Whether you are just starting a career and thinking ahead or rebooting your savings plan after the economic downturn, getting the help of a financial advisor is the smart way to go.
For women who are just now entering the workforce, they are accustomed to the lack of pension plans, but women who have worked for the last few decades have witnessed the decline in company funded pension plans and have lost much of their saving in the economic collapse of 2008. A wave of working women, who started working en masse in the 70’s are now retiring, and they have many issues as they begin to plan for retirement. Women face unique challenges in financial planning and should work with a financial advisor who understands this.
Women generally live longer than men and so are more likely to live off a single income in their later years. More than half of women over age 65 are widows, and they outnumber widowers by three to one. It has been very common for women to step out of the workforce wholly, or partly to raise children, which leads to them having less Social Security built up. Even if a woman has worked full time, statistically it is more likely that she will not have made the same as a man, even in the same position, and so will have had less opportunity to save for retirement.
Just these few issues show that women would benefit from financial planning from a financial planner who understands issues unique to them.
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