Women and Retirement, Long Term Care & Long Term Care Insurance

Women and Retirement

Women over the age of 65 have an average income of $13,000 per year. That is nearly one-third the cost of a nursing home annually. (1). Retirement is another challenging issue for women, the statistics below will explain:

Over two out of three working women earn less than $30,000 per year.
Nine out of ten women working earn less than $45,000 per year.
Half of all women work in a traditional female, relatively low paid job without any pension.
Women retirees receive only half the average pension benefits that men receive.
A women's earnings average $.73 for every $1.00 earned by men, averaging a lifetime loss of over $30,000. (2).

This is an issue concerning many women, especially those who are unmarried. The average unmarried woman has a much lower income than those who are married. It is also lower than the income of unmarried men, for the statistics click here.

Social Security helps women especially. They represent 58 percent of all aged Social Security beneficiaries and about 71 percent of beneficiaries 85 and older. The average Social Security benefits in 2001 were $756 for women and $985 for men. (3)

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Sources:
1. http:// www. wieser.heinz.org/special_report_ltc.html
2. http://www.wiser.heinz.org/future2_paycheck.htm
3. http://www.ssa.gov/pressoffice/womenfact.htm