Women face unique financial challenges in retirement that men do not.
As a young girl, I watched my grandmother struggle financially after my grandfather left her for a younger woman.
She never worked outside the home, which meant she had no assets, no savings and no retirement income other than Social Security. Unfortunately, she had to go into a nursing home due to serious health complications. She died broke and penniless at the young age of sixty-seven.
Unfortunately, my grandmother’s situation is not all that unique. According to experts, living impoverished in retirement is a plight many baby boomer women will face.
“Compared to male retirees, female retirees will have lower wealth and incomes, higher poverty rates, and a larger share whose incomes are below 45 percent of the national average wage.”
–Barbara A. Butrica, Senior Research Associate, and Cori E. Uccello, Consultant Urban Institute
“The fate of boomer women could be worse than their predecessors’, as this generation spend more, acquires more debt, and is less likely to have traditional pensions, spousal benefits, or retiree healthcare coverage.”
–Cindy Hounsell, President, Women’s Institute for a Secure Retirement
Pension income is a thing of the past, and Americans, for the most part, are not great at saving. Which means the generation of women approaching their sixties and seventies are counting on Social Security to be their primary source of retirement income.
Experts tell us that healthcare costs will be the biggest expense in retirement. Since women already face unique financial challenges in retirement, I’m extremely passionate about helping you secure the best healthcare coverage possible.
Eighty to 90% of all women will be solely responsible for their finances at some point in their lives.
~Nat’l Center for Women & Retirement Research