Did you know that the most at-risk demographic for not saving enough money for retirement is married women? According to the Center for Retirement Research at Boston College, 2019, most couples who live comfortably do not take into account the need to save enough for their partner. With women living anywhere from 5-8 years longer than men do, it becomes even more critical for women to take control of their finances and prepare for their retirement.
How can women become more prepared?
· Stay up-to-date on your finances and insurance coverage. Many women leave the family finances up to their spouse, so they may not know all of the details in terms of investments, their risk strategy or long-term goals. Sit down with your spouse on a regular basis and review your retirement accounts, life insurance policies, monthly bills and loans. Do you have an emergency fund set up in case one of you has unexpected medical expenses or loses their job? Typically, you should keep three to six months’ worth of living expenses in an emergency fund.
· Do not be afraid to ask questions. In one recent study by Time.com, less than half of the 2,000 women surveyed said they felt satisfied with their knowledge of finances. But why do women feel this way when women are more likely to go to college and graduate than men (“The Atlantic, August 8, 2017)? “More women also pursue graduate degrees in the U.S. than men – in 2018, 139 women were enrolled in graduate studies for every 100 men” (American Enterprise Institute, October 8, 2019). A woman’s life journey differs from a man’s, so it is important to find out what you will need for your future as well.
· Meet with your financial professional together. In order to play a key role in your finances, you both need to meet with your private wealth manger on a yearly basis. At Sterling Financial Management, our financial advisors welcome your questions and want your involvement. In addition, the more you know, the more you will feel secure in your financial future.
To learn more about how you can become a savvy woman in finance, join us on Thursday, March 25 at 7:00 PM for our “Money & Mindfulness Women’s Webinar.” Sterling Financial Management’s own Kelly Batey will discuss ways to help you strengthen your financial health while local Yoga & Wellness Instructor Christa Angelo will help you find ways to become more mindful in all areas of your life. RSVP today!
