Women live longer than men and for this reason face much greater challenges with regards to funding their healthcare needs after retirement. According to a study recently completed by HealthView Services, a 65 year old male who retires in 2017 will spend approximately $200,000 in retirement on healthcare alone. However the cost for a female are much higher at $235,000. Healthcare is in fact one of the biggest retirement planning concerns for Americans across the board. It is crucial for everyone to think ahead about planning for their expenses after retirement, but it is even more important for women.
Some steps can assist women with the process of looking ahead towards their own financial future and accomplishing comprehensive estate planning. These include: estimating healthcare costs, consider setting up a health savings account if you have a health insurance plan with a high deductible, having the right insurance coverage, prepare for unexpected expenses, save strategically for retirement expenses.
If you are a woman and even a married woman it is strongly recommended that you sit down with an experienced estate planning attorney to discuss how your financial needs may differ from your spouse in the future.
Having an individual plan as well as one for both of you as a couple is important. If your husband were to access the savings for his own long-term care needs before you were, these assets may be depleted by the time you get there and can present significant challenges for you as well as your loved ones. Consulting with an estate planning attorney can give you more options about the strategies that you can use to plan ahead for a successful future.