Women definitely need financial planning. For this Women’s History Month let’s encourage women to seek out financial planning and secure their own future. Our mothers, sisters, wives, nieces, aunts, and all of the other women in our lives, face a few hurdles to a financially successful future that their male counterparts do not. Let’s take a look.
For starters, the biggest hurdle is that women live longer than men. This means they will need more resources for a longer future. Women tend to outlive men by around 5 years in general. For those who are married, it can be a much longer period of up to 15 years. This alone means that women will need more savings and investments to carry them through their lives.
Historically, women have earned less than men. This is a particularly nasty double-whammy. Women who do earn less than their male counterparts have less discretionary income to use in savings and investing. Most of their cash flow is needed for current spending. At the same time, they actually need to save and invest more to secure their future. Having less resources to work with makes this challenge all the more difficult.
As a reward for living longer, women experience a need for increased savings and investments. Since they are living longer, they will need more money to pay for housing, health care, and assistance later in life. Medical costs are also a huge consideration for women.
Let’s look at three basic steps that women can take now to improve their financial future.
First step, is to find a trusted adviser. Today women have more resources to choose from including female-only advisers and firms. Key is to find the adviser that is right for you and that you trust! Consider working with a fee-only adviser that you know and trust and that is not conflicted by selling you a specific investment product. Ask questions about the person’s background, education, licensing, and how they are paid.
Put new resources and technology on your side. Today, there are many resources available to help you select and vet a potential adviser, and to help you find useful products and technology to use. There are also resources available to help increase your financial literacy. For a list to get you started, consider reading my post 7 Free Resources for Financial Literacy Month. You can always reach out and ask me as well.
Have a personalized plan. Your plan should be in keeping with your goals and resources. Our goals and objectives change over time and even if you had a plan created in your thirties, it may not be appropriate or relevant now that you are in your fifties. Reviewing and revising your plan as you go to meet your specific goals is very important. Work closely with your adviser and be sure what you are planning makes sense for you.
As an independent CERTIFIED FINANCIAL PLANNER™, I can help you plan for your future and your goals. Contact me and let’s get started on a new goal whether it’s a savings plan, retirement plan, debt reduction, or something more specific. #talktometuesday #education #Hireaplanner #stressfree #savings #ceiling #2023 #debtfree #budget #CFPPro #LetsMakeAPlan #women #womenshistorymonth