Tough financial times aren’t only a part of a women’s world throughout her career, they’re lurking in her future as well. According to the 17th Annual Transamerica Retirement Survey, lower wages and higher medical costs are putting retiring women at greater risk for financial ruin than men. Throughout their adult working lives women generally get paid less and save less, says wealth advisor Christi Staib. “As it turns out we women tend to live longer so we almost need to have more saved in order to last a longer lifetime than men," she says. Retired women pay $600 a year more for health care expenses than men though they have smaller bank accounts and often lower social security payments. Seventy percent of nursing home residents are women, at a cost of $90,000 a year.
Staib says for most women this often catches up in the end. “All of us women love to take care of our families, our kids, even our parents, so we have to be very careful to not overdo it, and make sure we do a few things for our own future,” Staib tells KTRH News. Staib is the President of Silver Sail Wealth Advisors, a financial consulting and investment firm.
Staib advises even young women to put aside at least ten percent of their salary in retirement savings. The Transamerica survey finds only half of women say saving for retirement is a priority, compared to 62% of working men.