When the worst happens

Women and money |

Financial education and preparation can help you be ready for anything life brings

Rhoda Blough and her financial advisor

After her husband died, Rhoda Blough (right) had to get her finances in order with her Everence financial advisor.

About 10 years ago, I was happily married; had two adult children and a new grandson on the way. In one instant, my life changed dramatically. Ron, my husband of 32 years, died unexpectedly and I had to learn how to navigate my new life without Ron. On top of that, my financial world completely changed. Now, I was totally in charge of my finances and only had my income to rely on.

The pain of sudden loss was significant, but Ron and I had prepared for potential loss or death, so my financial situation was not as bleak as it could have been. Our Everence® financial advisor had helped us make decisions about our financial future, which included a will and a life insurance policy.

After Ron’s death, I found relief in sitting with our financial advisor and reviewing the maze of financial documents. He helped me make necessary changes to all of my accounts and – more importantly – offered much needed moral support during a time of shock and loss.

Whether by circumstances or by choice, women are in roles where they must be responsible for their long-term financial needs and security. Statistics show that 90 percent of women will be solely responsible for their finances at some point in their lives.1

This responsibility leads to questions about the future:

  • Will I have enough money in retirement?
  • How can I make a positive impact with my investments?
  • Should I consider a financial planner?

Reflecting on my own experience, I see how important it is for women to be knowledgeable about all aspects of their finances. Women statistically do not earn as much men, even though that statistic is slowly changing. Over time, these income disparities can have significant implications on the amount of money women are able to save for retirement. After 30 years of working at the current income disparity, women will have 25 percent to 30 percent less in retirement and investment savings than male workers.2 Since women live longer on average, they should make sure to save more than males.

As I continue to have conversations with women about their finances, I know that understanding more about finances can make people feel more secure. I’m passionate about making sure women know about their finances and in the coming months, we will touch on a variety of topics that relate to women and money.

To view our articles on the topic, check the Everence Articles and stories page, and select the topic "Women and Money”.

Your financial life

Start figuring out the details of your financial life. Use your favorite financial app, an Excel spreadsheet or the free Everence Personal Financial Affairs Directory. The directory will guide you through some of the major questions you should ask yourself to give you a snapshot of your financial life. 

 

Download the free Personal Financial Affairs Directory (PDF)

Disclosure

Advisor Perspectives, “Women’s Views of Wealth and the Planning Process: It’s Values That Matter, Not Just Value,” by Kristan Wojner and Chuck Meek, 3/1/2011.

2 Insured Retirement Institute, “Women and Retirement: Overcoming Retirement Incomes Challenges Facing Women,”July 2012.