Why Women Need a Longevity Plan.

1. Women: The Two Sides of Chronic Illness
1049
WOMEN:
Women are more likely than men to provide chronic illness care to
loved ones. And later, they’re more likely to need care themselves.
See the financial impact these challenges could have.
FROM GIVING CARE TO NEEDING CARE
THE AVERAGE
CAREGIVER
IS A WOMAN1
WHO WILL
TAKE CARE
OF HER?
LIVING LONGER
MEANS HIGHER
DISABILITY RISK
FEWER
RESOURCES TO PAY
FOR CARE
WHAT’S ON
HER MIND?11
FAMILIES
PROVIDE MOST
CAREGIVING
THE IMPACT ON
HER FINANCIAL
HEALTH
Works full
or part time.
If no caregivers are
available, a nursing home
may be the only option.
Spends nearly
20 hrs/week for 5 years
providing unpaid care.
Responsibility for her care
will likely fall on a daughter,
daughter-in-law or sister.
1 in 3 women born in the
’60s and ’70s will be
widowed for 10+ years.6
Women have a 4.8-year
higher life expectancy and
are likely to outlive their
male spouses.7
Women need chronic
illness care for an
average of 3.7 years vs.
2.2 years for men.8
1 in 3 women have a
serious disability at
ages 70-74.9
Women generally have less
savings, pension and Social
Security benefits than men.10
Time off for maternity leave
and child rearing could
mean lost income and
savings.
49 years old.
7 in 10 older nursing
home residents are women.5
$450 billion in
unpaid chronic illness
caregiving every year.2
$63 billion in
out-of-pocket costs
every year.3
Cost of providing care may
take a toll on her college
and retirement planning.
Caregiving commitments
could affect income
potential and participation
in workplace savings plans.
“Not being a burden on
loved ones” is one of the top
financial goals among women.
2/3 of women say keeping
pace with rising healthcare
costs is an important goal …
… but only 9% are very
confident they’ll meet
this goal.
66% of disabled older
people get all of their
care from family
members—mostly wives
or adult daughters.4
1 All corresponding data from Feinberg, L., testimony before the Commission on Long-Term Care, “Populations in Need of LTSS and Service Delivery Issues,” AARP Public Policy Institute, July 17, 2013.
2 Prudential, “Women at Risk: The Disability Survival Paradox,” 2015.
3 Prudential, “Women at Risk: The Disability Survival Paradox,” 2015.
4 Feinberg, L., testimony before the Commission on Long-Term Care “Populations in Need of LTSS and Service Delivery Issues,” AARP Public Policy Institute, July 17, 2013.
5 Hagen, S., et al., “Rising Demand for Long-Term Services and Supports for Elderly People,” Congressional Budget Office, June 26, 2013, p. 13.
6 Financing Long-Term Services and Supports for Individuals with Disabilities and Older Adults: Workshop Summary, Johnson, R., IOM (Institute of Medicine) and NRC (National Research Council), 2014,
Washington, DC: The National Academies Press, p. 22.
7 Prudential, “Women at Risk: The Disability Survival Paradox,” 2015.
8 U.S. Department of Health and Human Services, “How Much Care Will You Need?,” http://longtermcare.gov/the-basics/how-much-care-will-you-need/, accessed March 26, 2015.
9 Brault, M.W., “Americans With Disabilities: 2010, Current Population Reports,” pp. 70-131, U.S. Census Bureau, July 2012, Fig. 1, p. 3.
10 Prudential, “Women at Risk: The Disability Survival Paradox,” 2015.
11 All corresponding data from Prudential, “Financial Experience Behaviors Among Women, 2014-2015 Research Study.”
The Prudential Insurance Company of America, Newark, NJ and its affiliates. Prudential, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities.
© 2015 Prudential Financial, Inc. and its related entities.
0284938-00001-00 Ed. 11/2015 Exp. 05/16/2017
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