If you are a woman who is married, or with a male partner, there is a high probability that, at some point, you will be left to manage the finances alone. Why? Because women typically outlive their male counterparts.
It is my personal experience that women are not as outspoken in client meetings as their male partners. However, these women are more likely to be the decision makers when it comes to the family’s finances. It is also relevant to note that 70% of women will change advisers when they get divorced, or their partner dies. Why do you think that is? Could it be that the majority of investment advisers are more focused on the men because of antiquated thinking patterns? I can’t say for sure, but judging by what my female clients tell me about their previous advisers, I would have to assume that it is true.
We at MHP Asset Management have recently held workshops specifically for women. The goal is to provide education on the issues that we will all face at one time or another, however, affect women to a greater degree. At the workshop we discuss Social Security for single, widowed, and/or divorced women. Also, Medicare and long-term care insurance that women are much more likely to need than men. We also discuss the negative sequence of investment returns risk, that can cause you to run out of money while in retirement. These are risks that can all be mitigated if properly planned for.
Most workshop participants admit to having “ostrich syndrome”. This is when you don’t know what to do, so you just “bury your head in the sand” and hope for the best. This is NOT the recommended strategy when dealing with your retirement savings.
Check out our events page for more information about our workshops.
