While general financial and estate planning advice is intended to apply to all investors, the truth is that women statistically live longer than men and may face unique issues such as ensuring that the assets they have set aside will continue to last them throughout their expected lifetime. This also confronts the challenges faced by many women given that they are likely to earn less over the course of their careers compared with male counterparts due to the gender pay gap and taking time off work to be caregivers.

Although the gender pay gap is decreasing, women still earn 83% of what men are in 2015, according to research collected by the Bureau of Labor Statistics. This often leads to women saving less for retirement, receiving smaller pensions, and getting less in social security benefits.

Women are more likely to live on their own in their golden years due to their own choices, or divorce or death of a spouse. It is crucial that they take individual responsibility and planning opportunities as seriously as possible because their financial decisions may have repercussions that influence them for many years to come.

Scheduling a consultation with a dedicated Massachusetts estate planning attorney can help give you a broader perspective over the issues involved in financial and estate planning and the necessary documents that may be required to assist women to provide for their own care and lifestyle over the course of retirement.



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