Women are increasingly recognizing the importance of securing their own financial future. Since women tend to live longer than men, it is important for them to consider their financial planning whether single or married.
Even for married women, the possibility of one partner using long term care services means that it’s worth a conversation around financial planning during and after that circumstance. Since one in four adults over the age of 65 will need long term care support at some point in their life, it’s a good idea to think about how you and your spouse will navigate this if this issue emerges after retirement.
Women in particular must pay special attention to their planning strategies. Often times, they are behind in terms of saving. There are many reasons for this, including the gender pay gap, more time spend out of the workforce, and less overall savings when compared with men. Women, though, may also need to support themselves longer.
A recent study completed by the Bryn Mawr Trust found that nearly 87% of female respondents said they felt prepared financially for retirement. Their active participation and involvement of a financial advisor significantly helped to boost their level of confidence. Women are leading the charge and the change when it comes to showing how to tackle these big issues and maintain a proactive role in planning for their own future.
There are many challenges that can face retirees including inflation, the rising cost of health care and concerns about accomplishing their individual goals with long term care and estate planning. By surrounding yourself with a team of experienced professionals in the financial space, such as CPAs, financial advisors, insurance experts and estate planning lawyers, you can feel greater confidence about your own financial future and your ability to respond to any other challenges that emerge. To get your estate plan in line contact a qualified estate planning lawyer in Pasadena to learn more.
