One of the biggest retirement hurdles facing women today is that women are living longer than their spouses. Statistics show that half of surviving spouses over age 65 will outlive their spouses by 15 years, and 90% of women will be in charge of the household finances at some point in their lives. This struggle is only compounded by the fact that the household income for widows usually drops by 37% after their spouses die. Making matters even worse, the death of a spouse unleashes a deluge of financial tasks that many widows are not initially prepared to deal with. Often, widows are not as familiar with the different aspects of money management, including investing, insurance policies, taxes or estate planning, because their husbands were the primary handlers of the household finances. The combination of longer life expectancy, decreased funds, and lack of education or knowledge makes retirement planning difficult for a widow attempting to navigate these tricky waters alone.
In a male-dominated industry, Taylor Financial Group and its founder, Debbie Taylor, are prepared to help women who have recently lost a spouse. We have helped many women transition to their new responsibilities, and have assisted with transferring funds, creating a new financial plan, and even preparing a legacy. We focus on what matters most to you. Our goal is to help you pursue your dreams and live life to the fullest, while giving you financial confidence.
Sources:
ConsumerCredit.com, 2013 Poll Results: Women are Managing the Finances in Most Households CNBC, Recent Widows Are in Need of Financial Guidance Following the Loss of a Spouse, Sept. 30, 2013
NY Times, Your Money, New Widows Have Another Concern: Their Finances, Sept. 4, 2015
