and she'll get relatively little. I arranged our finances so that no matter what happens she will be equally comfortable, but that took resources that not everyone has.

64 posted on 05/21/2014 5:31:55 AM PDT by Pollster1 ("Shall not be infringed" is unambiguous.)
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To: Pollster1

You’re another good husband! It is unfortunate that our SS system doesn’t recognize homemaking wives more fairly.

I agree, though I think the anti-female bit is a more nasty.

And there’s enough good stuff here that I’m here—quite regularly.


65 posted on 05/21/2014 5:44:29 AM PDT by 9YearLurker
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To: ottbmare
Being a dedicated mother who put her children first was indeed my decision, and I’m going to pay for it. I don’t see a solution to the problem.

I know you don't want to ask them, but can't the kids help? I'd like to believe that if something happened to me and our savings, our kids would help my wife as much as they could, not just as much as seemed convenient.

66 posted on 05/21/2014 5:53:29 AM PDT by Pearls Before Swine
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To: ottbmare
How long do you have before retirement? The best advice I've heard and this is for both men and women, is to not go into retirement in debt. Pay off everything and don't do anymore credit after you retire. It will stretch those dollars. I know for some this will be difficult. If you are able a part-time you after retirement also helps.

I work as a 3rd party contractor for a major corporation. I see older faces starting to be hired more often. The kids don't have the skill set. They can type on computers but they don't have social skills that the company wants. They also can't handle stress as well as older generations.

67 posted on 05/21/2014 6:02:02 AM PDT by defconw (Well now what?)
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To: Jack Hydrazine

I hope you aren’t insinuating that there is never good cause. After 16 years of marriage, my ex decided to tell me he wanted to cross-dress. I stayed for a year while we went to counseling and it only got worse. He harassed me to shop for him and allow him to wear women’s clothes in our home. He joined internet groups that cater to this and went to meetings where they gather. My life was a living hell because I could not make myself accept this behavior.

I left. I have my sanity back and I will never regret it or believe what I did was wrong.


68 posted on 05/21/2014 6:10:29 AM PDT by Clintons Are White Trash (If stupid ever reaches $150 a barrel then I want the drilling rights to Maxine Water's head.)
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To: defconw

I agree with you about the debt issue. I’m 57 and work full time for a generous Jesuit organization. When I bought my house I financed it for 10 years so I only have 8 years left. My car will be paid off and I have no credit card debt - refuse to use them. I will have a bit of a pension and am trying to save a nest egg for home repairs, etc. It’s in God’s hands :)


69 posted on 05/21/2014 6:15:09 AM PDT by Clintons Are White Trash (If stupid ever reaches $150 a barrel then I want the drilling rights to Maxine Water's head.)
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To: ottbmare

“Meanwhile, I might just gently point out that making bitchy remarks about shopping habits is not a helpful contribution to the discussion.”

If you can’t take a joke, I fail to see how that is my problem.


70 posted on 05/21/2014 6:20:11 AM PDT by Boogieman
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To: Pearls Before Swine

My father will never want for anything except for my Mother who passed away 6 years ago, they were married 67 year’s. In they’re younger day’s on the ranch Mom and Pop worked cow’s and drove into town on Saturday’s to sell butter, egg’s, chickens and rabbit’s, then came back Sunday’s and put some of that money in the basket at church. We never went hungry and I never had to wear hand me down cloth’s, Mom would make me some new one’s. Oil and gas was discovered on the ranch and changed everything except the way MOM and POP took care of us kid’s. Dad has a nice place with assistance and a nurse that comes by regularly, should he want to go anywhere there’s a Citation XL sitting in the hanger at the airpark.


71 posted on 05/21/2014 6:20:41 AM PDT by Dusty Road
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To: Clintons Are White Trash
Exactly. I would keep a credit card or two for emergencies. But our financial guy really stressed paying off our debt before I retire. My husband is semi-retired. He still has a job, but only works occasionally. I am 50 so I have a long way to go.

It helps me when older people share their stories. It gets me thinking as well. I think things have a way of working out. God can do wonders when he's asked.

