Men and women are living longer, but women often face the bigger financial burden in old age. According to a recent survey published in USA Today, lower wages and higher medical costs are putting retired women at greater financial risk for financial ruin than men. According to AARP, retired women pay about $600 more per year than men on out of pocket medical costs. But they save less. According to the Transamerica Retirement Survey, one reason is many women put family ahead of self. And women often have less money than men to pay for long term health care. They generally earn less, $0.80 to the dollars, and women spend more time out of the work force caring for children or aging parents. Compounding the problem, women simply live longer than men. One solution is for women to get financial education and keep physically fit. As to earning more, that may not happen any time soon. According to a glaring headline in USA Today, the gender pay gap could vanish for all women sometime in the 23rd century.Retired Women at Risk
Men and women are living longer, but women often face the bigger financial burden in old age. According to a recent survey published in USA Today, lower wages and higher medical costs are putting retired women at greater financial risk for financial ruin than men. According to AARP, retired women pay about $600 more per year than men on out of pocket medical costs. But they save less. According to the Transamerica Retirement Survey, one reason is many women put family ahead of self. And women often have less money than men to pay for long term health care. They generally earn less, $0.80 to the dollars, and women spend more time out of the work force caring for children or aging parents. Compounding the problem, women simply live longer than men. One solution is for women to get financial education and keep physically fit. As to earning more, that may not happen any time soon. According to a glaring headline in USA Today, the gender pay gap could vanish for all women sometime in the 23rd century.