March 9, 2023
With the average lifespan on the rise, many Americans spend a lot more time in retirement. This is a great trend to see. However, it beckons the need for a sound financial plan to account for the later stages of life – especially for women.
On average, women live longer than men but tend to be less likely to feel comfortable making big decisions about finances. Traditionally, finance and asset management have been male-focused. So where does this leave many women if they outlive their partner?
Only 37% of women have a financial advisor, and yet 90% of women will have to manage their own assets at some point in their life. What’s more, 70% of women with financial advisors will change advisors within a year of their partner’s passing.
It is crucial for women to have an active role in their finances as early as possible in the retirement planning process. If the day ever comes when they are in retirement alone, they will be financially empowered with a strategy of their choosing. Many women will find confidence in knowing their retirement is secure.
Taking control of your finances may seem overwhelming. We get that, and that is why we are here to help you! We will help empower you on your journey to financial independence and security.
Please contact our office office today to schedule a complimentary consultation to answer all your financial questions!
We look forward to talking with you soon!
(Source: 100 Must-Know Statistics About Women and Retirement | Morningstar)