Despite being more educated and financially empowered than past generations, the majority of women are still insecure when it comes to investments, retirement planning and their financial future.
While more and more women are responsible for handling their family finances, they feel overwhelmed with all of the options and decisions required when planning for retirement income and for leaving a legacy.
WOMEN FACE SPECIFIC CHALLENGES*
- Women typically outlive spouse by six years
- Women will be forced to live with the financial decisions made by husband unless they are involved
- Both married and unmarried boomers are less confident they have enough income in retirement
- In 2009, unmarried women – including widows – age 65 and older used Social Security to comprise 50 percent of their total income
- Forty-five percent of all unmarried females receiving Social Security benefits relied on Social Security for 90 percent or more of their income
- Often, the amount of income unmarried females receive from Social Security, pensions, or other forms of income is not enough to maintain their lifestyle
- 26 percent earn more than their husbands
- 95 percent of women contribute to financial decision making decisions; 50 percent feel they need assistance(*Wharton Financial Institutions Center, Policy Brief: Personal Finance Lifetime Income for Women: A financial Economist’s Perspective (2008))
TOP 10 THINGS every woman should do BEFORE the death of her spouse:
- Inventory physical and non-physical items.
- Know what benefits are available to you from the Social Security administration.
- Know where to locate important papers.
- Review IRA, bank accounts, retirement accounts, and 401(k)s for updated beneficiary information.
- Select a financial planner in which you and your spouse are comfortable.
- If your spouse is a veteran, government life insurance and/or veterans benefits may be available.
- Initiate important estate planning documents.
- Once your estate planning documents are finalized, select an estate administrator.
- Know your outstanding debt.
- Discuss with your spouse burial wishes and consider pre planning for your own funeral as well as your spouse.
To take a more active role with your financial future,
for a complimentary one hour Empowering Women consultation.