Women often face financial headwinds that can affect their ability to achieve financial security. The good news is that women today have never been better positioned to achieve financial security for themselves and their families.
With an expected longer life span, what challenges do women face?
- Women will need to stretch their retirement dollars further
- Women are more likely to need some long-term care and may have to face some of their health care needs alone
- Married women are likely to outlive their husbands, which means they could have ultimate responsibility for the marital estate
What challenges transpire when women take a career break to raise a family?
- Loss of income, employer-provided health insurance, retirement benefits, and other employee benefits
- Less savings created
- A potentially lower Social Security retirement benefit
- Possibly a more challenging time finding a job, or a comparable job (in terms of pay and benefits), when reentering the workforce
- Increased vulnerability in the event of divorce or death of a spouse
With a significant wage gap resulting in lower Social Security, pensions, and savings, what can women do to secure their finances?
- Change your investing – Women tend to be more conservative investors than men. It’s time to review and possibly change investment strategies to remain on track to meet your financial goals.
- Control your career – Advocate for your worth in the workplace by researching salary ranges, negotiating your starting salary, and asking for raises and promotions.
- Protect your assets – A woman’s wealth is vulnerable to taxes, lawsuits, accidents, and other financial risks that are part of everyday life.
- Plan for retirement – Estimate how much money you’ll need in retirement and how much you can expect from your savings, Social Security, and other investments.
- Create an estate plan – To ensure someone carries out your personal and financial wishes in the event of your incapacity or death, consider executing estate planning documents, such as a will, trust, durable power of attorney, and healthcare proxy.
Bob has a passion for making your money work hard for you. He takes profound joy in ironing out a plan for a long and comfortable retirement, no matter what your current income or level of wealth. With a work ethic second to none, he has a zeal for transforming uncertainty into stable ways for you to protect your future and your family. He knows that the quality of your life you enjoy today can remain as rewarding—or even better—after retirement.
With a strong background in information technology, Carol is instrumental in building operational policies and strategies that keep the organization functioning smoothly. Carol’s organizational skills and her flexibility to jump from priority to priority along with her commitment to customer service makes her an essential part of the Grimard Financial team. When Carol is not working with the Grimard Financial Family, she is a very creative and accomplished photographer.