Special Challenges for Women
* Longer life expectancies
* More likely to be living on their own
* More likely to take career breaks for family caregiving
* Often earn less, have less retirement savings and a lower Social Security benefit
It's important to recognize these challenges and plan accordingly. We're here to help.
Challenge: Women More Likely to Take Career Breaks for Caregiving
* Lost income and employer benefits
* Potentially lower Social Security retirement benefit
* Economic vulerability in event of divorce or a spouse's job loss
* Possible difficulty finding a comparable job when reentering workforce
* Flexible schedules can affect salary and career development
Women are more likely to take time out of the workforce to raise children and/or care for aging parents. Sometimes this is by choice. But moving in and out of the workforce has several significant financial implications for women.
Challenge: Women Generally Earn Less
* Women who work full-time earn, on average, less than what men earn
* Impacts savings, Social Security retirement benefits, and pensions
* Increased vulnerability to unexpected economic obstacles: job loss, divorce, single parenthood, illness, loss of spouse
Impact of Health-Care Costs in Retirement
* Higher health-care expenses in retirement
* Surviving spouse may have to cope with depleted savings
* Most women over age 65 will need long-term care
Many women will have a need for long-term care because they are more likely to be living on their own in later years. Long-term care refers to the ongoing services and support needed by people suffering from chronic health conditions or disabilities.
It’s hard to face the fact that our health might decline, but most women will need some type of long-term care services at some point during their lifetimes after age 65. That care can be expensive.
Let us review your situation to see if there are strategies we can offer to help with this.
