Ways Women Are Adding Extra Income Later in Life:

  • Published on:
    July 6, 2019
  • Reading time by:
    7 minutes
Ways Women Are Adding Extra Income Later in Life: womenontopp.com women on Topp

Women are 80% More Likely to be Impoverished by Age 65.  So, what you can do about it?

Let’s face it. There is still a glass ceiling. Of course, women have made advances in every profession, and today girls are graduating from college in greater numbers than men. However, the income gap is still in place. Women still take time off to have and raise children, become the caretakers later in life, and pay the same bills as the men with less to go around.

(PS: Let us know your thoughts in the comments on Women On Topp!)

For the baby boomer and silent generations of women who grew up in an age when the professional opportunities were fewer, and personal savings, 401K’s and retirement nest eggs were paltry; the situation is especially challenging, scary and overwhelming.

According to Kerry Hannon at the New York Times, “Across all age groups, women have considerably less income in retirement than men, according to a report from the National Institute on Retirement Security. For women age 65 and older, their income is typically 25 percent lower than that of men. As men and women age, the gap widens to 44 percent by age 80. As a result, women were 80 percent more likely than men to be impoverished at age 65 and older, while women age 75 to 79 were three times more likely to fall below the poverty level than men the same age.”

This grim “elephant in the room” can cause a constant underlying level of anxiety for millions of women today. Not only have most women earned less through their adult years, they tend to live longer than men (current average age is 81.2 versus 76.4 years) and their health care costs can be higher. The fear of running out of money is listed as one of women’s top fears.

While there is no magic answer, here are three ways women are adding extra income later in life:

1. Getting a part time job. The United States Bureau of Labor Statistics projects that by the end of this decade, about 20 percent of women over 65 will be in the labor force. Not only is the extra money critical, the right part time job can be a godsend to battle the loneliness of being at home all day, is rewarding, and can build a broader social network.

2. Starting a hobby business – women are amazingly creative and ingenious! With the power of the internet and sites like Etsy, women of all ages are selling crafts, handmade jewelry, and art. Local farmer’s markets are amazing places to sell baked goods or handmade jams, as well as a wonderful way to be a part of the local community.

3. Find a roommate – house sharing or renting out an extra room in your home is one of the fastest and easiest ways to earn extra income without having to leave the house. Not only does it offer financial support, it also has countless benefits to your health. Studies show our health declines when living alone. Also, for those who can no longer afford their home, renting with a companionable housemate is much more pleasant than living in a tiny, stale apartment.

This article was originally published on Silvernest

Let us know your thoughts in the comments on Women On Topp! Make sure you’re subscribed to our emails to get the latest posts and updates from Women On Topp

You might also enjoy..

by Christi Pratte

How Queens Turn Pain Into Power

What connects all of us as humans? Pain, heartbreak, challenge, and adversity. It’s our stories of struggle and triumph that filter who we connect with, and at the heart of all friendship is a resonation of understanding where another has come from in relation to our own personal stories. It’s powerful to see how very similar we all are at the th

Ways to Increase An Incredible Charisma

There are some people that just instantly make us feel important. Some of them just light up a room by just walking in. Some people just have it, they are naturally charismatic. But what do they do? Unfortunately natural charisma can be lost quickly it’s impact. Familiarity breeds, well, familiarity.
by Sheinna Mungroo

How To Boss Motivate Yourself On Off Days

Yes, we have all been there. We have all experienced some form of demotivation in our lives. However, this is normal. Sometimes life throws us that curveball and things can get tough or we wind up faced with a difficult challenge. We might find ourselves questioning why we even started in the first place.
by Christine Falco

How to Use Mindfulness to Manage Stress at Work

Work-related stress and burnout are among the leading causes of poor physical and mental well-being, with many professionals suffering from workplace anxiety as a result.  The promising news is that even an attempt to practice daily mindfulness will aide in creating habits to leave work at work, deal with stress, and remain alert.
Ways Women Are Adding Extra Income Later in Life: womenontopp.com women on Topp

Ways Women Are Adding Extra Income Later in Life:

Women are 80% More Likely to be Impoverished by Age 65. So, what you can do about it? Let’s face it. There is still a glass ceiling. Of course, women have made advances in every profession, and today girls are graduating from college in greater numbers than men. However, the income gap is still in place. Women still take time off to have and raise
Why your brain feels 'foggy' and how to fix it:
by Vanessa Mehaouchi

Why Your Brain Feels ‘Foggy’ And How To Fix It:

As someone who has not been diagnosed with ADHD or ADD, it can feel mildly troubling to experience cognitive… discomforts (?) like memory loss, difficulty focusing or concentrating and episodes of ‘zoning out’. I began to notice a decline in my ability to complete projects, a lack of motivation and a sense of mental fatigue.
Do You Love Yourself Enough To Succeed?
by Christi Pratte

Do You Love Yourself Enough To Succeed?

Self-love and acceptance is the root of all success. What we believe we are worth and capable of, is the essential foundation that we can further build on. This is why so few make it to the top. Many of us know how to get a few levels off the ground, but the further we go and the more setbacks we face our foundations become tested, subjecting the
Why Does Instagram Make Us Feel Bad About Ourselves? And What You Can Do About It.
by Vanessa Mehaouchi

Why Does Instagram Make Us Feel Bad About Ourselves?

And what you can do about it. Instagram users have two leading motives: self-expression and social interaction. Users post pictures and curate an online identity as well as communicate and interact with their friends and followers. The development of self-expression online mixed with exposure to other users invites intrinsic psychological effects.

Join the discussion!

Leave a Reply

Your email address will not be published.

DON'T MISS OUT ON ANY OF OUR UPCOMING PODCASTS, EVENTS, LEARNINGS, COACHINGS & MANY MORE?Subscribe & become successful

Please fill in your email address and submit to subscribe