Only in the last several months have I accepted the term “widow” as applying to me. With that acceptance has come a strong interest in the issues that face people in my situation: men and women who have lost their spouse. In my usual fashion, I learned via reading and attending conferences some interesting facts that you may know already, but was news to me, to wit:
- Women represent 77% of the widowed population
- Men and women worry about much the same things: we fear we’ll outlive our assets, we worry about transferring what assets may remain, and we worry that we’ll end up being dependent on our children
- On the other side of this picture, consider that those of us who are age 50 and over generate $7.6 trillion in economic activity, this according to a 2016 Longevity Report by AARP.
- By 2035 according to same AARP report, 21.4% of the population will be aged 65 and over and boomers are responsible for over half of consumer spending.
- It surprised me to know that people my age spend $500 billion annually on our 18- to 34-year old adult children, twice the amount we contribute each year to our retirement accounts, this according to a Merrill Lynch study. The same study noted how parents expect to spend those funds:
- 59% expect to help pay for children’s weddings
- 26% expect to contribute to their children’s first home
- 33% expect to help pay for their grandchildren’s college expense.
- It doesn’t surprise me that 72% of parents in the Merrill Lynch study above would be willing to put their children’s interests above their own. And it suggests that over time, the family bank may be overdawn.
Not that I needed any more motivation to keep saving money in my Amazing Care account, but the studies noted above certainly add to my resolve to do so.
Join us for a smarter tomorrow and to grow your network today!
~ Cora Tellez, CEO and Founder