Women may need more estate planning than men.
Everyone needs estate planning.
Gender does not matter.
However, according to a recent Marietta Daily Journal article titled “With women living longer, more financial planning may be needed,” women may have more to consider.
In 2015, women earned 83 percent of what men earned.
What does this mean?
Women often receive fewer Social Security benefits.
They have smaller pensions and save less for retirement.
These realities can translate into more women having fewer financial resources in retirement.
Women are more likely to live alone in retirement.
On average, men die younger than most women.
Sometimes there is enough for the widow to survive.
Other times there is not enough.
Even if a woman is not a widow, divorce or never marrying can have similar financial results.
How can women be set up for financial success in retirement?
Save enough money.
The amount saved for retirement should be able to cover expenses until the youngest spouse is 92 or older.
Women should be involved in financial and estate planning.
Does only one spouse make financial decisions or know how to access your money?
Both spouses should understand the financial plan, budgeting, bill paying, insurance policies, and accounts.
If something should happen to the one spouse, the other could easily continue with everyday life.
Work on an estate plan together.
The surviving spouse should probably be the primary beneficiary of the assets.
Each spouse should know what he or she will receive and when.
Do not leave each other in the dark.
Do not make financial decisions while grieving.
Whether you lost a spouse through death or divorce, you will be emotional.
Wait to make financial decisions until you have had time to mourn.
When it comes to finances, knowledge is power.
Be sure you and your loves ones are empowered before tragedy strikes.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Marietta (GA) Daily Journal (August 10, 2017) “With women living longer, more financial planning may be needed”