Financial Advice for Professional Women
Anticipate that you are likely to live a long life and plan accordingly. According to US Census Bureau statistics, a woman who reached the age of 50 today without serious health problems can anticipate celebrating her 82nd birthday. By 2015, life expectancy of all women in the United States will reach an estimated 81.4 years, on average, compared with men’s life expectancy of 76.4 years. In addition, the average age of widowhood in the US is 59 years old.
Plan ahead to make sure you don’t leave any more than necessary to Uncle Sam. If you expect to leave something to your heirs, establish an appropriate estate plan. Without proper planning, taxes on retirement plan distributions could reduce your estate substantially.