Social Security may represent a larger share of income for single women (including widows and those who are divorced) than for single men age 65 and older. Nearly half of unmarried women age 65 and older rely on Social Security for 90% of their income.1
Social Security as a percentage of retirement income1
Unmarried man …….. 36%
Unmarried woman …. 50%
Couple ………………. 30%
Women have longer life expectancies than men, so their retirement income may need to last longer.
Women will likely face many years of retirement on their own due to divorce or widowhood. A newly widowed woman's income decreases by an average of 37%.2 And, as women age and their health declines, they may need to turn to paid caregivers or a long-term care facility if they have no spouse or family members to help.
At Edward Jones, we understand the special circumstances that are unique to women in general – and to you in particular. Ask your financial advisor for more information about retirement income strategies that take your circumstances into consideration.
1 www.ssa.gov, "Social Security Is Important to Women," March 2014
2 U.S. Government Accountability Office, www.gao.gov: "Retirement Security: Older Women Remain at Risk," July 2012