A woman may spend much of her retirement alone.
A quarter of American women aged 65-74 are widows, while others are alone by choice. Household expenses are rarely halved after a divorce or a spouse’s death, and a woman’s financial survival may depend entirely on her degree of retirement planning. Social Security survivor benefits may prove insufficient: if a spouse files for Social Security at 62, the survivor’s benefit for the longer-lived spouse will be up to 30% smaller than if the claiming decision was made at Full Retirement Age.1,2
1 - Market Watch - 8 Ways Woman can Improve Their Retirement and Security - [6/30/16]
2 - New York Times - New Windows have Another Concern: Thier Finances - [9/5/15]
