According to statistics, it has been discovered that half the number of women over 45 years are single, while over 65 years will be widowed, never married, separated or divorced. In the bracket of 65 years and over, 40% of women in this group are more likely to live alone than men. Therefore, the financial issues women will face are different and needs different kind of planning
Having a good financial plan is a good idea, no matter if you are single or married. Planning is important, since women tend to live a longer life, earn less money, and live alone at some point. Here are the top 4 problems faced by women and the way to address them.
- Improve and live by your budget
The budget is a way to track your income and how it is spent. You will establish a spending plan that will later help you start a saving plan. This is by eliminating expenditure that is not necessary. If you do not have it already start by having emergency funds, which is best kept in your bank account. This is most important for women living alone, to help you in time when you fall and no one to chip in for you.
When you are a woman, you have a longer life expectancy. It is for this reason that one needs to ensure that you have enough funds to maintain your lifestyle. Ensure that your savings may last you for about 20 or more years.
- Income and retirement fund protection
Before retirement, it is important to ensure that you have protected yourself with disability income. This is important especially for a woman living alone. Ensure that you are covered for both long and short term insurance covers. Take a step further to ensure that you protect your retirement funds with proper long-term care insurance. It is also proper to establish the fact that women stand a higher risk in being in need of long term care.
- Organize your estate affairs
Organizing and stating who is most suitable to make decisions for you when you do not have the capability. Ensure that someone is in place to help in organizing your affairs, when you do not have the ability. Ensure that you have someone in place to take over your power of attorney.
If it seems difficult to make the plans come to pass, it is wise to contact us.