Although insurance needs and planning for women are often different than for men, many insurance professionals do not adequately acknowledge or adapt the insurance planning and recommendations made for women.
- Women generally live longer than men, earn less and require more in retirement. (Speech given by Elizabeth Duke, Board of Governors of the Federal Reserve and cited May 4, 2011 in 50 Plus Finance)
- The typical woman spends 10 years out of the workforce for care giving, while the typical man spends 2, (Ibid)
- Nearly 2/3 of U.S. women ages 40 -79 have already dealt with a major financial “life crisis” such as job loss, divorce, the death of a spouse or serious illness (Ibid)
- Women have 10 times the chance (as men) of reaching age 85. (American Association of Long Term Care Insurance)
- Women age 75+ are far less likely to be married (38%) than men (74%). (Ibid)
- The risk of a woman over the age of 65 becoming cognitively impaired or requiring assistance with activities of daily living is 72% (vs. 44% for men). (Ibid)
- Women don’t abandon their caregiving responsibilities because of employment but they lose an average of $25,484 in Social Security benefits, $565,000 in lifetime earnings and $67,000 in pension benefits. (Aging into the 21st. Century, National Aging Information Center and the Administration of Aging, 2009)
- The average age of widowhood is 55. (U.S. Census)
- While half of women who reach 65 will live beyond 85, 92% of female retirees and 89% of female pre-retirees do not plan for this 20 year period. (“The Impact of Retirement Risk on Women”, study from the Society of Actuaries, December 2010)
- Women are more concerned than men about health care, depleting savings and remaining in their home. (Ibid)
- Women age 50 or older control net worth of $19 trillion and own more than ¾ of the nation’s financial wealth, (Mass Mutual Financial Group 2007)
- In 2010 there were approximately 48.9 million caregivers. 64% of these are women. The typical caregiver is a 48 year old woman who provides more than 20 hours of care each week. (National Association for Home Care and Hospice, 2010 Fact Sheet)
- Over 85% of women age 85+ will be living alone. (Ibid)
- 75% of women are concerned they will not have enough money for retirement compared with 62% of men. (Study by MassMutual Retirement Services Division)
We at Arbor Group are particularly attuned to the special needs and goals of women. We address these unique goals and needs by an initial meeting with Carol Einhorn, the women’s team leader. Carol will ask many questions and listen carefully to the details of your personal and/or business situation. Then, she will take your data to our team of professionals to help plan a strategy that will best work with you to meet your goals.