Most Texans are under the misassumption that estate planning is similar for all people—regardless of socio-economic status, gender, age, and other factors. However, this is not the case. While estate planning is critical for everyone, the type of estate plan and the strategies taken will depend on the person’s unique situation. This is why no two estate plans are the same. For example, there are inherent retirement risks that many women uniquely face that should be factored into their estate plan. Below are questions and tips on how women specifically can plan to avoid potential retirement risks in their estate plans.
What Are Some Potential Retirement Risks for Women?
Statistically, women live longer than men of the same age. While this may not seem critical for estate planning purposes, it does impact the potential resources they will receive as they age, along with the funds they have to pay for services. For example, many seniors will have to balance paying for medications or other healthcare services against their savings—for women who live longer, they may not have the money for these expenses.