The following is sponsored content from NorthStar Financial and Retirement Planning
Retirement planning is essential for everyone, but it can present unique challenges for women. Statistically, women live longer and earn less than men, so it’s crucial to have a solid retirement plan in place to ensure that they are prepared for a successful retirement. George Fossing and Mary Fendig from North Star Financial and Retirement Planning have some excellent advice for women facing these challenges.
First, it’s crucial to be prepared to outlive your spouse, especially if you live into your late 80s or 90s. The widow tax, a higher tax rate for singles, and the loss of a Social Security check are two major concerns that women may face. It’s essential to have a plan in place for these scenarios and to discuss them with your partner before it becomes an issue.
Long-term care planning is another critical aspect of retirement planning. Although traditional long-term care insurance policies can be expensive, there are other options available that can provide more value for your money.
Retirement planning does not have to be a difficult or overwhelming process, and there are many options available that can provide value for your money. By discussing these issues with a financial advisor, women can take control of their retirement and ensure that they have a successful and worry-free retirement.
For more information, call (864) 309-8146 or visit NorthStar Financial and Retirement Planning’s website.