As for the men making snarky remarks, who cares? They have no idea what women do, they really don't. But I do! I respected my mother's choice to work part time and raise her kids full time.

I think a lot of women my age who were all caught up in the I can do it all mentality are going to have a rude awakening someday soon. I was lucky, I married late to a wonderful fiscally responsible man. It helps a lot, but you ladies have already gone through so much in life. You'll figure it out, I know it!

72 posted on 05/21/2014 6:26:26 AM PDT by defconw (Well now what?)
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To: Hugin
women initiate divorce twice as often as men.

The person who initiates the divorce isn't necessarily the one who causes the divorce. The data are clear, men are more likely to fool around.

73 posted on 05/21/2014 6:30:05 AM PDT by ladyjane
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To: Pollster1

This is the only forum I visit other than gun forums, and I’ve been here for over 17yrs...them’s ain’t tinges, they’s full-blown streaks my friend.


74 posted on 05/21/2014 6:46:27 AM PDT by redhawk.44mag
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To: Jack Hydrazine
Like my wife says: "I bought it because it was on sale half price"!

Of course, If I mark up my $30,000.00 truck to $60,000.00 and take half off, my truck is half off...even though that is the FULL RETAIL PRICE anyways.

/facepalm

75 posted on 05/21/2014 6:57:49 AM PDT by DCBryan1 (No realli, moose bytes can be quite nasti!! (Keeper of the Sick Individuals pinglist))
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To: 9YearLurker; dfwgator
It was a joke, son


76 posted on 05/21/2014 7:00:10 AM PDT by DCBryan1 (No realli, moose bytes can be quite nasti!! (Keeper of the Sick Individuals pinglist))
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To: defconw

I don’t have credit cards, car payments, cell bills, cable, dinners out (no, not even McDonald’s or Starbucks), or even air conditioning. I do not travel except for family emergencies and have not had an actual vacation in 19 years. I did go to my son’s graduation at Parris Island, the proudest day of my life. I have no club memberships, gym, or retail purchases; my possessions come from Goodwill. I do my own oil changes and home repairs, burn firewood I found in the forest, eat eggs from a friend’s chickens, vegetables I grew, and meat my son hunted.

Retirement? What’s that? I have a very part time job doing physical labor, plus a home business. Got laid off from my main job due to Obamacare.


77 posted on 05/21/2014 7:06:13 AM PDT by ottbmare (the OTTB mare, now a proud Marine Mom)
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To: Jack Hydrazine

Try widowed senior women who live on just SS checks. They make to much to qualify for Food Stamps, or the amount is $10-30, not worth the trip and hours to go get it, if they can still drive. The USDA food give away, in Millington, TN has tippled with elderly seniors both men and women, most are widows or widowers since 0 came into office. With just SS as income. NO COLA’s in 3 yrs, then half went to Medicare. So you got a whopping $40 extra a month. Not even 4 days of groceries or gas to go get them.

Should something happen to my husband, since we have only been married 6 yrs this Sept, we were both widowers, I do not qualify for his Navy Pension. I will have to live on my SS check. I was a stay at home mom for to long, only 7 yrs in the work force, not enough quarters in. I draw off my late husband’s SS, while the government KEPT what I paid in for those 7 yrs.


78 posted on 05/21/2014 7:12:23 AM PDT by GailA (IF you fail to keep your promises to the Military, you won't keep them to Citizens!)
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To: ottbmare

I’m afraid more people are going to lose jobs after this fall. My health insurance company is still going for now. I am getting all the tests and problems taken care of right now. I am really not sure what will happen next year. I will just have to wait and see.


79 posted on 05/21/2014 7:12:31 AM PDT by defconw (Well now what?)
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To: defconw

They just entered adulthood and barely make enough to survive on. You can imagine how much they pay a new Marine. My daughter is trying to start a conservative home business at night after work—you have never seen such a hard-working young woman!—but so far it has not made any money.


80 posted on 05/21/2014 7:13:58 AM PDT by ottbmare (the OTTB mare, now a proud Marine Mom)
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