A 2021 Insurance Barometer survey found that 43% of women felt they would leave their families with a difficult financial situation if they passed away unexpectedly. This number was five full percentage points more than the answers given by men in the same survey.
Women face earning power challenges that make it more important for them to look ahead into their future to plan for retirement and also need to generate additional liquidity in the event that they pass away. Women only earn 82.3% compared to their male counterparts despite the fact that they make up the majority of the workforce.
Women are also often responsible for elderly caregiving and a woman may be responsible for supporting herself, a spouse, aging parents and her own children. Women also have longer life spans to plan for because the difference between life expectancy in men and women in 2020 is 5.7 years. Women are caring for more people, living longer and earning less.
Planning ahead for a future as part of a couple or even as a widow is crucial for giving you peace of mind that you’ve done everything possible to cover your financial bases. With so many different questions to answer in the process of deciding your next steps, it can be helpful to work with an outside professional to determine what is most appropriate for you and your needs.
Appropriate risk mitigation strategies and estate planning tools are necessary to help cover some of these challenges. Set aside a time to meet with an experienced estate planning lawyer if you are concerned about planning for your own financial future and providing for your heirs.