Women Live Longer. Why Aren't We Planning for It? | Opinion
Summary
Women tend to live longer than men, but they often face financial challenges during retirement because they usually have less savings and lower Social Security benefits. Planning for the costs and care needed in later years is important to improve women’s quality of life as they age.Key Facts
- Women aged 65 today can expect to live about 21 more years, roughly 2.5 years longer than men of the same age.
- A large portion of older women live alone—about one-third over 65 and over 40% of those over 75.
- About 70% of nursing home residents are women.
- Women often retire with less money due to career breaks for caregiving and lower lifetime earnings.
- Women have about 77 cents in wealth and receive about 80% of the Social Security benefits compared to men.
- Financial stress can affect health and overall well-being at any age, including during retirement.
- Many women do not plan well for the last 20 years of life because these years are not commonly discussed as something to prepare for.
- Retirement planning should be treated as a part of health planning to help women have more secure and less stressful later years.
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