Life Insurance for Retired Women
On average, women live longer than men, and by the age of 85, nearly 60% of American women are living alone. Unfortunately, around 50% of women aged 75 who are living alone live in poverty, largely because of inadequate retirement planning.
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One reason for this is the failure to take inflation into account when planning for retirement. At an average inflation rate of just 4%, an income of $2,500 per month steadily decreases in purchasing power to just under $1,400 per month after fifteen years. That means that even if you retire with enough money to meet expenses at current prices, inflation will reduce your purchasing power significantly over time.
Increased longevity is not the only issue that women face when planning for their retirement. Women are also more likely to spend time out of the work-force to raise children, meaning that they typically retire with less in the way of Social Security benefits than men do. For 25% of retired women, Social Security is their only source of income, but it is very often inadequate for their needs.
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Given these factors, it makes good sense to consider using an insurance policy to help meet retirement expenses. This requires purchasing permanent life insurance rather than a term life policy. These are more expensive than policies that provide coverage for a fixed number of years, but provide the advantage of accumulating cash value that is paid out as dividends to the owner of the policy.
Life insurance does, of course, also provide family members with a way of meeting death-related expenses when the time comes. This is an important reason for retired women to stay insured-but because the right life insurance policy can also provide retirement income, it becomes even more important for women to purchase the protection that life insurance provides.
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