Women and Finance

March 28, 2019
Women and Finance

Women have different considerations than men when it comes to retirement and finances in general. Why?

  • Women have a longer life span than men = money must last longer
  • Women are more likely to take a few years out of the workforce to care for children or parents
  • The gender pay gap (ugh!) means women still make less, on average, than men
  • Nearly five in ten marriages end in divorce = may have to depend on yourself, not your spouse
  • Women’s social security payments are lower than men’s because of lower wages and being out of the workforce

I’m focusing on women this month because it’s women’s history month.

We women tend to be busy caring for others, and often, neglect ourselves. I’m sure most women are tired of hearing this, because I sure am, but we need to put on our own oxygen mask first, THEN help others with theirs. So, I wanted to give women some simple tips to help them with their specific financial needs.

  • Start saving as much as you can and do it consistently.
  • Educate yourself on basic financial principles.
  • Figure out your financial goals and create a plan.
  • Be a part of your household’s finances. Even if you don’t pay the bills—know what you pay and where it goes and how to find out more information.
  • Protect your assets – get your estate documents in order, name your beneficiaries, create powers of attorney for healthcare, maintain insurance, etc.
  • Don’t just pull out of the markets when you’re scared.
  • Don’t help your kids (with college, with letting them live with you forever) at the cost of your retirement savings.
  • Hire professional help if you need it.

Once you have your own needs taken care of, you can help your kids and elderly parents. Here are some tips for that:

Kids:

  • Know what you need for a college education (look into the costs, determine strategies, financial aid, etc.). You don’t have to pay for it all, but you can be there to help your kids make sound decisions.
  • Help instill financial independence in your kids. Ensure they know the same basic financial information that you do. There are a number of tools online for this, and we will have a new one to share soon.
  • Plan for protection for them if something should happen to you (life insurance, etc.)

Parents:

  • Help your parents think about having adequate income for caregiving needs later in life.
  • Get them to clean up any estate planning issues or have an estate plan developed if they don’t have one yet.
  • Understand the difference between normal age-based memory loss and Alzheimer’s.
  • Provide education around the different ways that people try to scam the elderly, so they don’t fall prey to this.

It’s estimated that women will control 2/3 of the nation’s wealth by 2030 (BMO Wealth Institute, 2015). Let’s show them that we are up for the challenge!

 

Any opinions are those of Jill Carr and not necessarily those of RJFS or Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

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