While every woman’s situation is different, there are a few factors that tend to make retirement different for women than it is for men. Empowering women for financial success helps address some of the unique challenges they may face in retirement.
Some of these challenges include:
- Costs of living longer can potentially lead to income concerns
- Less confidence in retirement can lead to guesswork
- Women may have had less involvement in financial decisions
More than ever before, women need to be empowered to become more confident in taking control of their financial future.
Throughout their lives, many women have put the needs of others before their own. This may include playing the role of primary caregiver to children, grandchildren, or even their own aging parents. Shifting the focus from others to themselves when it comes time to plan for retirement can represent a dramatic change for many women.
With longer life expectancies than their male counterparts, women need to be active participants in financial planning and documentation. Since many women will outlive their husbands, they will likely have to live with those financial decisions after their spouse has passed away. While it may be difficult and unpleasant for women to plan for a time that does not include their spouse, thinking ahead may help support their financial well-being when major life events do inevitably take place.