Baby Boomer Women Caught in Catch 22

"Retirement" is no longer a word eagerly searched for in the vocabulary of the Baby Boomer.

To indirectly support this, a short time ago reports in the Los Angeles Times included a distressing one that clearly identified single "Boomer" women at the greatest risk of being forced to live in poverty.

And the reason?

Historically, Baby Boomer women are unfortunately subject to wages that are usually much lower than their male counterparts. In addition, this group is often forced to spend more of what they don't really have to support themselves-and in some cases--their children. In addition to having wages much lower than the norm for their knowledge and their expertise!

This lone paycheck NOTICEABLY plays a part in affecting the lifestyle of the single, older woman. Consequently, as this generation of women grows older, they find themselves in the TROUBLING POSITION of having to radically decrease or eliminate entirely the tenets of the lifestyle to which they were accustomed.

Rather than having the opportunity to anticipate and then take retirement and to benefit from the fun and relaxation one usually conjures up with the word "retirement", the "fun and relaxation" part becomes in word only.

Sadly, it's then just a "figment of the imagination!"

So in order for the woman Baby Boomer to stay afloat, she must enter into a new phase where she'll most likely have to work more than one job; in some instances, even two and three in order to meet her regular, day-to-day expenses.

What did we do wrong?

Get the checkbook out

So you've been in a financial position where you now can spend a little more than you did previously. But it doesn't mean you ought to. However, there has been chatter that 'the American Dream' suggests that "having more" equates with "being more". As in, the larger the house the larger the car, and the more shoes or hats in the collection!

The intent here is to associate it to a higher place on the socio-economic ladder.

Susan Sterne of the Economic Analysis Association notes, "The consumer spree arose because consumers between 35 and 44 spend about 20% more than average consumers. Those between 45 and 54 spend about 30% more. Put these two age groups together and you have 40% of US households. This same group is responsible for half of the nation's spending".

Women "Bringing Home the Bacon"

In their relationships over the years, many 'Baby Boomer' women were unable to directly manage their funds. It isn't that Boomer women are not concerned about their circumstances; it's just that many this age lack the education to organize and plan for a new future. And as they watch their dwindling capital disappear, it's harder to maintain the lifestyles to which they've become accustomed.

Unfortunately, a lot of us Boomers now find ourselves in an uncomfortable position whenever the issue of money is discussed. In fact, we long for a "Lone Ranger" (or even some Robin Hood), who will come to our rescue and "save the day".

What Rainy Day?

Hmmmm!

Today, the Boomer woman may also be faced with decisions they really ought to not have to make. Like, what's more important, fancy and stylish expensive footwear that sets you apart from your peers or the neighbors, or having an extra penny or two to put into your savings for household expenses or for repair items that might come along.

Further, rather than having the opportunity and the funds to regularly set money aside for their "golden years", Boomers find themselves living their lives "in the now'. Sadly, many have not had enough to save to reach or even maintain their lifestyle; hence they are left in mounds of debt.

And the state of today's economy tends to compound the issue.

The Los Angeles Times reported not long ago that "Ellen Tucker Emerson cut short her nursing career to help raise her children. 'But money was never a worry. He bought me furs and jewelry. We stayed at the best hotels'. Once her marriage was over, her financial life looked very different. Instead of taking glamorous trips, she sweats bullets to pay her bills. At 51, Ellen wonders how she will get by in retirement."

Unfortunately, stories like this will continue to come as prices increase, jobs are lost and the stock market rises and falls.