The bag lady syndrome is a fear of many women and a reality for others.
In one impromptu survey we conducted, most of the women said they didn’t fear the syndrome. Additional research proved that some had not considered various scenarios that could negatively impact them, such as the need and cost of long-term care coverage and losing their spouse’s Social Security Benefit when their spouse dies.
Today’s episode is designed to empower you with the knowledge and tools you need to ensure your finances are in order. By understanding and planning for the bag lady syndrome, you can worry less and enjoy life more!
Summary: Wealth Inside and Out® Podcast – “The Bag Lady Syndrome”
You will learn:
>> (4:17) The inside scoop on the syndrome
>> (6:10) Risks of running out of money
>> (10:53) Free money and how you can get it
>> (11:34) The risk of long-term care
>> (16:03) 3 Insights to avoid the Bag Lady Syndrome
>> (21:00) Keeping up with the Joneses
An overview of the actions you need to take to avoid the biggest retirement planning mistakes people make. It will help you stop worrying about running out of money and ensure you can live and retire on your terms.
We share insights in this free Retirement Plan Checklist resource many people don’t consider. So again, you can go to the Retirement Planning Checklist.
One of the most common concerns women have is becoming a bag lady.
The Bag Lady Syndrome is a fear that you will run out of money and be unable to afford essentials.
Examples include expenses for housing, utilities, food, medical care, etc.
This resource is a great first step to help you create a plan so you can stop worrying. Click here to access the checklist.
Disclosure
All materials and intellectual property are copyrighted by MillionaireSeries.com®.
This information is for educational purposes only. It is not intended to replace any advisor or specialist or provide investment, financial, tax, retirement, planning, or healthcare advice.
By accessing this content, you agree to hold MillionaireSeries.com® and its affiliates harmless for results achieved or not achieved.
You will learn what is the bag lady syndrome, including,
- Ways to avoid overspending
- What causes it
- And three tips to avoid the problem
What is the Bag Lady Syndrome?
The “bag lady syndrome” is a term used to describe a fear or anxiety, typically among women, of becoming destitute and homeless, often in old age.
It stems from concerns about
- Financial instability
- Loss of social support
- Other circumstances that could lead to homelessness
While some have criticized the term, dozens of people search Google for it each month.
The underlying anxiety it describes is a serious issue that can affect individuals’ mental health and well-being, including women with money.
The Fear of Running Out of Money
Studies prove that women are more concerned about running out of money than men.
In 2020, the Transamerica Center for Retirement Studies found that 53% of women in the United States were concerned about outliving their savings or being unable to cover basic living expenses in retirement, compared to 44% of men.
Similarly, the Employee Benefit Research Institute has consistently shown that women are more likely than men to report anxiety about retirement savings and financial stability in later life.
Disparities can be attributed to various factors:
- The gender
wage gap - Differences in employment patterns (such as interruptions due to caregiving responsibilities)
- Longer life expectancies for women
- Lower participation rates in employer-sponsored retirement plans
Common Reasons People Run Out of Money
In the podcast, you will learn the most common reasons people run out of money.
3 Insights to Avoiding the Bag Lady Syndrome
We will dive into three ways to avoid the syndrome so you can live with less worry.
Other considerations
- Create a financial plan
- Purchase long term care insurance
- Regularly review your financial situation and life goals
- Create your estate plan
Recap – “The Bag Lady Syndrome and How to Avoid It”
The bag lady syndrome is a real concern for many women, and rightly so; they often have less knowledge, less time in the workforce, and often delegate and abdicate their money decisions.
Start working on your plan and commit to taking action to implement it! As a result, you can worry less and enjoy life more.
Follow and Subscribe
If you love this content, please open the Apple Podcast on your iPhone. Scroll down to the bottom, click follow, leave us a 5-star review, and share a comment. We really appreciate it.
Scroll down to the bottom, click the Five-Stars, and leave a review.
Click here to follow and leave a review.
Click here to get your free financial checkup:
Thank you so much for joining me for
“Bag Lady Syndrome.”
All international copyrights are reserved.
