Here at Paul Winkler Inc., we’re beginning the conversation about the different challenges and risks women face. Women face unique financial risks that men don’t tend to face.
Because of this, we have decided to start an initiative addressing these challenges head on with three new educational resources:
- Monthly women’s blog post
- Women wine and wealth workshops
- Regular episodes of The Investor Coaching Show Podcast covering financial planning for women
We’re proud to have Anne Sawasky and Arlene Brown as two of our advisors. To schedule a call with one of these women, click here. To schedule an in-person meeting with one of them, click here.
Here are some of the key financial challenges for women that we want to address and help educate you to overcome:
Women tend to earn less
For starters, women usually earn 83 cents for every one dollar that men earn during their workplace years. This means they have less available income for savings and retirement accounts, and they are also less likely to receive pensions. On top of that, these lower earnings result, on average, in 30% less social security benefits for women.
Women tend to live longer
Secondly, women live four years longer than men, on average, and have higher overall life expectancies (Social Security Administration). This is problematic because they are earning less yet need more funds to sustain a longer time horizon. Also, considering women spend less time in the workforce, they have a tougher time preparing for retirement.
Women usually have higher long-term care costs
With having higher life expectancies, they also deal with higher long-term care costs. Living longer further increases the need to plan for long-term care expenses.
Where we come in
Given the risks women face, it’s important to be mindful about planning for retirement. As the old saying goes, preparation is key. Women need to begin saving early and often. This is why we want to educate on these issues, help you identify your true purpose for money, and plan for it.
Written by Anne Sawasky
*Advisory services offered through Paul Winkler, Inc. (‘PWI’), a Registered Investment Advisor. PWI does not provide tax or legal advice: Please consult your tax or legal advisor regarding your particular situation. This information is provided for informational purposes only and should not be construed to be a solicitation for the purchase or sale of any securities. Information we provide on our website, and in our publications and social media, does not constitute a solicitation or offer to sell securities or investment advisory services, or a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.