![]() When deciding who to have on your team, choose people who talk with you, not at you. Often, this includes a CPA, estate planning attorney, and wealth adviser. In fact, having a team you trust can make it much more successful. ![]() Here's how to make sure you're preparing for "the unexpected":Īs women, it's important to remember that planning for aging doesn't need to be a DIY job. Take time now to better understand all aspects of your wealth, so if you're forced to navigate the unexpected alone, you are prepared to take control and make more confident financial decisions. To combat both, it's important to be proactive. Adding to that lack of confidence is the fear of outliving our money in retirement. Yet studies show that a majority of us lack the confidence to make critical financial decisions. Here are some ways that women can prepare for "the bad" that comes with aging:Ī shocking nine out of 10 women will be solely responsible for their finances during their lifetime. Planning for these costs is critical in providing you - and your family members - greater security, control, and peace of mind. This sum does not include the cost of long-term care, which can be steep: the median annual cost for a private room in a nursing home facility is $108,408. If healthcare costs continue to rise faster than the rate of inflation, your lifetime healthcare costs could exceed $2 million. By the time you reach 65 years old, average annual medical costs are more than $11,000-this is nearly triple the annual average expense for someone in their 20s or 30s. One of the biggest challenges women face as we age is the likelihood of a major medical crisis and the resulting cost of healthcare. Read: 4 ways to get a tax break from your charitable giving This is an example of "the good" that can come with aging.Īn especially impactful conduit for finding new purpose later in life is through engaging with philanthropy. With lessened demands of a career, children, or a spouse, we may have more time to look inward and discover new meaning. Yet moments of transition can also present a unique and rewarding opportunity for self-discovery. Whether it be an empty nest, retirement, divorce, or widowhood, the many milestones of aging can trigger a sense of emptiness-and with that, a loss of purpose and identity. Without a blueprint to follow or a partner to lean on, it is critical as women that we adequately prepare for the myriad circumstances that lie ahead-from the good, to the bad, and even the unexpected. Census Bureau, and the growing trend of "gray divorce" - a term used to describe divorcing after the age of 50 - many of us may find ourselves navigating the emotional and financial complexities of aging alone. With the average age of widowhood being 59, as reported by the U.S. Most women have decades left after these types of life events. Many are in their 50s when they send their last child off to college. For many of us, planning for aging looks very different than it did for prior generations-and that's especially true for women.
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