This three-part article series takes a look at the special financial needs of women and just why it is so important for them to make provision for their family and themselves through smart planning and investments.
To say that women have special financial needs and can benefit enormously from careful planning is no sexist statement. There are many reasons that it is absolutely essential for us, frequently more so than for men, to make smart financial plans, provisions and investments.
In this three-part article series, I will be presenting what a panel of experienced Rancho Santa Fe asset management professionals had to say about this. So, if you’ve convinced yourself that you don’t need an estate plan because your husband is the one who takes care of all your family’s financial affairs, or you don’t need a solid financial plan because you’re a high flying business executive who makes a killing each year, think again!
It’s time to sit down and start making those plans – irrespective of your relationship status or income bracket – because you never know when tragedy might leave you and/or your family without financial security.
1. Women Tend To Outlive Men
According to statistics, the average Rancho Santa Fe female lives approximately five years longer than the average male. This means that women need to feed, clothe and support themselves for five extra years and presumably non-working years if they are retired.
If they are married, it also means that women are likely to outlive their husband and so may come into quite a bit of wealth when he passes away. This is when the right financial planning becomes so important, because it’s now up to them to make the last arrangements with regards to their estate and the distribution of wealth amongst their heirs.
Timely estate and financial planning well before a spouse passes can save you a lot of trouble and a lot of financial strife, according to Rancho Santa Fe asset management professionals. With a solid plan in place, the proceedings can commence and run unhindered, giving you and/or your heirs faster and less complicated access to funds.
2. Women Tend To Be Lower Income Earners
It’s a terrible shame, yet in spite of how far we’ve come as far as gender equality is concerned, women still earn approximately 20% less than men. In 2010, for every dollar men earned, women earned 81.2 cents. While this has absolutely nothing to do with capability, many business firms still prefer to hire men because they tend to be more career-focused and don’t get side-tracked by having families.
Women on the other hand, not only tend to earn less, they also work less than men and this is almost always because they need to take time off to have children and raise a family. With a lower life-long income, Rancho Santa Fe’s female residents can find it harder to save than men, and yet it is incredibly important considering they are likely to outlive their husbands. A good investment plan can help you build your financial nest egg.
Stay Tuned for Part 2
To read more reasons why wealth managers and financial advisors in San Diego urge women to make smarter financial plans for life, stay tuned for the second installment of this three-part article series.
