Who’s Afraid of Solo Aging?

Everyone seems to be in dire financial straits these days, and the fact that so many other people are in the same boat should, by itself, make you feel less lonely. Some people got into so much debt because of peer pressure; they tried to match the lifestyle that their friends projected on social media, or even worse, what professional influencers projected on social media. By this logic, you can stay out of financial trouble by being a loner, by just focusing on your work and saving all your income except the essential bills. You don’t have to shell out money to attend destination weddings, join people whose company you don’t enjoy at restaurants that you don’t like, or otherwise pretend to have fun. Being a misanthrope once seemed like a foolproof way to stay out of debt, but almost everyone is in misanthrope mode these days, and yet our financial problems would work. Kindness will certainly make the situation more bearable, but this does not change the fact that, to retire as a single person these days is unaffordable for most people, and yet millions of Americans are headed down that path. If you are middle-aged and financially distressed and have little family support, contact a Philadelphia debt relief lawyer.

Millions of Americans Face a Lonely Retirement With High Prices and No Savings

A recent article on Moneywise drew attention to an uncomfortable truth that many of us have been noticing and probably thinking, or at least hoping, that we would not be among the worst affected. Persistently high prices mean that most households, even those with an income above $100,000, live paycheck to paycheck. Because of low growth in wages, most households that earn that much are dual income households. This means that singles feel the financial burden especially acutely.

Furthermore, as birth rates have been low for decades, this means that there are more single seniors than ever before. According to Moneywise, 22 million Americans, more than a quarter of the retired population, are solo aging, meaning that they are retired and living alone, and they do not have children. This figure includes both seniors who have never been married and those who are divorced or widowed.

This means that the new generation of retirees has little financial support. Many seniors have no retirement savings, and most solo aging seniors have no family members to help them financially or assist with the caregiving tasks that often fall to an elderly person’s spouse or children. The sooner you face reality about your financial future, the more painless your retirement is likely to be. The best thing you can do for your future self is to address your debts now.

Contact CONSUMERLAWPA.com About Fixing Your Finances When You Have No One to Rely On But Yourself

A Philadelphia consumer law attorney can help you if you have a limited number of working years left and no financial support from family.  Contact CONSUMERLAWPA.com to set up a free, confidential consultation.

Source:

moneywise.com/retirement/more-than-22-million-older-americans-live-alone-are-unmarried-and-dont-have-kids-but-theyre-struggling-with-rising-costs