4 Financial Tips for Moms

Social Security: Four Considerations for Women

Money Tips for the Busy Woman...

White House Guilty of A War on Women?

Women & Social Security: 4 Factors To Keep in Mind

What Does Wealth Mean to Women...

 

Retirement Planning For Women - How Annuities Might Help...

Women & Retirement: Toughest Tasks (Part 3 of 3)

Women & Retirement: Biggest Worries (Part 2 of 3)

Women & Retirement: The Statistics (Part 1 of 3)

How would you like to start retirement with three marks against you?

That's the case for many women who...

(1) typically earn less than men during their careers

(2) are more likely to take time away from work to care for a relative (which limits contributions to retirement savings); and

(3) have a longer life expectancy, and, thus, need for a sizable nest egg.

Source: Wall Street Journal

8 Long-Term Care Facts & Fallacies You Need To Know...

• 70% — Percentage of people over the age of 65 who will end up needing long-term care at some point in their lives.
  
  
• 54% — Percentage of baby boomers who believe that Medicare covers long-term care.   IT DOESN'T!
  
  
• 3 Years — Average time frame women over the age of 65 require long-term care, twice as long as men.
  
  
• 75% — Percentage of nursing home patients who are women.
  
  
• 2x — The rate at which long-term care costs are rising faster than inflation.
  
  
• $247 — The average daily cost of daily care in a nursing home with a private room.
  
  
• $90,155 — The average annual cost of daily care in a nursing home with a private room.
  
  
• $270,465 — The average total cost for 3 years of daily care in a nursing home with a private room.
  
  
  
  

The Majority Will Require Some Form of Long-Term Care...And It Won't Come Cheap

Long-term care planning is essential for all workers, yet takes on a greater importance for women for several reasons. 

First, according to the American Association for Long-Term Care Insurance (AALTCI), women are far more likely than men to require care.

Nearly 75% of nursing home residents are women, and women older than age 65 require care for an average of 3 years, roughly twice that of men.

Therefore, it is not surprising that a significant number of long-term care recipients (66%) are women.

Single women represent the largest block of claimants (41%), while single men comprise the smallest (12%).

Finally, AALTCI estimates that women provide upwards of 60% of care needed for a spouse or family member, frequently while continuing to take care of their children and job obligations.

Women & Financial Advice: The Survey Says...

• 50% — Percentage of women who say they are open to and need help in some areas of managing their finances.
  
  
• 61% — Percentage of women who say trust and respect are their top criteria when selecting a financial advisor.
  
  
• 85% — Percentage of women who place a high value on income, principal or investment guarantees during retirement.

Long-Term Care Planning: Women Require More than Men...

Long-term care planning is essential for all workers, yet takes on a greater importance for women for several reasons.

First, according to the American Association for Long-Term Care Insurance (AALTCI), women are far more likely than men to require care.

Nearly 75% of nursing home residents are women, and women older than age 65 require care for an average of 3 years, roughly twice that of men. Therefore, it is not surprising that a significant number of long-term care recipients (66%) are women.

Single women represent the largest block of claimants (41%), while single men comprise the smallest (12%).

Finally, AALTCI estimates that women provide upwards of 60% of care needed for a spouse or family member, frequently while continuing to take care of their children and job obligations.

Women Still Underfunded On The Road To Retirement

A Wells Fargo survey about women’s retirement found only slightly more than 50% of middle-class women are confident they will be able to save enough money for retirement.

The survey, which focused on middle-class women from their 20s to 60s, asked questions regarding retirement, the amount of money saved and pensions.

54% of women, compared with 62% of men who answered the same question, were confident they will have enough saved to last throughout retirement.

Also, only 40% of female respondents believed they would have a pension available to them when they retire, compared with 48% of men.

Both men and women are unprepared financially for retirement, although men have saved a median $5,000 more than women.

The survey also found most married women do not consider themselves the primary financial decision maker, though a majority, 83%, said they do consider themselves a “joint” decision maker, whereas only 58% of married men said they are a joint decision maker.

Another result from the survey shows only 27% of women have confidence in the stock market, compared to 40% for men.

When asked what they would do with $5,000 they had to use for retirement, 40% of the women said they would buy bank CDs, instead of investing it in the stock market, compared to 30% of men.

Source: Wells Fargo, Businesswire.com

Majority of Women Unsure of How They Will Pay for Long-Term Care...

Studies show women use more long-term care services than men, yet a new AARP survey revealed many women are NOT financially prepared for future health care needs. 

According to the survey of women ages 45 to 64:

59% haven’t determined how they’ll pay for long-term care needs.

40% don’t know long-term care costs more than nursing home care.

Only 23% know they’ll likely have to pay for future care needs with personal savings because Medicaid and Medicare DO NOT cover long-term care.

Source: AARP