Survey finds women not as financial prepared for retirement as men

A new survey shows that 60 percent of women approaching retirement are worried that health care costs will exceed their retirement savings.

The survey found the rising cost of health care and prescription drugs and losing their independence are the top concerns of older adults and a direct threat to a secure retirement

Anna Maria Chávez, with the National Council on Aging Executive Vice President and Chief Growth Officer, said all too often, older women are feeling the very real consequences of the income gap during retirement.

"We need to ensure that women know that they have to advocate on behalf of themselves and other people to make sure they're getting money into their retirement savings so they can enjoy their older years," said Chávez.

She said women are more likely to face financial insecurity.

"And, unfortunately this pay gap follows women throughout their careers whether they're being paid less to doing the same job that a man is," said Chávez.

The survey found 51 percent of women aged 60 and over are worried about outliving their savings.

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