In “Retirement planning for women: It’s never too late to learn,” bizjournals.com interviewed Melissa Brown, the CEO of a wealth management firm, has helped a number of young widows and wants women who rely on someone else to take care of the finances and retirement planning to know that it is not too late for them to learn.
“We have a stereotype of an elderly couple aging and when one passes away, they have their adult children or family members to help the surviving spouse manage their finances. However, what happens when we have a 45 year old widow with small children? What if her spouse always handled the financial responsibilities for the family? Who is there to help her?”
Brown mostly talks about women whose husbands have died but there are other cases where a woman relies on someone else–be it a friend, romantic partner, or family member–to handle money matters. As she points out, it would be better to get info from the person who is currently handling the finances and knows where important documents are than to scramble to figure things out when that person is no longer available.
For those who work but plan to rely on a spouse or partner’s retirement plan, Brown suggests you also have your own retirement savings. This may change your amount of take-home pay and require some adjustments but it is a rare person who retires and finds they just have way too much money.
She also says to those who are around 50 and say that it is too late to start saving for retirement, that ideally, they would have at least 15 more years to save. Yes, it is better to start earlier but it is better to save something while you are working than to do nothing as retirement approaches.