A recent survey by The Nationwide Retirement Institute reveals the majority of women 50 and older in America keep their biggest retirement concern to themselves – the fear of becoming a health care or long-term care responsibility to their families.
“For many women it is difficult to discuss how the role of caregiver might be reversed when it comes our time to need help,” said Shawn Britt, director of long-term care initiatives, advance consulting group at Nationwide. “Many women spend much of their lives taking care of others, giving up earned income and benefits which makes planning for long-term care so much more important.”
According to the Harris Poll survey of 709 women, two-thirds of these women are worried they will become a burden to their family as they get older. Despite these concerns, 62 percent haven’t talked to anyone about long-term care costs.
“Not talking about potential health care and long-term care costs now can do more harm than good later,” Britt said. “Families need to be aware of what they will face if they do not plan ahead for this risk – both emotionally and financially.”
Tools to help
Even though women live longer than men, they typically plan their retirement under the same circumstances as men. Women have unique challenges and risks as they approach retirement and those working with advisors tend to have better outcomes. However, more than three in four women do not discuss long-term care with their advisor.
To help start the financial planning conversation, Nationwide’s new website www.nationwide.com/womenandinvesting offers women educational tools, videos and infographics on a variety retirement planning issues. These tools can be used in their advisor interactions and to share with friends and family.