patrick-farber_womens_financial_woesA recent Time magazine article (“Inside the Next Social Security Crisis,” August 3, 2015) noted that many older women are finding that their Social Security benefits are not enough to make ends meet. One reason is that although more and more women have worked throughout their adult lives, they have earned less and thus receive less in Social Security benefits than their male counterparts.

The Time article went on to say that a report by the Institute for Women’s Policy Research found that when factoring in Social Security, pensions, asset income and other income, men receive an average of $27,657 a year in retirement while women received only $15,323. Not surprisingly, the poverty rate for women over 65 is high, especially if single: 1 in 6 for single white women, 1 in 3 for single African-American women and almost 1 in 2 for single Hispanic women.

When a husband suffers a serious injury and a settlement is discussed, long-term family financial security should be a top concern. The reality is that women live longer than men by an average of three to four years, even longer if the husband’s injury is severe. This means, designing a settlement to last through later years takes on critical importance. That’s where a structure can help. Designed right, a structured settlement can give families a sizeable guaranteed income stream in addition to Social Security benefits. Just as important, it gives older individuals, often women, financial peace of mind for the rest of their lives.

Feel free to give me a call to discuss long-term structured settlement options for your injured clients.

-Pat Farber