Women are Today’s Financial Decision Makers. What are They Doing?
A little-known fact is that today, not only do 38% of women out-earn their husbands, and according to LIMRA, but are also financially more decisive.
If you’ve watched TV lately, you’ve probably seen the Cascade Platinum TV Commercial with the little girl that asks the question, “What does the dishwasher do?”
My wife’s answer is “cuts the grass, paints the house, cleans the bathrooms, does the laundry, feeds the dogs, takes out the trash, picks up after her husband, and, of course, washes the dishes before she loads the dishwasher.” My reply is, ‘oh, honey, I do some…’ LOL.
In all seriousness, my wife does an awful lot to keep our home and business afloat. In fact, she handles most of the finances, including balancing the checkbook, paying the bills, filing taxes, and making most of the ‘big decisions,’ as it pertains to our finances.
As a road warrior spending upwards of 150 plus nights away from home, my ego was never that big, so I’m good with how she’s managed the finances over the years. I often joke I could never divorce her since she has all the passwords to our online activity and financial accounts. Here’s the irony. I was a Regional Vice President for well-known insurance and financial services companies.
Women Taking the Lead with Financial Planning
How the finances are handled in our home is no longer the outlier but rather the norm. A little-known fact is that today, not only do 38% of women out-earn their husbands, and according to LIMRA, but are also financially more decisive. 
Although women are taking the lead with financial planning, the Alliance for Lifetime Income reports, women are more concerned than men about outliving their money. When you consider only 38% of women have any employer-sponsored retirement plan, there are certainly reasons for concern. 
One of the many positive aspects to women taking the lead in financial planning is their wealth is expected to nearly triple from $8 trillion today to over $22 trillion by 2050, and they are also expected to inherit an additional $29 trillion over the next 40 years as the “Boomer” dies off. 
Life-Events a Challenge for Women
The challenge for women of the GenX cohort is their “Life-events,” which include but are not limited to, divorce, job loss, and caregiving of aging parents and grandparents. It is the life-event, “aging parents” and the impact of caregiving will be the focus of this article.
According to the U.S Census Bureau, there are roughly 328,240,000 citizens in the U.S. Women comprise 51.1%. There are 48 million over age 65, and that number is expected to double to over 88 million by 2050.
In 2014, women comprised 56% of the older population age 65+, and of those, 56% live alone.  Although the number has dropped slightly overall, for those aged 75+ and live alone, that cohort continues to increase.
Caregiving Has Big Impact on Women
A 2017 Georgetown University’s Health Policy Institute concluded that roughly 79% of 65-year-old women will need some long-term care during their lifetime. On average, these women will end up needing 3.7 years of care.
Currently, there are nearly 43.5 million caregivers in the U.S., and 34.2 million of those caregivers are unpaid and caring an adult age 50+. The “heavy lifting” is for the caregivers that providing for the care of those diagnosed with a cognitive impairment such as Alzheimer’s Disease. That number is estimated at almost 16 million. And, 75% of all caregivers are women. 
Long-Term Care Costs are Expensive
Let’s consider the following. The latest U.S. Census report indicates the median income in the U.S. is $42,113. According to the LTC NEWS cost of care calculator, the median cost of long-term in a nursing facility is $91,980 for a semi-private room, $49,440 for assisted living and over $51,825, and rising, for informal home care.
As the demand for Home and Community Based Care Services (HBCS) increases, the number of caregivers is decreasing. Today, there are seven caregivers per 100,000 cohort age 45-64. In 2030 the ratio will by 4-1, and in 2050 the ratio will be 3-1. 
If we look at those providing professional care, the average age of a Registered Nurse (RN) in the U.S. is 51, and by the year 2050, 75% of the U.S. Health Care workforce will be age 65+. 
What Does the Decision Maker Do?
Women- They make up roughly 90% of the RN and LPN workforce with an average age of 51.
Women- They provide only 3.8% of the home-based care services within the nursing profession.
Women- They provide for 75% of the $34 million of Informal and unpaid care in the U.S.
