The effects of a major life event in retirement living can be devastating for older women, and an AARP Financial survey suggests that it can also affect their ability to budget for the future.
When women lose their spouse through death or divorce, roughly half say that they have had to deal with the very significant impact it had on their finances.
Choices like reducing expenses, taking on another job or selling one’s home were all more common for female retirees than males in similar situations.
That same gap occurs when it comes to the emotional costs of dealing with major life events, as roughly 60 percent of women found that they were struggling to rein in their feelings, 15 percent more than males who faced the same kinds of events.
"Women also tend to be the caregiver," said Richard Hisey, AARP Financial president. "That means women are frequently dealing with the human and logistical consequences of a life crisis, leaving little time and energy for the financial considerations."
He recommends that both men and women consult free resources on how to deal with the changes in retirement living situations and avoid the possibility of things getting worse.
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