Long Term Care Insurance
Women and Retirement
Retirement is another challenging issue for women. With retirement being redefined on a personal level, women may find it challenging to do what they want if they have not planned properly. With women living longer, they will have more years to plan for, possibly even ailments.
Women over the age of 65 have an average income of $10,899 per year. (1.) the statistics below will explain:
- --Over two-thirds of all working women earn less than $30,000 per year without pensions, women spend an average of 27 years in the workforce compared to men at 40 years. (2.)
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--The average retirement income for women in 2004 was $12,080 compared to men's income of $21,102. (2.)
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--Half of all women work in low paying jobs without retirement plans or 401K's. (2.)
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--A single female has an 82 percent chance of outliving her financial assets in retirement. (4.) -
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A women's earnings average $.73 for every $1.00 earned by men, averaging a lifetime loss of over $30,000. (1.).
Women are 71 percent more likely than men to live below the poverty line in retirement. When you compare unmarried women to married couples, the statistics are more shocking - single women are four times more likely than couples to live in poverty. This article offers more information regarding retirement issues for women - Why Women Face a Retirement Crisis.
Women are especially dependent on Social Security, making up 57 percent of all aged Social Security beneficiaries aged 62 and older and about 69 percent of beneficiaries 85 and older. The average Social Security benefits in 2007 were $10,685 for women and $14,055 for men. (3)
Sources:
1. http://www.heinzfamily.org/pdfs/women_wages_and.pdf
2. http://www.wiserwomen.org/pdf_files/ebook/chapterone.pdf
3. http://www.socialsecurity.gov/pressoffice/factsheets/women.htm
4. http://www.thefiscaltimes.com/Articles/2011/07/26/The-Growing-Retirement-Nightmare-for-Women.aspx#page1
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