The poverty rate for widows has gone down over the past 20 years. This trend will probably continue for the foreseeable future.
Women face the risk of slipping into poverty when a husband’s death triggers a drop in retirement income from Social Security and a pension (if he had one). But beginning in the 1970s and 1980s, women moved into the nation’s workplaces at an unprecedented pace.
Women now make up nearly half of the labor force and are more educated, which means better jobs – and better odds of having their own employer retirement plan. As a result, they have become increasingly financially independent.
This trend of greater independence is now showing up among older women. Widows between ages 65 and 85 put in 10 more years of work than their mother’s generation, which has helped push down the poverty rate from 20 percent in 1994 to 13 percent in 2014, according to the Center for Retirement Research. …Learn More
When a Social Security statement comes in the mail, most people do not, as one might suspect, throw it on the pile of envelopes. They actually open it up and read it.
But are they absorbing the statements’ detailed estimates of how much money they’ll get from Social Security? RAND researcher Philip Armour tested this and found that the statement does, in fact, prompt people to stop and think about retirement: workers said their behavior and perceptions of the program changed after seeing the statement of their benefits.
The study was made possible after Social Security introduced a new system for mailing out statements. Workers used to get them in the mail every year. In 2011, the government took a hiatus and stopped sending them out. The mailings resumed in 2014 – but now they go out only before every fifth birthday (ages 25, 30, 35 etc.).
Armour was able to use the infrequent mailings to compare the reactions of the workers who had received a statement with those who had not during a four-year period, 2013-2017.
The statements bolstered their confidence that they could count on Social Security when they retire. More important, receiving them in the mail spurred some people to work more. To be clear, this is what they said – it isn’t known what they actually did.
Those who had been out of the labor market were much more likely, after getting a statement, to say they had returned to work. Working people under age 50 increased their hours of work.
Social Security benefits, on their own, usually are not enough to live on in retirement, and half of U.S. working-age households are at risk of falling short in retirement. But unfortunately, the study wasn’t able to detect another critical aspect of their retirement preparation: saving. …Learn More
Nursing homes are usually at the bottom of people’s list of places for their parents. A workable and little-known alternative is available in many states: adult foster care.
This PBS video about Oregon’s program features a suburban Portland woman, Carmel Durano, who provides 24-hour care in her home for five elderly people, including her mother. Durano has been a good solution for Steve Larrence’s 99-year-old mother. He feels comfortable with Durano and lives in the same neighborhood, so he can walk over anytime to talk to his mother.
“You don’t feel like you’re in an institution. You feel like you’re living with a family,” Larrence said in the video.
Durano is part of a network of more than 1,500 adult foster care programs in Oregon. Many of them care for more than one senior. Durano, a Filipina immigrant, got involved 30 years ago, because she had three young boys at the time and wanted to stay home for them.
Foster care is much cheaper than nursing homes. And, like nursing homes, state Medicaid programs often pay for the at-home caregivers. But though adult foster care is not immune to cases of abuse, Paula Carder, an expert on aging and dementia at Portland State University, said the Oregon program generally delivers “a high level of care.”
State regulations require caregivers to be certified annually, pass background screenings, and submit to surprise home safety checks and interviews with the adults in their care.
This may be at least a partial solution to the growing problem of an aging population. …Learn More
Aging is not, as the cliché goes, for the faint of heart. If a woman makes it to 65, she can expect to live at least 20 more years. Three new books written by or about the elderly provide a wonderful roadmap to aging with grace, introspection, gratitude, and humor.
“Coming of Age: My Journey to the Eighties” by Madeleine May Kunin
The former Vermont governor and ambassador to Switzerland has authored books about politics, feminism, and women as leaders. In her new memoir, she has blossomed into an essayist and poet. Kunin, who is 85, muses about defying “death’s black raven” on her shoulder. The color red is one way to achieve this. She bought a Barcelona Red Prius (easier to find in the parking lot), and then she and her late husband, John, purchased two oversized red armchairs. “I wanted to bring life inside – not leave it outdoors. And the red chairs did exactly that,” she says.
