Women live longer than men and face distinctly different challenges in funding their healthcare needs in retirement. According to a 2016 study by HealthView Services, a 65-year-old man who retires this year will spend an average of $200,000 on health care in retirement, while a woman will spend $235,0001 — $35,000 more than their male counterparts. With these expenses in mind, it’s not surprising that the cost of health care is one of the biggest retirement planning concerns for Americans.
Many women find it an uphill battle to save for retirement. Across all age groups, women have considerably less income in retirement than men, according to a report from the National Institute on Retirement Security. For women age 65 and older, their income is typically 25 percent lower than that of men. As men and women age, the gap widens to 44 percent by age 80. As a result, women were 80 percent more likely than men to be impoverished at age 65 and older, while women age 75 to 79 were three times more likely to fall below the poverty level than men the same age.
We probably think most Americans are living longer these days. Many of us think our country is doing great as far as longevity goes. But research shows, not so much. A study published in the prestigious journal Lancet describes some truths we may not know about longevity in the U.S. as compared with 35 other developed countries.