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.

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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.

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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.

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