Submitted Photo AARP released survey results showing more than four in 10 women age 50+ could not cover a $400 emergency expense using the money in their bank accounts alone. Photo from Adobe Stock.

New survey data reveal women 50 and older are feeling more stressed about finances than men in the same age group and outreach efforts in North Dakota aim to help women nearing or at retirement age better manage their money and benefits while finding purpose.

An AARP poll found only 11% of women over 50 are confident they will be in a better financial situation a year from now, compared to 19% of men. More than half the women surveyed are not confident their money will last long-term.

Kathi Schwan, a retiree from West Fargo, said she was fortunate to have some security after her career wound down but health care still takes a big bite out of her monthly income.

“Now I am under Medicare and it’s a lot easier,” Schwan noted. “But yeah, you definitely have to think about those things.”

Schwan encouraged women to be fairly active in retirement, like volunteering at a food shelf or serving on a civic board, to feel reinvigorated. She suggested for additional income, there are part-time jobs where an older woman’s wisdom is valued, such as a school paraprofessional. Schwan will be among the guest speakers when AARP hosts retirement information events next month. One is in Bismarck on March 17 and the other is in Fargo on March 19.

Jammie Lyell, Social Security program manager for AARP, said when applying for Social Security retirement, there are often misunderstandings among filers about how their claim affects family and living situations. He named key examples for women.

“Divorce, widowhood, survivor benefits, or even spousal benefits can really affect their claiming decisions,” Lyell said.

He stressed providing details about the factors can prevent women from claiming less than they are entitled to. Experts also noted because of gender pay gaps, women tend to have lower lifetime earnings than men, affecting their benefits and savings when retirement nears.

As for finding purpose in retirement, Schwan underscored it is important to not go overboard in pursuing hobbies and social activities.

“It’s fun to be involved in some things but you do have to learn how to say ‘no,'” Schwan said.