Published by Taylor Financial Group for women
One of my favorite sayings is “today is not 100 years ago,” and that is for two reasons. First, I came up with that saying myself, so of course it has to be a favorite of mine. Second, the saying illustrates that just as times change, we must change as well. Here are just a couple examples of how times have changed in the last century:
- It is now reasonable to charge $4 for a cup of coffee (I’m looking at you Starbucks!).
- Women can now vote! (It’s crazy to think that we have only had that right since 1920.)
- Divorce rates have risen drastically, and 85% of women will possess sole control over their finances at some point in their lives.
Interestingly, the rising divorce rates create somewhat of a conundrum for advisors who rely upon a joint or household plan for partners, especially when women today spend less than half their adult years as part of a couple. In addition, we know that women’s needs are different than men’s, as they often live longer and make less money.
So, what does this mean for you and your financial future? Well, a study done by Center for Retirement Research (CRR)* at Boston College combines our knowledge that women spend fewer years married than in earlier generations and require different financial plans than men do. Through studying these factors, the CRR argues that married women are entitled to their own financial plan (in which their finances are analyzed separately, apart from their male spouse). While not every married woman may want their own financial plan, it is worth knowing that you should consider requesting your own personalized financial plan, even if you are married.
As always, if you’re feeling overwhelmed with your finances, your plans for the future, or your retirement, don’t hesitate another minute – contact us today to find out how we can help you take control of your finances and regain your financial confidence!
*This study did not consider same sex couples.
Sources:
ThinkAdvisor, Married Women Need Their Own Financial Plan: Study, August 15, 2017
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. To determine what is appropriate for you, consult a qualified professional. CWM, LLC and Cetera Advisor Networks LLC do not provide tax advice. Please consult a qualified tax professional regarding your specific situation.
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