Women face a few unique retirement challenges:
1. Longevity and retirement income: Even though women outlive men by 5 –8 years1, we tend to plan our retirement income needs under the same circumstances as men.
2. Social Security: Did you know that if you wait until your Full Retirement Age to file for Social Security benefits, you can likely increase your monthly benefit? 78% of married women are filing early2 (many of us filing because our husbands filed), potentially leaving money on the table.
3. Health care and long-term care: Women are the majority of unpaid caregivers, but only 38% of us over age 75 have a spouse to care for us3. We need to plan for our health care expenses and for the possibility we will need extended care at home or elsewhere.
Take a look at the infographic below to see some of the risks women face in planning for retirement -and how you can help plan for them.