Many American families struggle financially despite being above the poverty line. Known as "ALICE" families, they face high inflation, higher interest rates, and stagnant wages. They live paycheck to paycheck and have little savings to cushion unexpected expenses. This financial strain is exacerbated by the recent increase in credit card debt and delinquency rates. The situation is particularly concerning for low-income households who spend a large portion of their income on necessities that are experiencing higher-than-average inflation.
"Gray divorce" among Americans over 50 has skyrocketed, especially for those over 65. This trend poses significant financial risks for women, who typically have lower incomes and less savings compared to men. To protect themselves, women should take steps such as:
* Understanding household finances
* Having access to their own funds
* Claiming Social Security strategically
* Saving alimony
* Considering a prenup or postnup that safeguards financial interests if the marriage ends.
