While families usually think about creating estate plans and planning for the future as a single unit, this is not always advisable. Every individual has unique estate planning needs that may differ from their spouse or children. For example, women may want to think differently about estate planning—and specifically saving for retirement—than many men. This is for a variety of reasons, including the gender pay gap and higher life expectancy, among others. Below are some of the explanations for why women should approach estate planning differently and how to overcome these obstacles.
Longer Life Expectancy
On average, women have a longer life expectancy than men. While this does not sound critical for estate planning and retirement purposes, it should. When saving for retirement, women may not be considering that they may live beyond their life expectancy. If they outlive their life expectancy, they may not have saved enough for retirement. Thus, they would not have enough money to live comfortably—and have the discretionary funds for health expenses.