Single Ladies Of Modest Means, Choose Your Own Estate Planning Adventure
You don’t need to search for news reports that specifically address age and gender discrimination, because evidence of these types of discrimination are everywhere. Just look at how big of a business med spas are, not least in image-conscious Florida. Whether you color your gray hair is no one’s business but yours, but it is hard to deny that older women get the short end of the stick when it comes to income. This applies not only to what employers pay, but also to Social Security income for seniors, since this is based on your earnings during your working years. Not only does corporate America say, “if you wanted enough money to survive, you should have thought about that before being a stay-at-home mom for ten years,” but Uncle Sam says it, too. Single and divorced women are even more vulnerable to financial insecurity during retirement than their married counterparts. Your best defense against living hand to mouth in retirement is to contact a Tampa estate planning lawyer now, before you get any closer to retirement.
The Ugly Truth About Older Women’s Finances
A recent report in the New York Times highlighted the grim financial situation for women over 50. Across all racial groups and regardless of marital status, women are more likely to experience poverty and financial insecurity in old age than men. In 2020, one out of every ten women in the United States lived in poverty, defined as having an income of $12,413 or less per year for a one-person household. The situation was worse for unmarried Black women; in this demographic group, one out of five was living in poverty. Among women who were above age 55 and still working, one out of every four was earning less than $10.19 per hour; this income range is considered “working poor.”
Assisted Living, Millennial Golden Girl, or Granny Pod?
Estate planning isn’t all about death, and it isn’t about wishful thinking. Several affordable options are available for single women of modest means. Assisted living facilities, except the most luxurious ones, are within the budget of many single women who remained employed throughout adulthood. An increasing number of women are planning to be “Millennial Golden Girls” and share a household with several female friends when they retire. If you prefer to age in place and you own a house, you can build a “Granny pod” on your property and move into it while younger relatives or boarders live in the house. Whatever you choose, though, don’t forget to buy long-term care insurance.
Contact David Toback About Estate Planning for Pragmatists
As scary as estate planning can be, a rudimentary estate plan is better than no plan at all. An estate planning lawyer can help you develop an estate plan that protects you from poverty even if you have no means or desires to afford the finer things in life. Contact David Toback for a consultation.