Seniors want you to know this before it’s too late!
Prevent your 👵🏻 old age tragedy with education & planning.
🚨 Women/wives/mothers are 342% more affected.
Women, you have a crisis coming, and you need to be prepared.
Men, your wives, moms, sisters and daughters are headed for a crisis, and you need to help prevent it. I’ve spent over 20 years as a tax accountant and with over 7,500 income tax returns under my belt. I’ve seen it all and walked alongside multitudes through this exact crisis.
“I wish someone had told me in my younger years when I could do something about it.”
The Crisis >> Women have to:
- Live more years than men on a single income
- Live on less income than men
- Live more years with higher tax burden than men (less disposable income)
- Live in poverty more than men (2 of every 3 in poverty)
I used reputable American sources meant to be illustrative of North America in general.
Keep in mind that single seniors living costs are not half of married ones. Single and widowed women must maintain the entire home, usually in old condition and not energy efficient. Women have less education and lower incomes.
Many women are widowed younger than 65…
Scenario:
Martha & Joe have been married for 35 years.
They live in the older home they raised their family in. They live monthly check to check on Joe’s small work pension, old age security and workers pensions. Martha only worked a few part-time jobs as she mostly raised their children and kept up the home front.
Common Crisis:
Joe dies at 70. Martha is tragically widowed at 60.
1 month later, Martha is still a mess and her bank calls.
“Martha, I know Joe just died, and I hate to throw this on you too. It’s urgent you come in to discuss your financial situation… your bills are bank bouncing.
I’m sorry but…
Without Joe’s old age security and you only getting 60% of his small work pension, Martha, your incoming income is not enough to cover your mortgage, credit card payments, utilities, vehicle, property taxes, insurance and living costs.
In 5 years, you will be eligible for old age security, but that still won’t be enough.
You will either have to try to find some kind of work immediately or sell your family home to move in something small or shared, which likely will not accommodate hosting your family over anymore. I’m truly sorry.”
I have watched women uncontrollable weep with both grief and despair.
Grief for the loss of her beloved husband and for the loss of her cherished family home and the life it brought her and their family. Despair for possible 20 years living alone in poverty unable to host her cherished family as company.
If you don’t want this to be your wife, your mother, or anyone you love. There are ways to prepare and avoid this pain.
In my next article, I cover some preventative options.
source: https://www.incharge.org/debt-relief/financial-help-widows/
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