Today's post will be the beginning of a few blooms. My thoughts are going into overtime!
Let's look at older women in the U.S. and money.
Income & Employment
The following is from Nation Counseling on Aging
The average older adult receiving Supplemental Security Income gets just $433 each month. (Social Security Administration)
Older women typically receive about $4,000 less annually in Social Security than older men due to lower lifetime earnings, time taken off for caregiving, occupational segregation into lower wage work, and other issues. Older women of color fare even worse.
Over 25 million Americans aged 60+ are economically insecure—living at or below 250% of the federal poverty level (FPL) ($29,425 per year for a single person). These older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss. For older adults who are above the poverty level, one major adverse life event can change today’s realities into tomorrow’s troubles.
Poverty Measures
22% of married Social Security recipients and 47% of single recipients aged 65+ depend on Social Security for 90% or more of their income. (Social Security Administration)
More accurate measures of economic well-being—including Wider Opportunities for Women’s Elder Economic Security Standard™ Index and the Institute on Assets and Social Policy’s Senior Financial Stability Index—show millions of older adults struggling to meet their monthly expenses, even though they’re not considered “poor” because they live above the FPL, which is $11,770 for a single elder.
In my next post, we'll look at "6 ways women over 50 can achieve financial fitness before retirement" information from pbs.org
