Women Face Crisis in Retirement, Experts Predict

Lorraine Cortés-Vázquez, executive vice president of multicultural markets and engagement for AARP, called on women to better prepare for their own long-term care needs. "The biggest barriers are lack of knowledge and preparation," she said.

Cortés-Vázquez listed four areas that women should focus on as they plan for their future: taking better care of their health; saving more for retirement; finding housing options so they'll be able to live independently; and preparing appropriate legal documents, such as an advance directive. She directed the audience to an AARP's Decide. Create. Share. program that can help them make those preparations.

"As our report states, preparation must occur on more than just the personal level," said King. "Local, state and federal governments must begin to make changes now to help current caregivers and future retirees so that the impending wave of 78 million baby boomers does not wipe out the finances of future generations."

Also of interest: AARP Retirement Calculator