Single, Divorced or Widowed Women

For those women that are single/divorced or widowed, managing your financial affairs can be a difficult task. Even if you are currently married and your spouse manages your finances, you have a greater chance to outlive your spouse, so taking a proactive step to be involved in your family's financial decision-making is of critical importance. 

Consider the following statistics: 

• Nine out of 10 women will be solely responsible for their finances at some point in their lives;
• Less than 15% of women who are married or living with a partner feel responsible for planning for retirement;
• Only 40% of women participate in their employer’s pension plan;
• Over 75% of women become widowed, at an average age of 56, and one in four of these women are broke within two months of being widowed;
• Roughly 64% do not have a backup plan for retirement if forced into retirement sooner than they expected;
• A high percentage of elderly woman are poverty-stricken;
• Half of all women work in traditionally female, relatively low-paid jobs without a retirement plan; and
• Women retirees receive only half the average pension benefits that men receive.

Whatever your current situation – single, married, divorced, or widowed – it is crucial to educate yourself on your present financial realities and plan for the future. It is never too late to start. We care about financial planning for women because we know how important it is to your future.