Many studies show that women, on average, live longer than men. But when it comes to finances, women tend to save less for retirement than men. This can be attributed to many factors, including disparities in pay and career growth between men and women, women stepping away from their careers to raise children or care for aging parents, or the fact that women have different healthcare and insurance needs than men.
Ensuring You Have Enough for Retirement
Have I saved enough for retirement? The realization that they may not have enough money saved hits women at different times in their lives – and life changes such as divorce or the death of a spouse may bring this issue to light in a dramatic and frightening way. In other cases, women have trusted their husbands to handle the investments, and they may learn about the status of their savings during estate planning or meetings with financial advisors.
Planning From a Woman’s Perspective
Women married to men have a high probability of outliving their spouses. Women also tend to be more concerned than men with leaving behind an inheritance for their children. In these circumstances especially, retirement planning should take place early and be revisited often. Delegating the responsibility of retirement planning to a spouse not only results in less control over retirement planning decisions, but can also prevent women from understanding that there is a problem in time to make corrections.
Women tend to be more risk adverse than men when it comes to investments, preferring conservative investments with smaller, but steady gains. However, given the disparities in income and time during which retirement savings are accumulated, a more aggressive saving or investment plan may be required to ensure financial goals are met.
Overcoming Financial Obstacles
To ensure they are protected, women must take the initiative to create and execute their own retirement savings plan. Married women should sit down with their spouses regularly to discuss finances and retirement planning. They must understand the assets that exist, and how they are being managed. And, they need to be aware of will and estate plans and how the family will be protected after a spouse’s death. A good financial planner can help set financial goals and build a solid estate. He or she should also be able to explain things in a way that makes sense to both partners.
If you think you’ve been taken advantage of by a financial planner or other advisor who was not acting in your best interest, the attorneys at Gaslowitz Frankel may be able to help. We have extensive experience with these issues and can help you determine if you have been the victim of misconduct. Contact us for a consultation.
