Patti Fagan Financial & Insurance Services



2100 Garden Road, Suite C307
Monterey, CA 93940


(831) 641-7127


(408) 317-1865

Women & Retirement

Women & Retirement Statistics

Why I'm so passionate about women and retirement

As a young girl, I watched my grandmother struggle financially after my grandfather left her for a younger woman.

She never worked outside the home, which meant she had no assets, no savings and no retirement income. She had to go into a nursing home due to serious health complications, which could have been avoided had she had better healthcare. She died at the young age of sixty-eight.

Unfortunately, my grandmother’s situation is not unique. For baby boomer women living impoverished, at some point in retirement, is a common plight, according to statistics.

Women, Money & Retirement - The Numbers Don't Lie

The following stats were taken from Professor David F. Babbel’s essay: “Lifetime Income for Women: A Financial Economist’s Perspective” (Wharton School, University of Pennsylvania)

  • Older women are 50% more likely than older men to live in poverty. (Bureau of Labor Statistics)
  • The poverty rate for people above age 75 is 33% higher than that of people age 65-74. (Bureau of Labor Statistics)
  • Approximately 44% of the elderly will ultimately require nursing home care. (Spillman and Lubitz, 2002)
  • The average annual cost of institutional care in 2000 was $70,080 for a private room and $61,685 for a semi-private room. (Spillman and Lubitz, 2002) By 2007, the average cost had risen by an additional $5,000. (MetLife)
  • Roughly 75% of the residents of nursing homes are women. (Spillman and Lubitz, 2002)
  • The majority of the residents in nursing homes are widowed, functionally dependent females. (Spillman and Lubitz, 2002)
  • About 72% of the residents required help in managing money. (Spillman and Lubitz, 2002)
  • Women generally have much longer stays than men in nursing homes. (Spillman and Lubitz 2002)*

*One reason for this is that women are generally younger than their husbands and provide

compassionate home care for them in their declining years, delaying the time before

which they need to be cared for in a nursing home. Less than 10% of women, on the other

hand, have a companion by the time their health declines, and so they seek institutional care

at an earlier stage of their declining health. Ironically, in many cases the couple’s financial reserves

have already been expended on the husband’s care, leaving little for his wife.


While the above statistics are quite sobering, it's crucial that we as women face the facts and tackle the problem head-on.

Hence the need for access to quality, easy-to-understand financial education for women.

We need to take it upon ourselves to continually increase our financial literacy, engage in retirement planning and learn how to create our own financial security for our retirement years.

Let me know how I can help.

For a complimentary consultation:

Call me directly at (831) 641-7127

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