Why Insurance is necessary?
We often hear that men and women have the same basic financial needs. We all need to plan for retirement. We all need to
make investments to insure our financial futures. There is no question that, on a very basic level, financial planning
tools and knowledge are needs of both genders. But these tools and knowledge need to be used differently by women.
Women face some basic realities which are very different than those faced by men
Women still earn 52% less than men doing comparable jobs in the workplace;
Women live an average of 7 years longer than men;
Almost 20% of women are saving nothing for retirement;
Over 61% of women living alone after age 65 have incomes under $15,000;
71% of women over the age of 65 have no pension;
The median annual income for women with a pension is less than $5,000;
Over 58% of female baby boomers have less than $10,000 saved in a pension plan or 401(k) plan;
57% of women aged 65 and older are single;
33% of widowed women become widows by age 50 and nearly 46% are widowed before age 65;
72% of nursing home residents are women;
Women have a much greater need than men to address their financial futures, simply because they are likely to live longer.
Women need to look at and respond to that reality. Women need to take control and design their own financial futures.