We all know that women and men have unique needs in life, and that they typically approach problems differently. When it comes to managing finances and planning for the future, however, financial products and services are primarily marketed to men. When you look at the reality of household incomes, it’s clear that the myth of the man as primary breadwinner is a relic of the past. Even for couples in which the husband manages the money, women are statistically likely to outlive their husbands. A 2017 Forbes article noted that 90% of all women will be solely responsible for their own or their family’s finances at some point in their lives. The topic of women and wealth is critical, but not often discussed.
Helping people achieve their financial dreams is one of the things we’re hugely passionate about at our firm. The opportunity to help people put together plans, adjust their goals as they age, and eventually reach financial freedom is a big part of what motivates us to come to work every day. However, in reality, many people wait far too long to get started with saving, investing, and creating an estate plan. Many of those who do have plans haven’t accounted for one spouse outliving the other—sometimes by over a decade. There are also a variety of events that can have an impact on how far your retirement dollars stretch—healthcare needs, emergency situations, home and auto repairs, and your overall tax burden.
There isn’t a broad brush with which to paint the financial needs of women—they vary according to a wide variety of life choices and circumstances. However, there are certain characteristics that apply to many women that will also impact their ability to reach their financial goals. The average woman is more likely than the average man to:
- Earn anywhere from $0.54 to $0.79 for every dollar earned by her male counterpart, impacting not just her wages but also savings, Social Security, pension, and other benefits.
- Take time away from her career to be a full-time caregiver, whether for children, elderly parents, or other family members in need.
- Live alone in her later years and have greater healthcare needs.
We’ve witnessed first-hand the unique financial needs of women, as well as the many ways the financial services industry fails to meet those needs. That’s why we’ve decided to dedicate the month of October to women and wealth. The main event is a live webinar series, in which attendees will have the opportunity to work on important issues for their financial lives, create targeted financial plans, ask questions in a judgment-free zone, and interact with others who are on a similar journey. While the series is targeted to women and will be focused on women’s needs, men are also invited to attend!
For the first four Thursdays in October, we’ll gather virtually to discuss how to:
- Use a conservative investment style to your advantage
- Prepare for a longer life expectancy
- Take steps to financial independence
- Update the four documents you should never leave home without
Join us virtually on October 1, 8, 15, and 22 from 11:00 am to 12:00 pm EST for an interactive presentation that will raise your awareness of important financial issues and empower you to make informed decisions. There is no cost to attend, but space is limited. Sign up now, and invite a friend!