When couples plan for retirement, it’s often the woman who worries most about running out of savings later in life, writes Glenn Ruffenach for The Wall Street Journal.

There’s a reason for that.

Women worry more because they tend to live longer– about five years longer–than men.

Women are more likely to live their final years alone, with more potential health problems, medical bills and the need for long-term care.

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The financial burden women face late in life often gets overlooked in retirement planning.

A survey by the National Council on Aging and Ipsos found that 51 percent of women age 60 and older are worried about outliving their savings. Six in 10 worry about losing their independence.

In 2019, almost half (44%) of women 75 and older in the U.S. lived alone, according to the Administration on Aging.

All of this means that women can face expenses late in retirement larger and more painful then what many couples anticipate.

For example, a healthy 65-year-old woman retiring and living to age 89 could expect to pay $306,426 for health care in 2017,  according to software provider HealthView Services.

A man at the same starting age living to 87 could expect to pay $260,422.

The good news is there are strategies and tools out there to help, including long-term care insurance, life insurance, deferred annuities and reverse mortgages.

Financial calculators provide ballpark figures about medical expenses in retirement.

There’s also MoneyHabitudes.com, which has activities to get people comfortable talking about their finances.

A good financial adviser also can make a difference.

But the most important step is to talk with your partner before retirement about how your finances might play out when you get there.

Read more at the Wall Street Journal about how couples can plan properly for retirement.

Need financial planning advice? Learn more about Fred Hubler’s no conflict of interest, retainer-based financial advice model here or read more about Fred’s Phoenixville business on VISTA Today here.

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