Women, Money, and Retirement: What’s Different About Us?

With the financial industry being dominated by men, it makes sense to dedicate time to focus solely on financial issues related to women. Since I am not a woman and can’t speak personally about these issues, I have invited my good friend, Tanya Nichols from Align Financial, to help me tackle this month-long series on Women, Money, and Retirement. Tanya is one of Investopedia’s Top 100 financial advisors and she and her firm work mainly with women.  I’m excited to have Tanya help me explore this area further. We can tackle your questions and you can gain the confidence you need to live the life you want in retirement. With a bit of education, anyone can learn how to manage their finances in retirement. 3 financial power moves women can take now Women often have their own set of issues surrounding money due to traditional gender roles and a misogynistic financial services industry. But once women face these issues head-on they can trample these hurdles and take control of their own financial situation. Learning these 3 power moves can help you take charge of your financial life. Anyone can learn about money. In years past, finances were often left to the husband to control, so the financial industry has typically been dominated by men. The financial services industry likes to make money sound much more complicated than it is, but financial planning is actually a lot like project management. Learning about money is just like learning about anything else and you can learn about money just as well as you can learn about fitness, nutrition, or child-rearing. You can learn to plan your finances regardless of your background. So if you have an interest in your money, then dig in and start learning.  Think of yourself first. Do you often put your family’s needs ahead of your own? Women often sacrifice their entire lives for the ones they love. If you can acknowledge that you should consider yourself first when it comes to finances then you can begin to plan a life that is true to yourself. Before making financial decisions think to yourself: is this at the expense of something that is important to me? You have a rightful seat at the financial advisor’s table and an equal seat at the financial table of your marriage. It is no secret that the finance industry is dominated by men and even has a history of misogyny. You should never have to earn your seat at the table to talk about your money. That seat is already yours. Don’t put up with anyone diminishing you or dismissing your concerns.  What to do if someone diminishes your questions or concerns Unfortunately, women’s questions and concerns are often dismissed in financial settings. If this happens to you make sure to address the situation immediately and clearly state how and why you feel diminished or dismissed.  If the professional you’re working with doesn’t respond in a satisfactory manner then go somewhere else. It is important to find a financial professional that you can trust. They need to be able to listen to you and hear what your priorities are. Have you ever felt slighted by a financial professional? If you can’t find the right person to work with, don't be afraid to DIY your finances. With a bit of education, managing your own finances is totally doable. Own your awesomeness. You can plan your retirement just as well as the next person. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] A disclaimer [6:33] 3 power moves for women [14:50] A 3 step process if someone diminishes your role LISTENER QUESTIONS [19:45] How do bond funds work? [23:22] What to do if almost all your cash is in a 401K [29:30] Should she consider putting her dad in a nursing home? [32:47] Decisions that couples make in their 50s and 60s will affect the women later [35:37] How will I be cared for if my husband dies first? TODAY’S SMART SPRINT SEGMENT [39:11] Plan your seat at the table Resources Mentioned In This Episode Align Financial My Fitness Pal Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center