Did you know that 70% of baby boomer wives are expected to outlive their husbands (Reuters, January 2012)? About 40% of wives out earn their husbands (Bureau of Labor Statistics, November 2017). And by 2030, women will likely control about two-thirds of U.S. wealth (The Boston Consulting Group, Inc. 2006).
Yet on a seven-point scale, men rated their overall financial confidence at 6.20, while women came in at 5.86 (2015 Regions Women & Wealth Study). Just because we aren’t as confident as men now doesn’t mean we can’t become as confident in the future—and it all starts with knowledge.
The first step is making sure you have the basics covered: a will, power of attorney, healthcare directive. Have you reviewed IRA and 401K beneficiary information recently to confirm the documents match your wishes?
Then get the facts. With so much of our information on line, it might be challenging to get an overall picture of where all your financial assets, including account numbers and passwords, are located. To cancel credit cards, you’ll need the account number, name and contact information found on the back of the card. What life, or long-term care, insurance benefits are available? Where is the contact information to begin claiming benefits? Where is that safety deposit box key and who has access? Who will have access to get into the house and feed and care for Fido?
If a sudden emergency renders you or a family member incapable, who knows where this information is located and can access it? A power of attorney ceases upon death but naming joint owners to accounts may trigger unintended consequences. Seek professional advice to ensure your intentions are reflected in your documentation.
The best gift you can give your family is peace of mind knowing they are following your wishes. Take time today to prepare that gift for them.
[The information and material contained herein is provided solely for general information purposes. Regions Bank does not make any warranty or representation relating to the accuracy, completeness, or timeliness of any information contained in the newsletter and shall not be liable for any damages of any kind relating to such information nor as to the legal, regulatory, financial or tax implications of the matters referred herein. This material is not intended to be investment advice nor is this information intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only current as of the stated date of their issue.]
Missy Epperson is senior vice president and private wealth executive at Regions Bank.