Survey: Older Women Worried About Retirement Savings, Health Care Costs

Published: Wednesday, June 19, 2019 - 3:07pm
Updated: Thursday, June 20, 2019 - 10:49am
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Older women are concerned that rising health care and prescription drug costs could outpace their retirement savings, according to a new survey by the National Council on Aging. And women face additional hurdles as they age.

The NCOA surveyed more than 1,200 people age 60 and older. Besides worrying about health care and drug costs, the survey found that women are even more concerned about the financial impact of aging than men. Anna Marie Chavez is with the National Council on Aging. 

"In addition, I think this underscores how women are realizing late in their lives, that the opportunity costs they've paid in our society," Chavez said. 

Chavez said many women have entered and exited the workforce throughout their careers to care for children or an elderly parent.

"They come back into the workforce, perhaps at a lower pay scale. And so what we're finding is women reach retirement age, they have not saved as much as men in their retirement accounts, and therefore aren't able to cover the costs in retirement," Chavez said. 

The study also found that 51% of women are worried about outliving their savings, and 59% of women are worried about losing their independence. 

Other issues found in the survey include financial security, with 76 percent of women saying that’s their No. 1 priority, and 65 percent of men saying it was theirs.

KJZZ's Kathy Ritchie joined The Show to talk about this issue.

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