ST. CROIX INSIGHTS

Women – You have more to factor

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

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When it comes to women and financial planning, I’d like to discuss two key areas: longevity and the perceived lack of financial interest by your spouse.

Longevity

Just walk through any nursing home, assisted living or senior high rise complex and you’ll see that women just live longer. We all know it, and I don’t need all kinds of sources to back this up. Knowing that it’s highly likely that women are going to outlive their spouse means that they are going to need more money to maintain their lifestyle and provide for their future care. It’s not a lighthearted topic you’d like to think about or contemplate, however, it’s something you’ll have to deal with. It’s probably not a matter of ‘if’, just a matter of ‘when’, and I’d pick now to start planning, rather than later.

Financial Interest

When it comes to financial matters, in my non-scientific estimate, in 7 out of 10 households the husband usually takes the financial lead for their families. Yet over the years, one of my goals has been to try to engage both spouses in the financial planning process. I can’t stress enough the importance that both spouses be engaged and understand not only the goals but the financial objectives for your lives and your family. In my home, Mrs. Anderson and I agree 100% of the time on everything! It’s a breeze, truly. We never disagree. (I also sell bridges as a side job in case you’re interested in purchasing one!) Ok, so sometimes we don’t agree. And sometimes it’s too late and the decision your spouse made on your behalf wasn’t the one you would have made together. But, if you had taken the time to discuss, you probably would have come to a desired outcome that benefited you both. Ask me about conversations that happened too late sometime when we meet!

When it comes to discussing money, financial matters or even thinking about this topic people would rather have a root canal without sedation. I don’t take it personally- especially because I know we’re setting the groundwork for you to live the life you want in retirement.

We’re living longer and our lives are complex, so let’s make sure everyone is engaged in the financial planning process so your wishes, dreams and financial goals are fulfilled.

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