According to a recent Cornell University study, baby boomers are in line to inherit $10 trillion over the next few years. And, women will be receiving the lion’s share of that money.
“Women already control 60 percent of the nation’s personal wealth – they outnumber men and they are traditionally the shoppers,” says financial expert Scott T. Schultz, author of Scott Schultz’s Guide to Closed-End Funds.
“It’s sad that, despite the fact that nearly a third make more money than their husbands and they’re starting businesses at twice the rate men are, 38 percent of women ages 30 to 55 worry they’ll eventually live in poverty because they can’t adequately save for retirement,” Schultz says, citing the Cornell study.
Schultz goes on to say that: “Many (women) will inherit money and property from their parents and/or their husbands, and many will live another 30 to 40 years. They’ll need to invest their money to ensure they have enough to avoid that impoverished retirement they fear, but they – and the nation – have lost confidence in the stock market; April 2011 saw the lowest number of investors since 1999.”