On this week’s episode, we take a look at some of the financial and retirement challenges that are unique to women and how to handle them.
The Reality of the Matter:
Many financial issues impact us all the same. But some money and retirement challenges are unique to women. On this episode of the Retirement Reality Podcast, Mike Kojonen looks at some of those issues and how to handle them.
Not being as engaged in finances
The majority of the time, men handle the finances in the household, but we want both the husband and wife to be involved.
“A lot of times, ladies are in the dark about what the husbands have even saved,” said Mike.
That can lead to some awkward meetings.
Including women in conversations
Some financial counselors have a hard time reaching women and getting them involved, but that may be because advisors mostly talk to the husbands.
When women aren’t included in the conversations, that can rub them the wrong way. Only 30% o the advisors in this industry are women.
Challenges faced by widowed women
When a husband dies, 100% of the retirement plan falls on the wife’s shoulders. That means she has less room for errors and needs to meet with an advisor to get a plan together.
She should look at social security, when to take the widow benefit and how much, if any, money she is inheriting.
Advice for men
There are several things men can do to help their wives get more involved and have a better understanding of the finances. One way is to have regular financial meetings, maybe several times a year.
“You have to get them involved. They have to understand,” Mike said.
We have much more advice in the episode, as well as viewer mailbag questions about financial issues in second marriages.
1:04 – Off-topic: Is this a good time to buy a home or refinance?
4:49 – How engaged are women with finances?
7:59 – Women in difficult financial situations
9:43 – Challenges faced by widowed women
11:43 – Advice for men
13:22 – A memorable story
17:36 – Mailbag: Financial issues in second marriage
Thanks for checking out the Retirement Reality Podcast. We’ll talk to you again next week.