Financial advisors have long known that the financial needs of women are different from those of men because women live longer and usually earn less money, but if the women are married, advisors usually develop one financial plan for the couple, known as the household.
Now a new study from the Center for Retirement Research (CRR) at Boston College makes the case that married women deserve their own financial plan whereby their finances are analyzed separately, apart from their male spouse, because they’re more likely than ever to not stay married. (The study did not consider same-sex marriages.)
(Related: Forward-thinking advisors focus on women)
Today women spend fewer years married than earlier generations did because they get married later or not at all and they get divorced more frequently, according to the study.
(Related: Divorce is destroying retirement)