January 6, 2021
If you’re already eyeing the perfect recliner for your retirement, hold that thought. And you might want to start rifling through the ol’ couch cushions for a little extra change…
Here’s a doozy: women age 65 and older are 80% more likely to be impoverished than men of the same age.¹
That number represents a staggering degree of human tragedy. But there’s a sad logic to it when you consider that women save 43% less for retirement than their male counterparts.¹
But that’s not all. According to the 2016 Financial Finesse Gender Gap in Financial Wellness Report, to retire at age 65 (without a career break):
- Men need $1,559,480.
- Women need $1,717,779.
Women have to come up with $158,299 more! This increase is due to the unique set of circumstances women face while preparing for retirement:
- Women live longer
- Women pay more for healthcare
To summarize, women all too often aren’t in a position to save as much as men, even though they need more to sustain their retirements. The tragic result is that many spend their retirements in poverty instead of living out their dreams.
But that doesn’t have to be your story. The savings gap may seem huge, but it can be bridged. And it all starts with a solid insurance strategy. Just think of it as pulling the footrest lever on your dream retirement recliner!
Your unique situation and goals all factor into how you want to kick back when you retire. I’m here to help. When you have a moment, give me a call or shoot me an email.
¹ “3 Alarming Stats About Women’s Retirement Savings” Kailey Hagen, The Motley Fool, Jul 24, 2019, https://www.fool.com/retirement/2019/07/24/3-alarming-stats-about-womens-retirement-savings.aspx#:~:text=Fidelity's%20latest%20retirement%20healthcare%20survey,65%2Dyear%2Dold%20man.