Women and Retirement: Longevity, long-term care, caregiving and financial emergencies
Nine in ten women preparing for retirement are worried about the increasing costs of health care. Over seven in ten women who are retired are worried about affording long-term care. Half are unsure if they can cover the costs of an emergency expense requiring $2,000.
These are among the findings of new research conducted by the National Council on Aging (NCOA) in partnership with Nationwide® that show how women preparing for their futures are challenged with navigating these obstacles on the path to financial security in retirement. The NCOA and Nationwide partnered to better understand these barriers women over the age of 50 are facing.
Watch an engaging discussion* between Ramsey Alwin, NCOA’s President and CEO, and Kristi Martin Rodriguez, senior vice president of Nationwide Retirement Institute®, as they share insights and advice to help women overcome the challenges of longevity in retirement, long-term care, and caregiving.
“The health and wealth of their loved ones are deeply personal for women,” said Rodriguez. “Women are living longer and so they need to think about retirement longevity. Finding a trusted financial professional can help women better understand ways to manage their retirement that may include caring for their loved ones or themselves.”
The majority of women have served or are currently serving as a caregiver. Over 70% of women say caregiving is a strain on their finances. “We bear a badge of ‘caregiver and chief’ as women, sometimes identifying and other times not self-identifying, just doing what needs to be done in regard to caregiving because that’s what family does,” said Alwin. “It’s so wonderful, yet there are financial consequences to those caregiving obligations that women know too well.”
“Additionally, both Nationwide and NCOA are tremendous supporters and advocates for the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, which seeks to expand employee access to retirement savings plans, makes it easier for employers to enroll employees in these plans, and allows individuals experiencing a financial emergency to access a portion of their retirement savings. The ability to access your retirement savings for a financial emergency can be life changing for women,” Rodriguez added.
Nationwide and NCOA offer additional financial planning resources for women or their loved ones to utilize free of charge:
- My Medicare Matters: Helps adults choose the best Medicare plan for their situation
- Health & Long-Term Care Cost Assessment: Provides solutions that may help individuals fill income gaps and cover healthcare costs in retirement
- BenefitsCheckUp: Connects eligible older adults to 2,500+ benefit programs to help pay for daily needs
- Age Well Planner: Offers personalized resources, tools, and expert help to age well
*To watch the What Women Want in Retirement discussion, log in or create a free account on the NCOA website by entering your information in the left-side column.
Nationwide and NCOA are separate and non-affiliated companies. Nationwide is not affiliated and does not endorse any of the Medicare Broker Partners that are used in the My Medicare Matters program.
Nationwide Investment Services Corporation (NISC), member FINRA, Columbus. Ohio. The Nationwide Retirement Institute is a division of NISC.