Gloria Dowiak, ChFC®, RICP®
Independent Financial Advisor
*Personal Finance and Investing for Women and All People*
Women Must Be Financially Prepared
Women are living longer
On average, women live five years longer than men. While that's great for us, not all women take this fact into consideration when planning for their future. Did you know as a woman, you are four times as likely to outlive your male spouse than he is to outlive you?
In addition, 75% of all caregivers are women, which affects our long-term earning potential. As caregivers for their own children and for elderly relatives, women are more likely to have breaks in their careers and lose valuable investment opportunities.
Is college in your family's future?
Making smart decisions about higher education is key to financial preparedness. The most important place to start? Managing the cost of higher education so you’re not burdened with oppressive student loan debt at graduation.
- Consider choosing a two year community college for core coursework - typically at a far lower cost than a four year college or university.
- Opt for a public university over a private college.
- If you’re employed, see if your employer will pay part of your tuition bill. Many employers offer tuition reimbursement as a benefit of employment.
- Be on the lookout for grants and scholarships.
Divorce can affect your standard of living
While the overall divorce rate in our country has dropped in the past 30 years, it has increased dramatically for women aged 45 and older. In a phenomenon known as "Gray Divorce" or "Silver Divorce," the US Census Department found that nearly 35% of Americans who divorced in 2020 were age 55 or older, a rate twice as high as any other age group.