As a financial planner at COUNTRY Financial, I have worked with many women who ask the questions, “Why didn’t I start sooner” or “why didn’t I get more involved with our finances before my husband died?”
Unfortunately, those are harsh realities for women to face. Those and other realities beg the question, should women view financial security differently than men?
My answer: YES!!!!
Many women today face greater financial risk than men. Just think:
- Many, but not all, earn less than men
- Women average fewer years in the workforce
- They are less likely to have an employer-sponsored pension plan to provide monthly checks in retirement
- Women typically start saving later in life than men
- Due to lower incomes, many save less than men
- Often women are more conservative requiring more savings or time to accumulate what money may be needed for retirement
One additional note – women can expect to live longer (7 years on average). So those who weren’t actively involved in making financial decisions find they are lost when their husbands die and they are forced to take over the finances.
Solution: Be proactive and plan now for your future financial security.
