New thinking on the skills and insights that women bring to managing their finances could benefit all investors. Read More about Women & Investing: A Fresh Perspective
There is a significant gap between men’s and women’s retirement savings. According to a recent Gender Pay Gap in Financial Wellness report from Financial Finesse, 27 percent of women are more likely than men to say they have no retirement savings, which is a frightening statistic considering that women live longer than men. It's time to invest in you.
Be proactive, present and prepared in your finances now. Stay actively involved: create a marital net worth statement and update it annually. Document where each of these assets are, how each is titled, and note the “why” of any significant changes to the value of the asset. Maintain a savings account in your individual name, preventing unauthorized access. This account should have enough funds to cover 3-6 months of basic living expenses.
Review Your Financial PlanIt's all about communication. Attend meetings regularly with your Wealth Advisor to better manage your finances. Talk with your spouse about your progress towards your goals and your overall financial picture. Talk with your Wealth Advisor about having a family education session, where you can bring in your children to educate and discuss your family’s financial situation. Take control.
Understand Our Investment ProcessMake a plan of the capital needed to fund your family's needs, including your retirement. Recognize, however, that life changes can have a significant effect on your finances. Take divorce, for instance. On average, after a divorce a woman’s household income drops by 40 percent, while it only drops about 25 percent for men. That drop in household income for women leads to an average 27 percent decrease in standard of living. When considering your family's needs, be sure to always include your own, too.
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