This International Women’s Day, Lincoln Financial Shares Research Highlighting the Financial Challenges Women Face, and Tips for Women to Address These Challenges and Help Secure Their Financial Futures
Research shows that women face caregiving challenges, life insurance coverage gaps and concerns about retirement savings.
Women may also face difficult financial choices when it comes to serving as caregivers for a family member experiencing a long-term care event. In fact, 43% of women surveyed say being a caregiver has impacted their careers, versus 31% of men who say the same.4 Additionally, 66% of Americans today believe women are better at providing long-term care than men, leading to 77% of women expecting the responsibility of caregiver responsibilities to fall on them, as opposed to 64% of men who feel the same.5
“Financial planning is not one-size-fits-all – for men or women – and planning for retirement will be based on the individual,” says
This International Women’s Day, Lincoln Financial recommends key steps that women can take to close life or health insurance coverage gaps and plan for a comfortable and confident retirement:
- Create a personalized plan: By meeting with a financial professional, (or a dedicated retirement consultant through a participating plan), women can speak with a knowledgeable industry professional and factor in their personal circumstances, such as childcare costs and long-term financial goals outside of and including retirement.
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Use voluntary benefits offered through their workplace to reduce unexpected healthcare costs that could get in the way of retirement savings: The rising cost of healthcare is a source of stress, with 49% of employees expecting the cost of medical care to get worse6 and 45% saying covering out-of-pocket medical expenses of more than
$500 would be a financial hardship.7 Taking advantage of voluntary benefits, such as accident coverage or hospital indemnity, either for themselves or for children, can help with the cost of an unforeseen expense and help women stay on track for their retirement goals. - Make life insurance a priority: The benefits of life insurance go far beyond paying funeral costs or outstanding debt.Through certain life insurance policies, consumers can have access to a tax-free, lump sum of money to help cover unexpected medical bills, long-term care expenses and education, and even supplement the policyholder’s retirement income and 401(k).
As part of Lincoln Financial’s purpose to provide financial protection and security to its customers and their families, the company provides financial solutions that may help women and all consumers address financial concerns and coverage caps, such as:
- Enhanced accident insurance coverage that includes family care benefits focusing on dependent children as well as older adults.
- Hospital Indemnity insurance coverage that includes maternity-related and innovative NICU enhancement benefits designed specifically for expectant mothers.
- Critical Illness insurance that includes health assessment and wellness screenings for early detection and prevention.
- A broad annuities portfolio that offers investors various levels of asset protection, growth potential and protected income for life.
- Long-term care planning products and resources that can help women prepare for tough financial decisions they and their loved ones may need to make.
“When we look at expanding or enhancing our product offerings, we consider both the short- and the long-term needs of all potential customers,” says
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1 Lincoln Financial, Wellness@Work: Retirement Study, 2023
2 LIMRA, "Understanding the
3 Lincoln Financial, Wellness@Work: Retirement Study, 2023
4 Lincoln Consumer Sentiment Tracker,
5 Lincoln Financial, Planning for long-term care, 2023
6 Lincoln Financial, Consumer Sentiment Tracker,
7 Lincoln Financial, Consumer Sentiment Tracker,
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Madeleine.Richey@lfg.com
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