If longevity is a race, then women are the winners: Women outlive men (Females 80.2 years and males 74.5 years); wives live 8-10 years longer than their husbands if they’re married at the same age; and over 75% of women are eventually widowed. As a result, women must take hold of their financial futures. The unexpected death of a husband or a recent divorce may mean that a woman is suddenly making all financial decisions. In some cases, they may have been doing this all along. But if not, the unanticipated responsibility can be overwhelming. In addition, the consequences of poor planning can be devastating. Several studies conclude that after the death of a spouse, up to 80% of life insurance proceeds can be depleted—a lifetime building a nest egg could disappear within a matter of months. Married or single, it can be beneficial for our clients to reflect on the top 10 financial challenges that women face with suggestions and solutions:
At some point, 9 out of 10 women will be solely responsible for managing their finances. When divorce, death, or any of life’s surprises come their way, having a solid financial IQ will provide boost their self-confidence.
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