Women are different from men in many ways. One of them is in their financial planning needs.
A story in Forbes suggests the reasons: women live longer than men, earn less, save less and have different insurance needs.
They also have a lack of retirement preparedness, the story says.
Specifically, women live on average five years longer than men, but earn 23 percent less. So they have less retirement assets and a greater risk of outliving them.
They also tend to participate less than men in company retirement plans.
Their insurance needs differ too. They need life insurance but often don’t have it. And they are more likely to need long term care.
Women often delegate the financial decision making to their husbands. When the husbands die, the widows are helpless.
For these reasons, women should take an interest in their financial planning – and if working with an advisor, make sure their voices are heard.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
