For Women
Women face unique financial challenges- living longer than men, taking time off to care for children and/or aging parents, having lower Social Security income checks from earning less, etc. As a consequence of living longer, women will need their money to last longer and be able to address the uncertainties of future healthcare and assisted living costs. All these factors can throw a wrench into your ability to reach your financial goals. Our financial planning for women take those challenges into account.
Financial Planning for Married Women
Even if you’ve been earning your own money while married, marriage means combining every aspect of your lives together, including money. This means your financial future is largely dependent on your husband’s financial future, which requires developing a financial plan that includes both of you.
That’s why, when working with clients who are married, our financial life advisors work with both spouses to determine each of their financial assets and goals. We consider things like whether the primary breadwinner has a life insurance plan, a retirement fund/and or pension plan, and if so, whether their spouse is included in those plans. Because women are more likely to outlive their husbands, it’s best to lay out a financial plan that details how the wife will be provided for in the event of her husband’s death.
Financial Planning for Single Women
Whether you’re divorced, widowed, or never married, you need your own approach to financial planning as a single woman. Envision Wealth Planning starts by considering all your assets: earned income, inheritance, spousal support if you’re divorced and were not the primary breadwinner in the marriage, or life insurance and/or pension plan if you’ve been widowed. These can all be used to estimate how much you can expect to receive in retirement, including Social Security.
Since exiting the workforce for a significant amount of time lowers the amount of Social Security you can expect to claim, women are more likely to be financially vulnerable in retirement. Regardless of your marital or employment status, our job is to help you attain a state of financial independence that allows you to retire securely.
Then we look at your expenses, including child care if you have any children. That allows us to determine how much you’ll need in retirement. Once we know where you are and where you need to be, we can formulate a plan to help you get to a state of financial stability.
Financial Planning for Divorced Women
Dissolving a marriage can be a stressful and very challenging process. Dividing your assets can also increase that stress level. So understanding what you are entitled to financially upon divorcing will help mitigate everything and give you a better picture of what your post-divorce financial plan will look like.
As a Certified Divorce Financial Analyst (CFLA), James Brewer will guide you through the financial resources that you may be entitled including, but not limited to: Spousal Support, Child Support, Pension Plans, Retirement Accounts, and Social Security. James Brewer and Envision Wealth Planning helps divorced women navigate through various financial planning, retirement planning and money management issues and goals.
Financial Planning for Widowed Women
A 2019 UBS Investor Watch Survey found that nearly 68 percent of married women believe they’ll outlive their husbands. According to U.S. Census data, by 2060, women are expected to live longer than men by about four years. These numbers point to a growing need to provide financial guidance to recent widows.
Widows often find themselves in a sticky situation, especially if their husband was always the one to handle the finances. If he dies suddenly, she may not even know how much money she has, much less how best to manage it if she’s never had her own finances to manage. A certified financial planner can help her save money by showing her how to avoid making costly mistakes.
We will cover estate planning, emergency savings, and health care plans, an advanced planning strategy to ensure protection against a loss of income with adequate insurance for health, life, and disability. Disability insurance can provide necessary income replacement when a widowed woman is now single and has no partner to step in. A widowed woman with children can also use life insurance to protect the needs of those under her care after her death.
Meet Our Women’s Financial Planning Director, and Advisor, Kathleen Connors
As a financial advisor for professional as well as middle-income women, Kathleen Connors has a passion for serving the unique needs of women and their families. She has a heart to serve those who’ve been underserved by traditional financial firms. She relates to women who take the lead in their household financial decision making. This could be professional women who are single or part of a couple, with or without kids, in biological or found families.
To learn more about our Women’s Financial Planning Services and to determine if Envision Wealth Planning is the right fit for you, click below.
