Many of us imagine spending our golden years making memories with our loved ones. For some, that might include traveling to bucket-list destinations with family, going to midweek matinees with friends, or making frequent trips to the dog park with our furry pal. And, if you’re a woman, you can plan on having these experiences for a few more years than your average Joe.
It’s no question that statistically women outlive men. On average, American men live to age 76 and American women live to age 81.1 Also, a woman who reaches the age of 65 has a 50 percent chance of living to age 91, and a 25 percent chance of living to 96.
Those extra years after retirement can be a blessing, but can also make a dent in your finances. Simply put, the longer you live, the more money you need.
On top of living longer, women tend to have additional special circumstances during their working years. Some take time off of work to care for young children, or an older parent or relative. Both situations can throw any well-intentioned financial plan off course.