041: Women in Retirement

Why is it important for women to have a written income plan? Why is it more important for women than men? It’s simple: 80% of all men die married, while 80% of women are single when they pass away. To make matters worse, 50% of all women die broke. Women need more than someone who charges them a fee to manage their investments. They need someone who can provide them with answers to tough questions, who can help them understand how their spouse’s financial situation applies to them, and how to address problems relating to taxes and inflation.  On today’s episode, we’re talking about how an income plan helps tackle these challenges. We explore how women can get the financial education they need, craft a strategy to figure out where their money is coming from, and how to make sure it’s going to last. In this podcast interview, you’ll learn:  Why running out of money in retirement is like running out of oxygen while climbing Mount Everest - and why it happens to 50% of women. The added costs women face in retirement when compared to men.  The average amount women need to save to cover out of pocket healthcare costs in retirement. What women need to know about Social Security and life transitions, including divorce. The value of Roth conversions.  Why you shouldn’t bother looking at the ups and downs of financial news every day.  How to build a risk budget. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/41 How Fit Is Your Retirement Plan?  We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com

Episode 41 of the The Retirement Trainer podcast, hosted by EGSI Financial, titled "041: Women in Retirement" was published on March 5, 2021 and runs 20 minutes.

March 5, 2021 ·20m · The Retirement Trainer

Summary

Why is it important for women to have a written income plan? Why is it more important for women than men? It’s simple: 80% of all men die married, while 80% of women are single when they pass away. To make matters worse, 50% of all women die broke. Women need more than someone who charges them a fee to manage their investments. They need someone who can provide them with answers to tough questions, who can help them understand how their spouse’s financial situation applies to them, and how to address problems relating to taxes and inflation.  On today’s episode, we’re talking about how an income plan helps tackle these challenges. We explore how women can get the financial education they need, craft a strategy to figure out where their money is coming from, and how to make sure it’s going to last. In this podcast interview, you’ll learn:  Why running out of money in retirement is like running out of oxygen while climbing Mount Everest - and why it happens to 50% of women. The added costs women face in retirement when compared to men.  The average amount women need to save to cover out of pocket healthcare costs in retirement. What women need to know about Social Security and life transitions, including divorce. The value of Roth conversions.  Why you shouldn’t bother looking at the ups and downs of financial news every day.  How to build a risk budget. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/41 How Fit Is Your Retirement Plan?  We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com

Episode Description