Women in retirement may face unique challenges. While every woman’s situation in retirement is different, there are a few factors that tend to make retirement planning different for women than it is for men.
Women Tend to Live Longer
Women typically outlive men by five to six years.* The more time spent in retirement requires more planning to create necessary income.
Women Typically Have Higher Health Care Costs
Women usually spend more of their retirement years dealing with disabilities. According to a study done by Forbes, at 65 years old, women are expected to spend 3 years living with mild or moderate disability and 2.8 more years living severely disabled.**
Women Are More Risk Averse
Women are typically more comfortable with alternatives that carry less risk. They tend to invest in lower-risk, lower-return options. ***
Women Feel Less Confident in Making Financial Decisions
Women may feel less confident about making financial decisions. According to the Transamerica Center for Retirement Studies, only 12 percent of women are “very confident” in their ability to fully retire with a comfortable lifestyle. ****
Retirement is a unique experience for women, and there are different concerns and considerations that need to be addressed because of this. At Outlook Financial Center, LLC, we can help create a retirement plan that fits women’s particular needs, goals and objectives.