Womens’ Financial Concerns
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Women have a longer life expectancy.
Women generally have lower income then their male counterparts.
Higher health care expenses
Women have 39% higher health costs.
Women are more likely to need long-term care than men.
Longer and more expensive retirement
Higher health care expenses
Women have an average additional life expectancy of 20.6 years after age 65.
retirement account balances on average than men do.
Nearly 2 in 10 women are projected to need long-term care for more than 5 years.
of women plan to work after they retire, or don’t plan to retire at all for financial reasons.
Women have 39% higher health costs on average than men in retirement.
More than 70% of nursing home residents are female.
Women over 65 have 2X the risk of developing Alzheimer’s disease than men.
Protect, Save, Manage Debt, Invest
There are four financial disciplines I consider vital to planning for your future. The order of these disciplines is essential since completing one establishes a foundation upon which to build the next.
With everything going on in your life, why do you make time for your annual physical? Maybe your insurance covers it. Maybe you want to ensure you are in good physical shape and catch any potential problems early. I believe the same can be said for your financial health. To ensure you are in good financial condition and stay that way, you must take time for an annual financial review with a professional.
One of the most debated financial questions of modern times is whether you should prioritize paying off your home mortgage over planning for your retirement. The answer to that question often is rooted in emotion more than sound financial wisdom. Emotion embraces the dream of a retirement with no debt, great health, and doing whatever you want whenever you want. However, for the vast majority of Americans, this will not be their reality. Sound financial wisdom says that before blindly adhering to the mantra of paying off your home mortgage as quickly as possible, you should examine your situation to see if it really makes financial sense for you.
When discussing retirement plans with my clients, I always discuss taxes. Taxes can make a huge difference in your income during your retirement years. I believe my clients need to develop retirement strategies that address taxation, while providing sources of supplemental retirement income. Here are some of the specific topics I discuss with my clients.
Additional Demands on Family Finances
Women are 73% more likely to leave the labor market due to caregiving needs than men.
46% of women in two-income households are at risk of being unable to maintain their standard of living in retirement.
A woman’s household income falls 41% after divorce.
On average, women will survive their husbands by 15 years.
32% of women over age 65 are widows.
Sources based on the data shared by Rex Nutting-Market Watch (2016), Surveys conducted by OnePoll for LifeHappens.org (2020), plansponsor.com article retirement concerns remain (2019).