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After the gray divorce, women’s standard of living Dr. Lin and her co-author found that men decreased by 21 percent, to 45 percent. Remarriage through remarriage or cohabitation helped divorced older women regain their finances, but Only 22 percent of women remarried, compared to 37 percent of men. (In Miss Palazzo’s case: “It won’t happen.”)
Changes in Social Security eligibility and benefits can reduce some of this inequality. For example, a divorced spouse’s benefit is half what a widowed spouse can claim. caregiver loan can partially compensate for years spent raising children or caring for the elderly.
Dr. “The ground rules were written in the 1930s,” Rutledge said. “They do not recognize the increasing employment of women. They don’t realize that people don’t stay married forever.” Mandatory retirement savings programs (Australia has one) will also help workers who are not offered by their employers.
It is possible to see progress in these patterns. “The good news is that women are emerging as independent economic actors, working and living independently,” said Teresa Ghilarducci, an economist at The New School, noting that young women are narrowing the gender gap in earnings and savings.
But many women who are currently approaching retirement may find it difficult, especially if they are single like Ms. Now, she lives frugal on a $2,500 monthly Social Security benefit. He drives a leaky 2001 Nissan that he couldn’t replace when he died. “Whether I’ll be physically or mentally disabled, which worries me because I don’t have a family or savings,” he said.
One Chance: Moved into a cheerful apartment in a Section 8 subsidized housing complex for the elderly and disabled in New Haven in September 2020. Rent comes to $670 per month, including utilities.
“I feel safe,” she said. “I’m in a kind of peace.” And because she can’t quite suppress her optimism, she buys several lottery tickets each week.
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