Women are different from men in lots of ways. One is in their financial planning needs.
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An article in Forbes outlines the reasons: women live longer than men, earn less, save less and have different insurance needs.
They also are less likely to be prepared for retirement, the story says.
To be specific, women live on average five years longer than men, but earn 23 percent less. So they have fewer retirement assets and a greater risk of outliving them.
They also tend to participate less than men in company retirement programs.
Their insurance needs also differ. They need life insurance but often don’t have it. And they are more likely to need long term care.
Women often turn over the financial decision making to their husbands. When the husbands die, the widows can be helpless.
For these reasons, women should take an interest in their financial planning – and if working with an advisor, make sure their voices are heard.
