Financial Planning, Retirement Planning

Celebrating Women’s History Month: Wealth Planning for Women

March 09, 2022

As we celebrate Women’s History Month, we recognize the many social, economic and cultural contributions and achievements of women. So, we would like to take a moment and recognize that a woman’s financial health may involve planning issues that are specific to her financial journey.

Potential financial needs for women to consider:

• A longer life expectancy. On average, women outlive men by about five years.1 This means that women need to plan for their money to last longer.

• A leave of absence to care for loved ones. Women may experience challenges with family care and decide to leave the workforce to care for young children2 or aging parents.3 When a woman leaves her job, she sacrifices income and the ability to contribute to her 401(k) plan and Social Security benefits, detrimentally impacting her nest egg.

• A desire to invest with her values. Many women are interested in screening their investments for environmental, social, and governance factors to ‘make an impact,’ and would like to consider ESG opportunities.

• An inheritance of significant wealth. An estimated $30 trillion is expected to pass down to women by 2031 in ‘The Great Wealth Transfer,’ and women need to be prepared to take control of their wealth.

Washington Trust Wealth Advisors take the time to understand every client’s unique situation to create a tailored wealth plan that empowers them to prepare for life’s transitions and achieve their goals with confidence. We stand ready to provide you and your family with the trusted advice you deserve. Please reach out to your Washington Trust Wealth Advisor to explore the ideas presented here or to discuss your specific needs and financial goals.

The views expressed here are those of Washington Trust Wealth Management and are subject to change based on market and other conditions. Investment recommendations and opinions expressed in these reports may change without prior notice. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.

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Any views or opinions expressed are those of Washington Trust Wealth Management. The information provided does not constitute legal, tax, or investment advice and it should not be relied on as such. It does not take into account any investor's particular investment objectives, strategies, tax status, or investment horizon. Please consult with a financial counselor, attorney, or tax professional regarding your specific investment, legal, or tax situation. It should not be considered a solicitation to buy or an offer to provide investment advisory or other services. All information is current as of the date of this material and may change at any time without prior notice. The information provided is solely for informational purposes and has been obtained from sources believed to be reliable but its accuracy is not guaranteed.