Women & Wealth Series Article 1

Women & Wealth Series – 1 of 10

Women in Wealth. Women live longer and will need more money! TRUE Private Wealth Management LLC.When asked what financial advice women would pass on to their daughters or granddaughters, the top answer given was…
“Don’t depend on others for your financial security.”

What should you do?

Take an active role in your own financial future. Make sure you are involved in your family investment planning and financial planning decisions. From my perspective as a Personal Wealth Manager, it’s quite unfortunate that many women aren’t involved until there’s a death, divorce, job loss, illness or other event that thrusts them into financial disaster planning mode.
The reality is that 90% of women at some point in their lives will be solely responsible for their finances. Women tend to live longer, earn less, receive smaller benefits, and have less saved for retirement. (I have three girls and I don’t like these stats any more than you do. Knowing them helps us to make better decisions and coach women to become more involved with their finances.)
The second reality is that the odds of you outliving your spouse are pretty high. The average age of widowhood is just 59. A woman lives on average 5 to 7 years longer than her spouse.
You can start today by refocusing your efforts to educate yourself. We have a guide you can request called the Women & Wealth Financial Checkup. There are 10 important principles in this guide and I’ll go through them over the course of the next few quarters.

1. Women Live Longer

Life expectancy in the USA just hit a record high. The good news for women: they’re living longer, so they will have more years to enjoy their retirement. The bad news: they’re living longer, so their retirement will be much more expensive than for men. As a result, a woman’s need for retirement income is far greater than for men.

Women typically live 5 to 7 years longer than men and tend to outlive their husbands. Only one-third of women, as a result, can expect to spend more years in retirement. Women save less for retirement AND live longer, putting them at a greater risk of outliving their retirement assets. A couple’s retirement savings could be further diminished by healthcare costs for the spouse who dies first, which is usually the man.

Life expectancy in the USA rose to 78.8 years. The news is a little better for women, and a little worse for men. Life expectancy for females is 81.2 years; for males, it’s 76.4 years.
The average life expectancy for a person who was 65 years old in 2012 is 19.3 years – 20.5 years for women and 17.9 years for men.

The average life expectancy for a person who was 65 years old in 2012 is 19.3 years – 20.5 years for women and 17.9 years for men.

“It is imperative that women plan for a longer retirement than their spouse.” Source: USA Today: Life Expectancy In The USA Hits Record High. Oct 9, 2014.

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