Salient to Investors:

The Society of Actuaries says less than 20 percent of men and women say their planning horizon is at least 20 years.

Cynthia Levering at the Society of Actuaries said the variability of life expectancy is often misunderstood, and people need to plan for being above average.

Average life expectancy at age 65 is 20 years for women and 17 for men. Nearly one-third of women age 65 today will reach 90.

Joe Tomlinson recommends planning for a 95-year life span.

Because women typically have more conservative investment portfolios than men, they are more likely to run out of money in the very long run.

Prudential say fewer than half of women they surveyed were willing to take risk for the opportunity of reward, compared with 70 percent of men.

Katherine Roy at JPMorgan Asset Mgmt says dividing a portfolio into buckets devoted to certain types of spending or earmarked for specific periods of time can help risk-averse women get more comfortable with a diversified portfolio.

Jane Nowak says that for every year after you reach full retirement age that you delay taking your social security, benefits are increased by 8 percent until age 70 – a guaranteed 8 percent a year.  In 2011, 2 percent of women and 1.1 percent of men waited until at least age 70 to begin their retirement payouts.

Long-term-care insurance is expensive, and the industry is in a serious state of flux.

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