Why the high cost of being a woman continues into retirement
We all know it costs more to be a woman. Clothing, razor blades, hair care and not to mention female hygiene products are all things women pay more for compared to our male counterparts — despite the wage gap. Well, It turns out health care is on that list. Women face higher health care tabs because on average, we live two years longer than men.
The whole situation seems like a setup. Women statistically make less than men during their careers and wind up with 23 percent less than men on average according to HealthView Services, a company that provides retirement health care cost data to financial advisors.
Health care is expensive no matter one's sex. A recent Nationwide survey revealed that close to 75 percent of older adults claim that out-of-control health care costs are one of their top fears in retirement. Medicare beneficiaries pay premiums for any additional supplemental plans they buy, and expenses Medicare fails to cover — like dental.
All told, a woman who retires at 55 years old will pay $79,000 more for health care than a man that retires at the same age.
So, bascially the wage gap turns into the age gap. Sigh. Another thing to look forward to about aging.