Planning for retirement is a challenge for men and women alike. However, statistics show that when it comes to finances and elder law issues, women can sometimes have a harder time making the transition. Here are a few things women in Delaware may face when moving into this new stage in life.
According to the Transamerica Retirement Survey of American Workers, women are not very confident in their security during retirement. Only 12 percent of women reported being “very confident” in their future comfort. That’s a number that in large part results from four of five women not expecting Social Security to be available in the future.
To combat this concern, 54 percent of women have expressed their plans to work past the age of 65 or to not retire altogether. Of the women surveyed, 64 percent had no backup plan for income if forced to retire earlier. They also generally expressed a stronger interest in playing down debt than saving for retirement and less than half of those in the “baby boomer” group felt confident in they knowledge of Social Security. Despite these challenges, women are saving with 73 percent of women contributing to a retirement program.
There are many elder law issues women must consider when reaching retirement age. Whether a person is restricted financially after retirement or they has a large amount of protect, it is important to be able to safeguard both money and health from scams and mismanagement. An elder law attorney in Delaware can help aging people in the state understand steps to take to protect themselves and defend their interests under the law.