At Gilfix and La Poll, we see all manner of clients and help them explore estate planning at every stage of their lives. Estate planning is a smart idea when you have children, as your assets accumulate, and during any major life change. Estate planning is equally important for men and women.
In fact, estate planning should be in the forefront of life management for women, according to the numbers. Just consider these statistics:
- Women over the age of 65 outnumber men of that age by 5.9 million.
- Women live longer their men, and their lower lifetime earnings often means their retirement years include a lower standard of living than they are used to.
- Due to career breaks to raise children or help with aging parents, women more often than men have gaps in their employment. This is reflected in their Social Security benefits when they are older. Because of this, poverty rates tend to be higher for older women than for men of the same age.
With prudent estate planning, women do not have to face reduced circumstances later in life. Estate planning can encompass everything from drafting a will to appointing a guardian for minor children, to developing a robust retirement plan, and protecting current and future assets.
Take charge of your estate and plan for the future you want to have.