Healthcare and Medical Expenses
Health benefit costs may affect women more than men because they often have lower incomes, but not lower health care costs, and are less likely to have employer provided early retiree health benefits.
Health care costs for a retired couple both at age 65 in 2010 can amount, on average, to $250,000 over their retirement years, not including the cost of long-term care.
Fifty-five percent of female retirees and 71 percent of female pre-retirees are concerned that they might not have enough money to pay for health care costs in retirement, compared to 42 percent of male retirees and 63 percent of male pre-retirees.
Inflation and the Economy
Inflation has a greater impact on women due to their longer life expectancy.
Fifty-five percent of female retirees and 76 percent of pre-retirees report the recent recession has made them feel that they need to save more money.
Sixty-nine percent of female pre-retirees feel that they have to work longer as a result of the economic downturn, compared to 58 percent of male pre-retirees.
"This report underscores the need for women to understand the full-blown drama of retirement," said Cindy Hounsell, President of the Women's Institute for a Secure Retirement (WISER), who co-sponsored the report with the SOA. "For most women, there is little room for error and being unprepared for nearly a third of their lives will have consequences. Women need to know what their future risks are and make mitigating those risks a priority throughout their lives."
This SOA report highlights the findings from the 2009 Risks and Process of Retirement Survey Report, and focuses on the issues in the survey specifically as they relate to retirement concerns unique to women. The survey was conducted through telephone interviews of 804 adults age 45 to 80 in July 2009 and asked respondents about a number of risks relating to retirement. Additional reports on the 2009 survey cover the risks and process of retirement and the impact of the economy on retirement risk management. The full report The Impact of Retirement Risk on Women can be read online.
Pages: 1 · 2
