Women face at least 12 unique challenges from financial and life circumstances related to long-term retirement planning. Addressing these can be overwhelming and uncomfortable. But, only by understanding the issues can you develop strategies that will provide the greatest chance of achieving your clientsâ€™ goals.
1. Earn less.
2. Live longer.
3. Have fewer years of earned income.
4. Start investing later.
5. Are less confident about their personal finance and investing skills.
6. Are less aggressive investors.
7. Are less satisfied with the current financial advisory industry.
8. Are more likely to bear the physical, emotional, and financial brunt of the â€śsandwich generationâ€ť â€“ caring for both children and elderly parents.
9. If divorced, face specific challenges and obstacles.
10. Are less likely to remarry after a â€śgray divorceâ€ť â€“ divorce over age 50 â€“ or becoming widowed later in life.
11. Are more subject to elder abuse.
12. Are statistically likely to die single, divorced, or widowed.
We explore the impact of these 12 diverse â€“ and yet often interconnected â€“ dynamics and offer solutions for how to address them in a way that leaves women more financially empowered.