Long-term care costs
Because women tend to live longer than men, they are more likely to experience the need for long-term care services as they age. Many wives care for their ailing husbands and then have no one to care for them in their time of need.
Baby boomers’ tendency to have fewer children than previous generations means there may be fewer children to help their aging parents. Financial advisers can help female clients manage their long-term care risks with insurance products or by earmarking a portion of their savings for potential long-term care needs.
