We all know that money provides freedom. The Four Freedoms of Aging are the Freedom to Choose, to Earn, to Learn, and the most important, the Freedom to Pursue Happiness. Awareness in the difference between Lifespan versus Healthspan is a consideration to ensure a healthier way of life and longevity. Women continue to seek a wider range of lifestyle options to maintain quality of life! The same applies as women seek resources for their family and loved ones.
It is not uncommon for retirees to feel insecure about their finances, but single women retirees are less confident about their financial security than single males, married, or partnered retirees, according to research from the LIMRA Secure Retirement Institute. Four in ten retirees believe they will run out of retirement savings if they live past the age of 90, while nearly half of single women retirees are fearful of the same outcome. One in three women retirees reported the cost of covering their basic needs was higher than they anticipated, versus only one in five men, according to the report. On average, single women spend a higher percentage of their income on basic and health care costs in retirement than men, while spending less on discretionary activities than single men.
One Bright Spot: Women are more likely than men to participate in their workplace savings plan. After years of having less access to retirement plans, women have caught up! Women who are saving might be saving more! National Healthcare Decisions Day (NHDD) exists to inspire, educate, and empower the public and providers about the importance of advanced care planning. NHDD is an initiative to encourage people to express their wishes regarding healthcare and for providers and facilities to respect those wishes, whatever they may be.
Although the need to share wishes regarding decision-makers and end-of-life issues certainly isn’t new, the COVID-19 crisis brings these considerations to the forefront and is top of mind among many families. Furthermore, as the emotional and mental health effects of the crisis accumulate, we also see the benefits of advance care planning for mental health and other non-end-of-life issues. It is important to have thoughtful conversations with your family; documenting your wishes can be a gift to your loved ones should you become critically ill and unable to advocate for yourself. Make your wishes known and your priorities clear.
For more information or assistance, McGregor wants to help advance the mission of planning your wishes by helping families and residents consider what is important to them, have discussions with family members, and document healthcare wishes. Our colleagues at McGregor and the Social Services Team can help and provide the forms you need.