3 Unique Challenges Women Face

Women have more opportunity today to achieve financial success than ever before yet on their path to financial security, women often face obstacles that their male counterparts do not. Here are 3 unique challenges women face when it comes to financial planning.

Women generally live longer than men

• A longer life expectancy presents several financial challenges, including:
• Women likely spend more years in retirement which means their retirement dollars need to stretch further
• Women are more likely to need long-term care in their later years
• Women who are married to men are likely to outlive their spouse which means they will be responsible for all financial decisions

While women need their savings to last longer, they generally earn less than men over the course of their working lives

• There are a variety of reasons for this, but it can mean:
• Reduced savings
• Less social security benefits
• Lower retirement account balances

Women are more likely to take time out of the workforce to raise children or care for elderly parents

• Career breaks can have short and long-term financial implications such as:
• Loss of steady income
• Loss of other employee benefits like health and disability insurance
• Opportunity costs which can affect career development/advancement
• Lower overall savings and social security retirement benefits
• Financially vulnerable in the event of an emergency or when facing an unexpected obstacle such as an illness, unplanned pregnancy, divorce or loss of a spouse

Comprehensive financial planning accounts for these obstacles and many others. Financial planning allows you to anticipate obstacles and have a plan to overcome them. It helps you balance living for today with preparing for tomorrow.

Everyone’s situation is unique. Let’s schedule a financial review to ensure your financial planning aligns with your long-term goals.