In her poem, “I Loved You When You Did the Dishes,” she writes tenderly of John – first as a robust partner, then as a dependent, and always as “the man of my dreams.” Old age has given her permission to let down her guard, which she did not do as a public figure. Now she discloses private matters like thinning skin and her pain when, as a young legislator in the 1970s, male colleagues didn’t take her seriously. But she invariably looks back on her life with humor. Kunin tells one anecdote about ducking into a men’s bathroom to avoid the long line for the women’s room. A man who recognized her immediately said, “I never thought I’d meet the governor here.”
“Women Rowing North: Navigating Life’s Currents and Flourishing as We Age” by Mary Pipher
Early in her book, Pipher borrows a novelist’s words: “Old age transfigures or fossilizes.” Pipher, who is a psychologist, urges women to aim for transformation or “willing ourselves into a good new place.” The most important thing, she says, is to keep moving along, upriver – memory loss, muscle loss, and stereotypes be damned! Each chapter is a roadmap to that good place: Understanding Ourselves. Making Intentional Choices. Building a Good Day. Creating Community. Anchoring in Gratitude. In the chapter Crafting Resplendent Narratives, she advises readers dealing with difficult situations to “honor our pain and move toward something joyful.” …Learn More
Motherhood, career anxiety, menopause – women, throughout their lives, move from one psychological stressor to the next.
Well, ladies, there’s hope: your stress should start to ease around age 60.
With the #MeToo movement against workplace abuse of young adult women dominating the headlines, there’s a quieter movement of baby boomer women exploring what it means to get old. Book publishers are flocking to writers of self-actualization books like “Women Rowing North: Navigating Life’s Currents and Flourishing as We Age” and “50 After 50: Reframing the Next Chapter of Your Life.”
Perhaps publishers sense a market for these books because women of all ages suffer depression at rates two to four times higher than men. But a study in the journal Maturitas finds that many women shed their depression as they move from their mid-40s into their 60s.
To pinpoint individuals’ psychological changes over time, this study analyzed the group of women who participated in a telephone survey from beginning to end, 1992 to 2012.
The women, who live Melbourne, Australia, were asked a battery of questions to determine whether they were depressed – questions about whether they felt optimistic or discontented, socially engaged or lonely, impatient or cheerful, clear thinking or confused.
They were also asked whether they suffered from bad moods, which can be a precursor to depression. The researchers found that the women’s moods improved significantly as they aged. …Learn More
With more Americans today living into their 80s and beyond, the elderly are becoming more vulnerable to slipping into poverty.
To reduce the poverty risk facing the oldest retirees, some policy experts have proposed increasing Social Security benefits for everyone at age 85. Under one common proposal analyzed by the Center for Retirement Research in a new report, the current benefit at this age would increase by 5 percent.
The poverty rate for people over 85 is 12 percent, compared with 8 percent for new retirees. But more elderly people may actually be living on the edge, because the income levels that define poverty for them are so low: less than $11,757 for a single person and less than $14,817 for couples.
One reason the oldest retirees are especially vulnerable is that their medical expenses are rising as their health is deteriorating, yet they’re too old to defray the expense by working. This is occurring at the same time that the value of their employer pensions – if they have one – has been severely eroded by inflation after many years of retirement.
Further, elderly women are more likely to be poor than men, because wives usually outlive their husbands, which triggers a big drop in income that is generally not fully offset by a drop in their expenses.
Limiting the 5 percent benefit increase to the oldest retirees would ease poverty while containing the cost. …Learn More
Nearly 10 million seniors are having difficulty paying for housing – and the problem is growing.
Housing experts typically recommend that people keep their housing costs below a third of their income. But one in three Americans over age 65 are spending more than that on their rent or mortgage payment, utilities, property insurance, maintenance, and other housing costs, according to a new study, “Housing America’s Older Adults,” by Harvard’s Joint Center for Housing Studies.
If the senior housing problem hasn’t reached crisis proportions yet, Jennifer Molinsky, who wrote the center’s report, predicted that it will if nothing is done to increase the supply of housing structures that are both affordable and age-friendly to meet the needs of aging baby boomers. The number of households over 80 will more than double over the next 20 years, the housing center estimates.
“Unless we create more options for people at the middle- and lower-income levels, we are going to be seeing that people have fewer choices and that they’re forced into options they don’t want,” she said. …Learn More