Retirement concerns grow for older women amid rising costs

"Among those 50 to 64, two-thirds express uncertainty compared with half of women 65 and older. Short-term financial stress is also significant, with more than 40% of the survey group reporting that they're unable to cover a $400 emergency without borrowing or tapping into retirement savings. Women worry that a struggling economy, rising costs and uncertainty over whether Social Security will cover expenses could put a comfortable retirement out of reach."

"Stress over health care costs outranks other financial concerns. Only 45% of women in the 50-to-64 bracket strongly or somewhat agree they can afford medical expenses. Many have already made tough choices, with 38% of women in this age group skipping medical care due to costs. Women 65 and older are slightly more confident due to Medicare coverage, but more than one-quarter remain uncertain about affording health care."

A December survey of nearly 2,600 voters ages 50 and older found widespread financial insecurity among women, especially those 50 to 64. More than half are unsure their savings will last in retirement, and over 40% cannot cover a $400 emergency without borrowing or tapping retirement savings. More than 80% expect Social Security income and nearly 30% anticipate it will be their only income. Health care costs rank highest: only 45% of women 50–64 say they can afford medical expenses and 38% have skipped care due to cost. Women provide significant unpaid caregiving and financial support to adult relatives. FHA data show HECM served mostly single female borrowers (41.1%).

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