Three Ways Women Can Prepare for Longevity in Retirement

Living longer often leads to more financial challenges, but proper planning can help women enjoy a long, successful retirement.

An older woman plays with a hula hoop with a group of other women.
(Image credit: Getty Images)

Running out of money is the number one fear for the majority of retirees, but the longevity risk is even greater for women. Not only do they face uphill, systemic battles with their finances, like the gender wage gap, but they also have a greater chance of living longer.

On average, women live six years longer than men, and 85% of centenarians are women! Living longer leads to more health care costs: Over 70% of assisted living residents are women, and over half of nursing home residents are female. Having a well-thought-out wealth plan is especially important for women to help ensure a successful retirement, no matter how long it lasts.

I have seen firsthand what can happen to women who do not have a wealth plan. My own grandmothers, Rose and Lilian, lived well into their 90s, and one outlived her money while the other came close to running out — a financial nightmare for them and their loved ones who eventually had to supplement the cost of their care. Their stories provide valuable lessons to empower the next generation of women with financial knowledge and strategies to create a wealth plan that outlives them.

Bradley Rosen
President, Longevity Financial

Bradley Rosen is the owner and president of Longevity Financial, an independent financial professional with over 24 years of financial planning experience. Bradley provides each client with a customized Design for Life By Longevity FinancialⓇ plan that encompasses each part of their financial picture, including investments, insurance, taxes and legacy planning. He is passionate about creating longevity with one’s finances and prioritizing holistic health, both physically and financially. His unique approach to retirement planning is the result of watching both his grandmothers outlive their retirement income. For his dedication to educating and empowering women, he was awarded the Thelma Gibson Award in 2015. He has been featured in Forbes and on the local CBS, NBC and FOX TV news affiliates in his new hometown of Atlanta.