Women’s Retirement Income Takes Another Hit

New York Times
December 19, 2017

Women lose time in the workplace because of their roles as caregivers.

Here’s an interesting article that talks about the financial consequences women face when they take time out of the workforce to care for aging parents. It is about to become even worse for women. Think about this: For the most part, women are the caregivers of young

children at home, and now overwhelmingly they have been the caregivers of our parents.

 

That means their Social Security benefits and retirement benefits are diminished because they have much less time in the “paid” workforce.

 

According to the American Time Use Survey, twenty-five percent of women age 45 to 64 and fourteen percent of women age 35 to 44 are caring for an older relative.

 

Genworth Financial found caregivers were providing twenty or more hours per week of care giving. By 2030 one out of every five Americans will be over age 65; that means the need for care giving will only increase.

Another study found that Baby Boomers will need, on average, three years of long term care.

One in five will need up to five years of care. If these Boomers have no long term care insurance policy in place to provide benefits for care, it will be left to wives and daughters to provide “free” care, which ultimately equates to lower retirement income.

 

Caring for loved ones will cost women. This is just one of the challenges we face in terms of financial security in retirement.

Check out the article.

 

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