Women Caregivers More Likely to Live in Poverty

Women caregivers are more likely to live in poverty in their retirement years after raising children and caring for elderly parents and a spouse.

At the time women need care, there may be no available children to help and no family money remaining to pay for care.

A study shows that among those 85 and older, the percentage of men and women who need assistance is 56% of women and 38% of men.  Many of these women live their last days in nursing homes. The percentage of males requiring assistance is lower because fewer men than women live until the age of 85.¹ 

On average women live 13 or more years beyond their male counterparts and are the main caregivers for spouses.

Why Do More Women Caregivers Live in Poverty?

Why do women live poverty in old age? The reasons include divorce, separation, raising children, caring for older parents, and spending all of the family money on the care of a sick husband. 

Many women voluntarily opt out of the workforce to care for children and parents; this action is almost always expected. When and if women return to work, it is challenging, if not impossible, to return to their previous income level and career status due to the length of time out of the workforce. 

Many women accept lower paying positions with less opportunity for growth.  Others work part time.  For women, this job shifting results in a shorter time frame to save for retirement and to contribute to social security.

Care of Spouses and Partners Places the Well-Being of Women at Risk

Then there is the cost of care for spouses and significant others. Statistics show that men live fewer years than women, meaning that they need care at an earlier age. 

The majority of financial resources owned by couples is contributed toward the care of the male (after all in most cases, he earned most of the money), leaving few if any resources to provide care for the surviving female spouse when needed. 

The health of female spouses is compromised by the act of caregiving, resulting in chronic health issues even after the spouse passes away.  If there are few financial resources and no children willing to contribute to care — what then? 

Females over the age of 85 live in nursing homes on government assistance through Medicaid the remainder of their lives.

If you are a woman, consider the long term effects of opting out of the workforce to care for children or parents.  Make sure you have retirement and savings accounts that will not go toward the care of your husband but your own care when the time comes. 

Marital Agreements Should Include Planning for the Care Costs of Wives 

If you are married, write up a formal legal agreement. Mandate that your husband purchases a long-term care insurance policy for you and for him. 

Set up a separate investment account for the caregiver. This may seem silly, but this is practical advice to benefit the wife caregivers’ health and well-being.  After all, women are the main caregivers. They should receive care in return for the benefits of their labor.

 

Reference: 1.  Merck Manual of Geriatrics.  http://www.merck.com/mrkshared/mmg/home.jsp  Accessed September 20, 2006.

© 2012, 2013, 2022 Pamela D. Wilson.  All Rights Reserved.

 

 

 

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