women and finances

What's the picture for women these days?

Personal finances are a complicated subject, yet not enough is done to ensure that we are prepared to tackle the tough decisions that need to be made. Knowing your stuff is especially important for women, considering the additional challenges we face below. But we don't have to take the journey alone. If you find that your situation is similar to any described below, we have ways we can help you.

 
 

1. Women face a retirement income gender gap

 
 
  • Women’s total household retirement savings is $34,000 (estimated median)

  • Only one in ten are “very confident” that they will be able to retire comfortably
  • More than half are “guessing” at the amount they will need to save in order to feel secure in retirement
  • Four out of five are concerned that Social Security will not be available to them when they are ready to retire
  • 25 percent of women indicated that they don’t think they will ever be able to retire, compared to 14 percent of men
  • Women earn 79 cents for every dollar earned by a male counterpart
  • Yet in 4 of every 10 families in the US, women are the primary breadwinners
  • Women represent 48 percent of the country's millionaires
  • Women control $11 TRILLION of the nations investable assets but represent 51 percent of the workforce and 66 percent by 2020

 

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2. Women are longer lived

 
 
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  • Women live approximately 5 years longer than men
  • Longer lives means a greater savings need to generate retirement income for a greater number of years
  • Women have higher average healthcare costs than men during retirement, including long-term care
  • 95 percent of women will be their family's primary decision-maker at some point in their lives
 
 

3. Women are often doing it alone

 
 
  • Average age of widowhood is 59
  • According to 2014 U.S. Census Bureau data, over half of women aged 65 and older were single
  • 66 percent of marriages end in divorce (including remarriages)
  • Divorced and single women are unable to capitalize on the resource pooling and economies of scale that come with a marriage or partnership
  • Household income often drops more significantly than household expenses when a spouse dies (i.e. loss of dual Social Security benefits as only higher of 2 gets paid out)
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