◼ If you spend time worrying that you’ll end up on the street in your old age with your belongings stuffed into plastic bags in a shopping cart, you have good company. - The Blaze
A new survey shows that almost half of American women fear they will become “bag ladies” someday, and the anxiety ripples across all income groups.
Even among women with household earnings above $200,000, 27 percent harbor the bag-lady fear, according to a new online survey issued by Allianz Life Insurance Company of North America.
While Allianz is promoting the survey to encourage women to seek more financial-planning advice, the underlying concern is valid, according to a labor economist who studies aging and income issues.
Because women typically earn less and have more sporadic work histories, their pensions and benefits are less sturdy, said Barbara Butrica, a senior research associate at the Urban Institute’s Income and Benefits Policy Center. “They are starting retirement at a disadvantage,” she said.
Women also tend to live longer than men. “So she’ll have to make that income last a lot longer time,” Butrica said.
