Throughout our lives, men and women have differing healthcare needs. In retirement, the differences are even more amplified due to longevity and potential savings deficiencies.
First, when childbirth occurs, women are more likely than men to stay home with their babies for the first few years of life. This can put a woman at a disadvantage when it comes to retirement savings accumulation. This can be impacted further if her marital status changes as she ages.
Similarly, women are more likely than men to take a break from their careers to care for elderly loved ones. Again, gaps in earning income can reduce savings (and social security benefits).
Additionally, women tend to live longer than men. So not only might a woman have fewer resources to spend on healthcare in retirement, she may also need those resources to stretch out over a longer period. In most instances, that combination results in the need for a unique planning approach.
The informative article from the National Council on Aging explains some of these planning considerations and possible ways to manage them. Of course, no one size fits all. So let’s connect soon to discuss your questions or concerns and how prepared you feel about managing your future healthcare expenses during retirement. We are passionate about helping women investors feel more confident about their financial future.
Ladies, Take Care of Yourself in Retirement
| December 20, 2023