A cornerstone of my advisory practice is working with women. Whether single, widowed, divorced or as the financial lead of a couple, I am proud to say that more than half of my clients are women. But I didn’t start out over a decade ago with that as a goal. Rather, it has been a journey shaped through my experiences of seeing how the lack of planning for female members of my family dramatically impacted their lifestyle.
My focus on working with women grew quickly early on in my financial planning career as I saw the many challenges and obstacles women faced as they tried to manage their financial lives and enjoy a successful retirement.
For Women and Baby Boomer Women especially, these are the many issues that women continue to face:
Women typically live longer than men, which means they need to plan for a longer retirement period. This requires a more significant amount of savings and income to support their lifestyle.
On average, women earn less than men throughout their working lives due to various factors such as gender pay gaps, career breaks to care for family, and discrimination. This can result in lower retirement savings, pension savings and Social Security benefits.
Women are more likely than men to take time off work to care for children, aging parents, or other family members, including ailing spouses. This can result in lost income and reduced retirement savings.
Women tend to have higher healthcare costs in retirement than men due to longer life expectancies and higher rates of chronic conditions such as osteoporosis and Alzheimer's
Women are more likely than men to become widowed, which can result in a significant reduction in income and an increase in expenses, such as long-term care costs.
Women who get divorced may also face financial challenges as they may need to divide their retirement savings, and their income may decrease due to spousal support payments.
For women, retirement strategy is a long race. It’s helpful to know the route.
The sandwich generation faces unique challenges. Since Women are the majority of caregivers, meeting needs is a matter of finding a balance.
In the world of finance, the effects of the "confidence gap" can be especially apparent.
No matter what stage of life you are in, let me help you pave the way so that you can live a comfortable life. Together, we can develop your personalized financial plan that will help you work toward reaching your goals and protecting you from being severely impacted by potential risks you may face - so that you can look forward to preparing for retirement and living a life with dignity.
To learn more about how I can help you pursue financial independence, please schedule a meeting with me today