Ep 19: Financial Challenges for Women
PlanningOn This Episode
On average, women outlive men and often have more financial struggles later in life. On today’s show we’ll talk about what challenges women face and how to improve their finances.
Takeaways
On today’s Saving With Silverman podcast, Mark looks at financial planning from a woman’s perspective, including what challenges they might face and how their finances can be improved.
“Unfortunately, if they’re married, a lot of times the husband is – and I hate to generalize, but I am – is in charge of things, and they leave the wife out completely,” said Mark. “Unless the wife shows an interest, which a lot of them don't because the husband handles it.”
In our firm, we require both parties to be at each meeting. If somebody’s married and they don't want to bring their spouse or the spouse doesn't want to come, we won’t continue that relationship.
We know that most women outlive men, so chances are the woman will be our client longer than the man.
“If you look at my client base, I have more widowed women than I do men,” said Mark.
That doesn't mean they have to be equal participants in planning for retirement. One spouse can take the lead, but the other spouse should have input and feel comfortable asking questions.
We’ve seen some widowed women not know where their investments are, and they don’t have a relationship with the financial advisor. That's why it’s so important for husbands to get their wives involved and bring them to the meetings.
Listen to the entire episode or click on the timestamps below to skip to a particular segment.
If you look at my client base, I have more widowed women than I do men.
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:15 – How involved are women with retirement planning?
3:50 – Why do so many retired women have financial problems?
4:44 – Challenges faced by widowed women
6:10 – Recommendations for husbands
7:41 – Mark shares personal stories
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