Women’s Top 3 Financial Concerns

Women's top 3 financial concerns

I wanted to share a few tidbits regarding women and retirement concerns that just came across my desk. According to the Administration on Aging, 70% of female baby boomers are expected to outlive their husbands, and many will live as widows for 15 to 20 years.

According to a Russell Investments survey of women (Nov. 2013), women’s top 3 financial concerns are:

  1. Paying for health care expenses in retirement
  2. Covering the cost of home care or nursing care
  3. Maintaining their lifestyle in retirement

Retired women typically need long term care services for 1.5 years longer than men, according to the U.S. Dept. of Health and Human Services. Since the cost for one and a half years of care could add up to $100,000 and more, a retirement plan that includes a strategy to pay for long term care expenses is absolutely crucial for women.

How to pay for long term care coverage?

What’s important to know is that you have several options for how to pay for it. Traditional long term care insurance is not the only option available these days. There are new hybrid options, which offer long term care expense protection and other benefits should you never need care, so you don’t lose your premiums as you would with traditional LTC insurance.

While the above data can be alarming for women, the good news is that studies show women’s confidence about their financial future actually increases when they work with a financial professional to create a plan and then implement it.

“The question isn’t at what age I want to retire, it’s at what income.” –George Foreman

Please know that I’m not sharing this information as a scare-tactic. I’m just trying to get you to see how important it is for women to create a big-picture plan for their financial security. If you feel uncomfortable about hiring a financial advisor then working with someone like me, a financial coach is the perfect next step.

More Financial Empowerment for Women:

7 Financial Planning Rules to Live By

How Every Woman Can Retire Without Worry

31 Days of Wealth Empowerment for Women

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