Unit III

People often talk about retirement. They joke: I can't wait to just retire, move to Florida and lie in the sunshine all day long. While the dream is a valid one, the reality does not hold true for everyone. The last two weeks, I read a variety of articles and journals regarding the economics of aging and retirement.
According to a new analysis of U.S Census Department data, "the majority of older women in America are unable to cover their basic living expenses and the percentage of those in distress is 50 percent higher than that of men." This is a harsh actuality.  Women are second-class citizens as is - it would only make sense that growing older would bring a whole new bag of problems. A majority of the readings were in reference to widowers or divorced women. These are women often living without financial benefits, trying to survive on a very limited income. This week, my own nana came to mind. She has been a widower for about 30 years. She lives in a subsidized senior housing unit and is on a small fixed income of Social Security. My parents help with her insurance payments each month. My nana is completely happy, but when I think about her economic situation, I can't help but question how that weighs on her. Don't get me wrong, I know she is one of the lucky ones - but can living under such restrictions make someone feel helpless? Retirement can bring changes to the quality of life a woman experiences. If a woman hasn't prepared for retirement, how can she maintain her quality of life? In many cases, a woman will have to shrink her life down in an effort to find a new lifestyle that suits their financial situation. There are big questions that come along with retirement. Has an individual put aside enough money to get them through retirement? Is that individual covered by insurance if they ever have to go into long term care? Can they afford prescription medicine? The answers to these questions vary across all classes and all races. According to Economic Problems - Two Steps Back, "two out of every five minority households nearing retirement can expect retirement income that is less than double the poverty level." Minority households nearing retirement can expect a lower standard of living than non-latino whites. This means that minority WOMEN can expect an even lower standard of living than non-latino whites. A majority of this demographic has not had fair opportunity to earn a corporate job. Therefore, they are less likely to have a good pension plan.
Another big part of the readings this unit focused on the life of widowers. While marriage does give some economic security, most women often outlive their spouses and outlive their savings. Because lifelong marriage to a single partner has become less common across all racial, income and ethic groups, there is an increasing threat to economic security.  According to The Economic Consequences of Widowhood for Older Minority Women, "13% of women over 40 were divorced." Consequently, women are "much less likely than men to have a defined benefit or defined contribution retirement plan. Widowhood can pose a more serious threat to older minority women. Often times, Black and Hispanic women do not qualify for Social Security because they have not made the required 10 years of contributions. Additionally, many to not qualify for spousal or widow benefits because "they are either ineligible as a result of the marriage requirements, or a spouse was not fully covered at the time of his death." I was disheartened to learn that even when minority group women DO receive Social Security, they will only acquire the minimum payment.
I found the article by Katie Davidson to be one of the most interesting reads within the unit. Davidson explained that losing a spouse is one of the most traumatic experiences someone will go through, regardless of the quality of the marriage. It brings an overwhelming feeling of loss and loneliness. A widowed man is much more likely to find a new partner than a widowed woman is. The article examines the many reasons for this. As a man grows older, his "pool of women" grows. An older man's pool includes younger women, single women, and divorced women. As women age, the pool of available men shrinks down. The article also raised the point that men are more willing to remarry after widowhood than women are. When interviewed, a majority of the widowers did not want to get remarried because they were not ready to abandon their new-found freedom and independence. On the contrary, the majority of the men were looking for someone to take care of them.
I think it is time that we change the preconceived notion of retirees as "greedy geezers." I know that my own judgement has changed!
To further evaluate some of the issues and complications of retirement and widowhood for women, please visit the following websites:



http://www.kiplinger.com/article/retirement/T047-C000-S002-12-retirement-strategies-for-women.html This site gives women a 12-step strategy to help with retirement.
2.  http://www.wrei.org/Publications_EconomicsAging.htm On this website, you will find a comprehensive report on the economics of aging women in the U.S.

3. http://www.ssa.gov/policy/docs/ssb/v63n3/v63n3p47.pdf  This is an in-depth article that explains Social Security, what women can expect from it and how they can acquire it.



Also, I know that this isn't exactly related to this week's material - but I found a great TED Talk on the stereotypes of aging. Here is the link if anyone would like to check it out. It is a quick, 10 minute watch.

http://m.youtube.com/watch?v=mn8haRJMWWY