As a woman, you contribute to your family in so many ways. Don't disregard the importance of your own life, disability, critical illness or long term care insurance needs.
Women have special needs when it comes to financial planning. On average, they earn less than men. They are more likely to take time out of the workforce to raise children or take care of elderly relatives. But they live longer, making the need to save more important. Fortunately, your Independent Advisor can recognize those differences. Every woman needs to have a financial plan.
You need life insurance
With about 43% of today\'s workforce comprised of women, it is clear that families need the incomes of two people, often just to live comfortably. Women\'s contributions to their family are valuable even when they don't work outside the home. Many women are working mothers, with dependent children. If your family relies on your income to make ends meet, it is critical that you be properly insured.
Protect your family
Often the task of caring for young children or for older relatives falls to the women of the family. A financial advisor can help you plan for your dependents. If you are spending time out of the workforce, your advisor can help you budget for reduced family income. If your main concern is educating the children, you should know about RESP\'s and other methods of saving for a child.
The cost of elder care is increasingly falling to families. A financial advisor can tell you how insurance can be used to cover long-term care if you plan in advance. Or you may be able to save in an investment account that will be dedicated to caring for an elderly parent.
Know your own financial picture
Many women end up alone or sole parenting, either because of marriage breakup or the death of a spouse. Don\'t wait until you are dealing with emotional upheaval to take stock of your financial situation.
Retirement planning
On average, women live approximately nine years longer than men. Whether those are good years will depend on your health and your ability to save for your retirement. If you are working, you ought to be saving for retirement, even if it is only a few dollars a month.
Connect with your Advisor regularly to review and assess your personal financial strategy.
As a woman, you contribute to your family in so many ways. Don't disregard the importance of your own life, disability, critical illness or long term care insurance needs.
Women have special needs when it comes to financial planning. On average, they earn less than men. They are more likely to take time out of the workforce to raise children or take care of elderly relatives. But they live longer, making the need to save more important. Fortunately, your Independent Advisor can recognize those differences. Every woman needs to have a financial plan.
