Many financial circumstances affect both men and women equally, but we have also found that married women often face a unique set of obstacles that married men do not.
In a recent episode of our Wealth Matters radio show, Gaslowitz Frankel attorneys Robert Port and Craig Frankel sat down with Jessica Reece Fagan from Hedgepeth Heredia Law, Stacy Hanley with Lefkoff, Duncan, Grimes, Miller & McSwain, and Lisa Brown from Brightworth to discuss some common problems women face and concerns they have regarding financial planning.
Longer Life Span
On average, women both earn less during their lifetime and live longer than men. This is a double-whammy when it comes to saving for retirement because a wife will likely have less saved than her husband in the end, and it will have to last her a longer amount of time. Many women suffer in the event of a divorce when they can no longer rely on their husband’s income or retirement savings to maintain their lifestyle and protect their future. To ensure they are protected, women must take the initiative to create and execute their retirement savings plans.
Different Financial Goals
In terms of retirement savings, many women have different goals for their savings than men. According to Ms. Brown, men are more likely to assume “I’m not making it past 75 because no man in our family has made it past 75. I just need to run the numbers to make sure I have enough to last until then.” Ms. Brown noted that most women are concerned about having enough money for themselves and leaving something for their children and grandchildren.
Lack of Financial Awareness
During our discussion, Ms. Fagan observed that “61% of women would rather discuss the details of their own death than money.” The unfortunate truth is, too many married women let their spouses manage all financial decisions, and they remain unaware of the costs associated with their lifestyle until faced with either a divorce or the unexpected death of their husband.
Financial planning is imperative for everyone, regardless of gender or marital status, to protect themselves and their families should they face a life-changing event. When preparing a will, trust, or estate plan, it is imperative to communicate your intentions with your spouse and children to avoid future disputes.
If you face a dispute over a will or trust, reach out to the experienced legal team at Gaslowitz Frankel. We have more than 30 years of experience with will, trust, and estate dispute resolutions. Contact us for a consultation.