Women- They outlive their spouses.
Women-They are concerned about outliving their income.
Women-They will inherit much of the wealth over the next 40 years.
Women-They are the typical buyer of Long-Term Care Insurance.  Age 50-64, married with children, college educated, working white-collar professional.
Women- They are taking the lead in Financial Planning decisions.
These women are considering their planning options. The question is, are you?
There are ten key questions every woman should answer before they purchase an affordable Long-Term Care Insurance policy. Click here.
Start your research when you are younger and enjoy better health. Many women have spouses or partners. Generally, many insurance companies offer partner discounts. Some companies also offer shared partner benefits. Be sure to ask about those options when you discuss long-term care planning with a qualified specialist.
One resource I recommend is the Living Room Learning Channel.
 Forbes -8/2019 5 Reasons Women are taking the lead in Financial Planning
, Alliance for Lifetime Income- Protect Lifetime Income Study
 Alliance for Lifetime Income- Protect Lifetime Income Study
 U.S. Department of Labor’s publication “The Aging Workforce: Challenges for the Health Care Industry Workforce,”
 Mutual of Omaha Insurance Company- Characteristics of a Long-term Care Insurance buyer-
About the Author
With over 20 years of financial services experience working with agents, advisors, and clients in developing and facilitating income and risk assessment strategies to mitigate asset exposure with a long-term care event.
Contributor since February 5th, 2020
The financial costs and burdens of aging will have a tremendous impact on not only your savings and income but your family as well. An advance plan that includes affordable Long-Term Care Insurance will provide you with independence, control, and peace-of-mind.
Don't delay investigating your options for future long-term health care. You must have reasonably good health to get Long-Term Care Insurance. Most people obtain their coverage in their 50s since premiums are lower and their health is better. Every insurance company has its own underwriting rules and pricing.
Seek Professional Planning Help
Experts recommend seeking the help of a qualified and experienced Long-Term Care Insurance specialist to help you find the right coverage. A specialist will match your age, health, and family history with the right coverage at the right price.
Long-term care is a very specialized area, and few insurance agents and financial advisors have the expertise. Find a specialist who represents the top companies as premiums can vary over 100% between insurance companies. Leading specialists will often have over 500 clients with Long-Term Care Insurance.
A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Planning Tools and Resources Available on LTC NEWS
Planning for the future is never easy, but long-term health care planning can be very complicated and comes with many emotions. Getting the right tools and resources will make the process much easier.
One of the goals is to reduce the stress and anxiety usually placed on your family at the time of crisis. LTC NEWS can be beneficial in providing you with important information for you to consider.
LTC NEWS has put in place several resources, including:
The LTC NEWS Cost of Care Calculator will show you the current and future cost of long-term health care services where you live. Plus, each state has vital state-specific information you should know - Cost of Care Calculator - Choose Your State | LTC News
The Ultimate Long-Term Care Guide is an outstanding read to help you get a good overview of the topic area.
Compare the major insurance companies that offer Long-Term Care Insurance products here - Top Insurers for Long-Term Care Insurance | LTC News.
A detailed tax guide that includes available tax incentives can be found by reviewing the Long-Term Care Tax Benefits Guide.
Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Finding Quality Care for Mom or Dad
If your family is already in crisis and you need to find help for mom or dad, LTC NEWS can help. We have put together several comprehensive guides to help you in your process.
Start by reading our four guides -
If your loved one is lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
Get Help in Filing a Long-Term Care Insurance Claim
Many insurance companies have issued Long-Term Care Insurance policies over the years. Filing a claim can sometimes be complicated unless you know what to do or get expert help and assistance.
Don't allow the claim process to stop you from using the benefits available in an LTC policy. Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care.
If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help. LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work - free with no obligation.
Get help finding quality caregivers or long-term care facilities and get recommendations for a proper care plan, whether a person has a policy. - Filing a Long-Term Care Insurance Claim | LTC News.
Benefits of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance. You might be eligible at younger ages as well.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, and even help with cash flow during your retirement.
Learn more by asking questions to an expert. LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
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