Today, women are more educated and financially empowered than any past generation. More and more women are responsible for handling their family’s finances, and according to a study done by the Insured Retirement Institute, less than half are confident they are doing a good job of preparing financially for retirement.
The Insured Retirement Institute also reports that only 15 percent of women rate themselves as extremely, or very, knowledgeable about investing. Women are increasingly responsible for planning major life events either alone or jointly with their spouse: this may include college planning, family needs, starting a business, starting over after divorce or becoming widowed. The report goes on to say that securing a guaranteed income in retirement is the number one concern for women today.
Regardless of age, lifestyle or marital status, I feel it is beneficial for women know what important things they should do regarding their finances.
The study also reports that women typically outlive men by at least three to four years, which means for those who are married and not involved in the financial planning process, they will be forced to live with the decisions made by their spouses. In addition, because women typically live longer than men, some specific financial planning challenges may be even more important to address, such as decreasing rates of return on social security contributions, the accelerating demise of defined benefit pensions, the rising cost of health care, and the potential impact of inflation.
Due to these issues, women may want to be especially careful to secure a lifetime of secure income. Based on longevity alone, women may need to accumulate more wealth to finance their retirement needs. But, this doesn’t mean that women are likely to favor investments that carry additional risk in an effort to capture greater growth.
Skillful advisors can help provide the appropriate strategies to create the desired amount of income to last throughout the remainder of your life, as well as offering strategies to provide attractive legacy options.
Gail Scurry, RICP®, Investment Advisor Representative
Gail brings 20+ years of unique entrepreneurial and corporate experience to her position as Investment Advisor Representative for A4 Wealth Advisors, and holds Series 6, 63 and 65 licenses as well as “Retirement Income Certified Professional (RICP)” designation. She is licensed to sell all types of insurance products including life, annuities, health, disability, and 401k retirement plans and is also currently pursuing her CFP designation.
Her unique experience and skillset includes co-founding and managing a successful construction company in the Charlotte area that she helped grow to 125 people and over $20M in revenue. After company sale, she successfully transitioned into her second career as a Financial Advisor for Prudential where she was awarded the “Annuities Masters Council” for 4 years running.
Gail lives in Huntersville with her husband and two German Shepherds and enjoys all spectator sports, gardening, and helping her valued clients.