After a gray divorce, women’s standard of living Dr. Lin and her co-authors found a 45% reduction, while men only saw a 21% drop. Remarriage, through remarriage or cohabitation, has helped older women who have been divorced regain their financial footing, but only 22 percent of women start over, compared with 37% of men. (In Miss Palazzo’s case: “Not going to happen.”)
Changes to Social Security eligibility and benefits could reduce this inequity. For example, benefits for a divorced spouse are only half of what a widowed spouse can claim. Credit to carers can partially make up for the years spent raising children or caring for the elderly.
Dr. Rutledge said: “The basic rules were written in the 1930s. “They don’t recognize women’s job growth. They don’t realize that people don’t marry for good. Compulsory retirement savings plans (Australia has a) will also help workers whose employers do not provide them.
Progress can be seen in these models. “It is good news that working and independent women are emerging as independent economic agents,” said Teresa Ghilarducci, economist at The New School. The New School, notes that young women are closing the gender gap in income and savings.
But many women who are about to retire can have a hard time, especially if they’re single like Ms. Hartt. She now lives frugally on a monthly Social Security benefit of $2,500. She drives a leaked 2001 Nissan that she won’t be able to replace when it dies. “Because I have no family and no savings, what worries me is if I become disabled, physically or mentally,” she said.
One stroke of luck: In September 2020, she moved into a fun apartment in a Section 8 subsidized housing complex in New Haven, for seniors and people with disabilities. Rent is $670 a month, including water and electricity.
“I feel safe,” she said. “I’m in a kind of peace.” And because she hasn’t completely quashed her optimism, she buys a few lottery tickets each week.
https://www.nytimes.com/2021/12/26/health/older-women-financial-hardship-retirement.html Why do older women face more financial difficulties than older men?