If you’ve ever looked at your married friends and assumed that they have an advantage over you financially…you might be surprised.
Recent research from the Center for Retirement Research at Boston College found women who have spent most of their lives married tend to fare worse than never-married women. The reason is largely due to the declining wealth of their spouses. Because never-married women’s wealth has mostly stayed stable, their wealth has increased relative to their mostly married counterparts, according to the report.
An unexpected divorce or death of a spouse can also upend their financial plans in retirement. (CNBC)
There are other reasons why you might have a bit of an advantage over your married friends:
Sure, the buck always stops with you and that can be overwhelming at times – but it can also make life easier when you don’t have to take someone else’s situation into account. This also means that you can be more consistent with your day-to-day budget and long-term savings.
It’s not uncommon for married couples to have differing opinions on what the future holds; one spouse might be focused on long-term retirement planning while the other just wants to live for today. As a single woman, you don’t have to deal with competing ideas and goals. You can decide how you want to live and do it!
As a single woman, you have the freedom to explore different professional opportunities without worrying about how your job will impact someone else. This can mean more money over time AND allow you to save for the retirement you want. As a side note, understanding how to negotiate and taking advantage of career development opportunities can also help your bottom line.
It’s not uncommon for couples to disagree on who they might use for a financial advisor – or for a husband to make that decision for the couple. As a single woman, you have control over who you work with – and you’re able to choose who you’re comfortable with without taking another personality into consideration.
As a single woman, you’re used to taking control in many areas of your life – and that’s a GOOD thing. My goal as an advisor is to make sure you have as much confidence about your finances as possible, so you know you’re on the right path. Have questions? Let’s talk.