The Sunday Star Ledger on June 18, 2011 ran an article that indicates that baby boomer women are unprepared for old age. The group who shattered glass ceilings, enrolled in colleges for the first time, and others who stayed home to tend to families are ill prepared for retirement. Many women face obstacles such as the death of a spouse, divorce or disability and have to reenter the work force in their later years. They are shocked to learn that they can only make $10.00 an hour. When women are out of the work force for many years and reenter at a later date, they will never have the earning capacity that they once had. Additionally, they will not have earned their own 401K plans or pensions. Their expected social security earnings are not what they would have been if they did not spend time raising their families. In pursuing a divorce (or facing widowhood or a spouse's disability) it is important that all women and men who have been out of the workforce realize that they must become self sufficient. Even if they are to receive alimony, after the divorce, they will be responsible for expenses that they may never have thought about. They will be responsible for their own health insurance, which can cost more than $500.00 per month. They will have to pay their own car insurance and buy or lease their next new vehicle. They are losing their "safety net". They will only receive one-half of the assets, 401K plans or pensions acquired during their marriage. In addition, they must become serious about saving for their own future and whatever obstacles life may bring. |
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CategoriesA Royal WeddingBaby Boomer Women Are Unprepared for Retirement Divorce Mediation - Success Stories Facebook Investigating May Not Be Permitted By Legal Ethics Impact of the Economy on Divorces Mediation for Divorcing Couples New New Jersey Alimony Statute Proposed Using Facebook During a Divorce |
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