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Women Face Greater Risks in Retirement

| March 13, 2019
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When it comes to retirement, both men and women face many risks. However, women are faced with greater financial obstacles:

  1. Living longer. It’s a known fact that women enjoy a longer lifespan than their male counterparts. As a matter of fact, they’re outliving men by an average of four years.1 This longevity risk requires women to stretch their retirement savings over a longer period of time.
  2. Caring for others. Even today, women remain the primary caregivers in our society, and they’re spending a significant portion of their lives providing it. Caregiving responsibilities can heavily impact a caregiver’s finances; ranging from lost in income due to time off the job to incurring expenses on behalf of the care recipient.
  3. Not making as much. Women have made great strides in the workplace over the years; however, the overall gender wage gap globally is still substantial with women earning, on average, just 63% of what men are earning.2
  4. Spending more on healthcare. Women tend to use more health services than men throughout their lives–from reproductive to preventative health. A study reveals women pay on average 69% more for out-of-pocket expenses than men.3 Women are also more likely to suffer from chronic illnesses because of their longer lifespans.
  5. Living alone. Because of the death of their spouse or divorce, women will tend to live alone in their old age. With the loss of income from their spouse, let alone the likelihood of taking time off for their families, earning less than men, and living longer, women could face poverty.

All of these factors have created a looming retirement crisis for women. Despite the inequalities, women can still retire comfortably through knowledge and careful planning. As your dedicated team, we’re here to help you feel more empowered as you prepare for your future. Call us today and let us help you move forward with confidence.

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[1] https://www.statista.com/statistics/274513/life-expectancy-in-north-america/
[2] http://fortune.com/2018/12/19/global-gender-pay-gap/
[3] https://thebenefitsguide.com/why-health-care-costs-more-for-women-and-how-employers-can-help/

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