Nine out of ten women will be responsible for their finances at some point in their lives.
From a financial perspective, it’s a startling fact that about half of all women are ill prepared for the future. In fact, only 45% say they have “done the math” on their retirement.
As a financial advisor, we are helping more and more clients that haven’t been the “investment person” in their household. Often, one person in the household is more comfortable taking care of these financial responsibilities. Despite women living longer than men on average, it is typical for the man of the house to have been the main investor in the family.
For women, the good news is that not only do we usually live longer, but 50% of women will live to the age of 90. A further 25% will live to age 95. Women are healthier than ever before with longer life spans, but we also have a longer duration to retirement to fund.
Having a plan is absolutely essential. The idea of running out of money as an elderly woman is terrifying.
In fact, 54% of women are concerned that they will outlive their retirement resources and nearly a quarter of baby boomer women wished they had stared saving sooner for retirement. We must make it a priority to ensure we have the resources to see us through our entire retirement.
If you haven’t been the “investment person” in the family and you have always left it up to your partner or spouse, it can be an overwhelming time for you. The average age of a widowed woman is 56 years old and 28% of women will divorce before their 30th birthday, meaning that having a financial plan is critical.
With over 30 years’ experience in the financial industry, I have helped many women successfully take over their finances. I had one recent client tell me that I was the first person that did not “talk over her head” and I explained her portfolio and finances in a manner that she could understand and trust. She said I made her feel comfortable enough to ask me questions without her feeling inadequate and scared. She felt so good about the advice she received from me that when her friend lost her spouse she referred her friend to me and said, “Go see Sandra, she can help you through this”.
At Septen Financial our collective staff has over 150 years of experience in our office. We offer a relaxed office environment and we work together as a team. We offer excellent customer service and an array of services including tax planning, insurance, mutual funds GIC’s, higher interest bank accounts, succession planning and estate planning and small business affairs.
Sandra Rushton is a financial advisor with Septen Financial Ltd. For more information call 250-914-4500 or email firstname.lastname@example.org