With most women outliving their spouses, this puts them in a position where they will be required to manage their own finances. Recent reports show that women are not as open as men about discussing money. Many lack confidence or feel ill-equipped when planning for long\-term care and managing investments. In Texas and elsewhere, women will spend more than $190,000 on health care during retirement.
Women fear discussing finances and long-term care more than men
Be proactive about long-term care and estate planning decisions
Americans who are close to retirement age say they do not know how much money they will need to live a comfortable life after they stop working. Only 16 percent say they are confident that they have saved enough to sustain them during their golden years. For those turning 65, there is a significant chance that long\-term care will be a factor in their future. In Texas and across the country, long-term care costs exceeded $225 billion in 2015.
Estate planning is critical to protect crypto-assets
Billions of dollars in wealth may be in jeopardy if crypto-assets are not included in estate plans. Experts say that when it comes to estate planning, cryptocurrency will need to be documented with proof of ownership and how heirs can access it. In Texas and elsewhere, the rise in the value of cryptocurrency has created quite a stir recently.
Long-term care planning for a happy retirement
After a lifetime of working, most are excited for the time when they can retire and sit back, relax and enjoy life. Saving for health care and investing in long\-term care insurance before retirement can reduce the stress that many seniors now face. In Texas and other states, many seniors claim their golden years are being tarnished because of high health care expenses.
Estate planning is an important part of a financial plan
Family members with considerable assets may be unaware of the best way to bestow their wealth upon future generations. There are several options available for gifting to loved ones and donating to charities as part of bequeathing one's estate. In Texas and other states, estate planning can ensure assets are divided among the right beneficiaries.
