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What unique considerations should women make in retirement?

women at dinner smiling

Did you know that women own over 11 million businesses[1]? How about that 70-80% of purchases in the United States are made by women[2]? This is the good news for women in business. The bad news is that women are living longer than men, spend more of their working years outside the workforce caring for children, and women often bear the financial burden of parent care. All of this makes understanding your finances extremely important.

This brings us to an important aspect of unique aspects women should  consider of when thinking about retirement: Knowing where you stand financially. If you are single it is likely that you have 100% control of your finances, in which case you may have a better understanding of where you are financially than someone in a relationship. If you are in a relationship or marriage you may need to ask your significant other questions about your current financial state. When in a marriage it is extremely important for both parties to know what assets and liabilities they have. As mentioned before, women are living longer than men, which means they need to know what investments the couple has, where their different buckets of money are, how much they have saved for retirement, and more, so they are prepared to handle the finances at the unfortunate departure of their spouse.[3]

Preparing your finances to understand where you currently stand can be time-consuming. We highly suggest gathering all of your financial documents and storing them in one place. It may only take you an hour or it may take you a full day but we promise it will be worth it. Having a complete picture of your finances can help you feel more confident and prepare for a better future. [4]

If you need help getting your finances in order or if you’re ready to start preparing for retirement contact our firm today for an unbiased opinion.

Concepts presented in this blog are based on presentations and publications established by 9-time New York Times bestselling author David Bach.

Securities and Advisory Services offered through Madison Avenue Securities, LLC, member FINRA/SIPC.  Insurance services offered through EFC Wealth Group. EFC Wealth Group and EFC Wealth Management are not affiliated with Madison Avenue Securities, LLC. Cory’s CA License #0B92957, Firm CA License #0H87076

[1] Source: National Association of Women Business Owners. Women Business Owner Statistics. 2017.

[2] Source: Bloomberg. Top 10 Things Everyone Should Know About Women. 2018.

[3] Source: David Bach. Smart Women Finish Rich. Currency Publishing. 2018.

[4] Source: David Bach. Smart Women Finish Rich. Currency Publishing. 2018.

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