According to Chattanooga investment advisers, women face four major financial challenges as they approach retirement.

Financial Advisors

Garry Thurman, owner of Guardian Investment Advisors, says the world of work is changing. Men may have once controlled finances. But as more women join the workforce, they are learning to manage their financial health and longevity.

“Women need to have a say in their retirement plans,” says Thurman. And the sooner the better.

“The average age of widows is now 59. So women still have many years left to see how to make financial decisions. We also need to work with people who are

Thurman’s experience shows that women face four major financial challenges as they approach retirement.

Women are more likely to rely on their spouses to handle financial matters. About 40% of men and her 25% of women claim to be the only retirement planner in their family, according to statistics. Women who are not involved in family financial planning find themselves in a vulnerable position.

Women earn less and save less than men. Times are changing, but women are earning significantly less than men. Over the course of a lifetime, even seemingly small differences could at most cost her over $250,000, making it harder to save and build wealth. Women are also being asked to care for children and aging parents, which can pull them out of the workforce and affect their lifetime earnings.

Women may be more conservative investors. Research shows that women tend to be reluctant to take risks in their investment portfolios, he says. A conservative approach may be appropriate in some cases, but it is also an important part of investing as there is a strong correlation between risk and reward.

Women are disproportionately affected by divorce. Studies show that the burden of divorce often falls heavily on women because their incomes are likely to be significantly reduced. Unpleasant surprises such as In the case of divorce for women over the age of 50, the issue is further complicated by whether or not they have an income. And with only 10-15 years left until retirement, she has little time to recover financially.

In response to these issues, Thurman’s company offers six Guidance Rules. budget for medical expenses; protect against volatility; explain inflation. Seek professional advice; and protect your legacy.

“Women need to understand that they live longer and are more likely to be kicked out of the workplace early because of children or elderly parents,” Thurman says. “I see this happening unrealistically often. I’m here.

“I think women need to be more involved in their families’ retirement plans, too. I don’t know if there is, I just need to understand how the women’s portfolio is set up and how it works.”

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