For all the planning that goes into an ideal wedding, no woman plans on an ideal widowhood, or how she would manage her affairs if it happened.
Retirement planning expert Brett Goldman with The Pension Department says he’s seen it in his own family, and suggests women begin educating themselves about all aspects of managing financial portfolios, investments, and retirement arrangements before they find themselves struggling unexpectedly with decisions affecting their lives.
“My advice is spanning all types of age groups, and unfortunately I find a lot of women just leave that type of financial and retirement planning to their husbands,” he says.
The numbers back him up.
A study by US Trust finds 64% of Baby Boom men handle the retirement and investment arrangements, and only in 27% are the responsibilities equally shared.
On average, women are widowed at 59, divorced at 30, and will outlive their husband by at least five years. But they are woefully unprepared to tackle their new responsibilities of deciding what to do with money in the long-term.
“There is a lot of free information on the internet where they can start,” Goldman recommends to women. “Obviously getting a financial planner is important, but it’s got to be more of a Retirement-Financial Planning 101.”
Research finds women often make better investors for both risk-on and risk-off strategies.