Retired women without partners — especially widows who may be relying on their husbands’ income to provide for them through their retirement years — have special financial planning needs. They may be receiving survivor benefits from Social Security or a pension plan or be the beneficiary of the deceased spouse’s IRA or Roth IRA. In most cases there will be tax consequences — and there is always the future to think about.
The basics of sound financial planning are the same for men and women, but women frequently face additional economic issues that require special consideration. For example:
- Women live longer but generally earn less than men over the span of their careers
- Women are more likely in charge of the household budget
- Women are often the ones shouldering the demands of caring for aging parents
It pays to plan. Let Safe Harbor Financial help you by conducting a realistic financial review and to maximize any assets and income you have while preserving capital.