It makes sense when looking at all of the research that women have different and unique retirement needs than men. There are several reasons for this:
Women live longer than men
- According to studies, National Center for Biotechnology Informations found a woman’s life expectancy can be 4-7 more years than men.
- Retirement will be more expensive because they will have more years to enjoy it.
- Women are more likely to live in assisted living homes as they age, which is costly. 70% of the residents in nursing homes are women.
Women receive less social security and private pension as men.
- Women work less hours in a lifetime than men, as they leave the workforce to raise their children and/or take care of their aging parents.
- Woman work fewer years with a single employer or company
Women save less in a lifetime than men
- Women only receive 78% of the salary men do; so are unable to save as much.
- Women spend more of their earnings on family members and taking care of them than men.
These are a few of the many reasons women have different retirement needs than men. Therefore, they need to develop different retirement plans to ensure they have enough lifetime income.
The article “What Every Woman Needs To Know About Retirement Savings“, published on
www.themuse.com helps clarify and point out women’s unique retirement savings options.