2024-10-02
When it comes to getting older, married people often have more money and are less likely to be poor compared to those who are not married. This information comes from a new study that tracked thousands of people living in Wisconsin over several decades.
In America, many people get married before they retire, but there's an increasing number of folks who are staying single. A small percentage of people over 75 have never been married, but this number is higher among those aged 65 to 74, and even more so for those between 55 and 64.
As people age without a partner, they face more money troubles. Married individuals usually have more income and savings and are less likely to live in poverty. This is true even when you consider other things that might influence their financial status, like health, personality, or education.
The study highlighted that single men, in particular, don't do as well financially. Their income is much less compared to married men, and they're more likely to be poor.
When you're single, you have to handle all the costs of life by yourself – things like your home, vacations, and even everyday items. If you get sick and need someone to look after you, you might have to pay for this care yourself.
In the United States, marriage comes with benefits like being able to get Social Security based on what your spouse earns or collecting some of their benefits after a divorce.
Check Out: More Americans Embrace Government Aid: How Assistance Programs are Helping Them
The study also suggests that single people might not get hired or promoted as easily because of how employers perceive them. Divorced individuals, especially women, often find themselves with much less money than those who are married because they might have put their family and home life first.
For single women who have never married, their finances seem to fare better compared to other women, possibly because they've focused more on their jobs than on home life.
It's crucial for single people to start managing their money early on. Surprisingly though, many don't think about it. One expert from Stanford says managing your money should become a regular part of your life, just like working out or seeing friends.
Learning more about money management is a key first step for many. This is especially important for women, who often know less about investing and making smart money choices. This could be why women who are divorced or widowed often struggle more with their finances. There are resources available through workplace HR offices or financial advisors that can help.
If you're worried about money, keep working as long as possible. This means you save more for later and you continue to get benefits from your job. Working until you’re 70 could also mean a bigger Social Security check.
When you do retire, you need to have a plan for how you'll spend your savings, considering people are living longer these days. Think about big costs like health care in old age, but also look into community programs that can help you save money.
Don’t Miss: Living A Conscious Lifestyle Through The No-Spend Challenge
Building a strong network of friends and family is also important. If you don't have a partner or children, having people you can depend on can save you money on things you might otherwise need to pay someone to do.
By preparing financially and socially, single older adults can make sure they are supported and secure in their later years.
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Previous Article: How to Smartly Handle a Sudden Big Money Gain
The Price of Growing Old Alone
When it comes to getting older, married people often have more money and are less likely to be poor compared to those who are not married. This information comes from a new study that tracked thousands of people living in Wisconsin over several decades.
In America, many people get married before they retire, but there's an increasing number of folks who are staying single. A small percentage of people over 75 have never been married, but this number is higher among those aged 65 to 74, and even more so for those between 55 and 64.
As people age without a partner, they face more money troubles. Married individuals usually have more income and savings and are less likely to live in poverty. This is true even when you consider other things that might influence their financial status, like health, personality, or education.
The study highlighted that single men, in particular, don't do as well financially. Their income is much less compared to married men, and they're more likely to be poor.
When you're single, you have to handle all the costs of life by yourself – things like your home, vacations, and even everyday items. If you get sick and need someone to look after you, you might have to pay for this care yourself.
In the United States, marriage comes with benefits like being able to get Social Security based on what your spouse earns or collecting some of their benefits after a divorce.
Check Out: More Americans Embrace Government Aid: How Assistance Programs are Helping Them
The study also suggests that single people might not get hired or promoted as easily because of how employers perceive them. Divorced individuals, especially women, often find themselves with much less money than those who are married because they might have put their family and home life first.
For single women who have never married, their finances seem to fare better compared to other women, possibly because they've focused more on their jobs than on home life.
It's crucial for single people to start managing their money early on. Surprisingly though, many don't think about it. One expert from Stanford says managing your money should become a regular part of your life, just like working out or seeing friends.
Learning more about money management is a key first step for many. This is especially important for women, who often know less about investing and making smart money choices. This could be why women who are divorced or widowed often struggle more with their finances. There are resources available through workplace HR offices or financial advisors that can help.
If you're worried about money, keep working as long as possible. This means you save more for later and you continue to get benefits from your job. Working until you’re 70 could also mean a bigger Social Security check.
When you do retire, you need to have a plan for how you'll spend your savings, considering people are living longer these days. Think about big costs like health care in old age, but also look into community programs that can help you save money.
Don’t Miss: Living A Conscious Lifestyle Through The No-Spend Challenge
Building a strong network of friends and family is also important. If you don't have a partner or children, having people you can depend on can save you money on things you might otherwise need to pay someone to do.
By preparing financially and socially, single older adults can make sure they are supported and secure in their later years.
-
Previous Article: How to Smartly Handle a Sudden Big Money Gain
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