Why Women Should Be Financially Prepared for Retirement

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Statistically speaking, women live 5 years longer than men on average. Studies have shown that 77 percent of all widows happen to be women. In more advanced age groups, women tend to outnumber men 2 to 1. Even over the age of 100, 81 percent of the population is women.

This is why women need to be extra diligent when they prepare for retirement. The reality is that women have a higher chance of being alone and being self-reliant financially in their older years. As a woman, one may need to spend some of her savings on her partner. This includes money for treatments or even end-of-life expenses.

This leaves many financially vulnerable in one's final years. A survey concluded that around 60 percent of women feel like they will go broke if they live long enough to be 100 years old. It is estimated that, on average, retirement costs up to $738,000. Only 8 percent of women in America have $300,000 or more saved. This is why it is more important for women to prepare for retirement.

Let's talk about some of the biggest issues women may face when it comes to longevity and finances.

Longer Lives Require More Money

Studies show that around 43 percent of women are unaware of the amount of money they will need for healthcare when they are retired. According to estimates, this amount is $155,000 at least, just for health care alone. What's more, is that this estimate does not even include the cost of any long-term care or life insurance costs that may be required.

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