Despite socio-economic changes that help bridge the income gender gap, when it comes to retirement, women are still in a more vulnerable position than men. Several studies and surveys conducted in the last few years prove that woman are more likely to live their ‘golden years’ in poverty.
According to Forbes, the gender pay gap and caregiving and child-raising are partly the reasons, but women are also expected to have higher health care cost over the lifetime than men. According to this survey, women said they knew less about retirement savings than men.
- A woman turning age 65 today can expect to live, on average, until age 86.6, according to the Social Security Administration’s website, which is several years longer than men (84.3.)
- Women are 80 percent more likely than men to be impoverished at age 65 and older, while women between the ages of 75 to 79 are three times more likely than men to be living in poverty, According to the National Institute of Retirement.
- More women may be working between ages of 55 and 64 in order to make up for lower retirement savings over their careers, according to the same source.
- About 56 percent of women plan to retire after age 65 or do not plan to retire at all, according to Transamerica Center.
- Only 72 percent of women are saving for retirement, while 80 percent of men are, according to Forbes quoting the 17th Annual Transamerica Retirement Survey.
- Women who are widowed, divorced, and over age 70 rely on Social Security benefits for a majority of their income, according to the NIR.
It is important that financial advisors educate their female clients of these retirement pitfalls. At Resource Solutions, we offer an effective “What Women Need to Know About Social Security” Complete Turn-Key Program which is successfully helping advisors nationally target this valuable and underserved demographic. LEARN MORE