A recent study has found that many women have been severely impacted by the pandemic. However, investment levels for female investors contributing to their workplace retirement accounts increased dramatically and hit record levels in the last quarter of 2020. In fact, the average 401(k) savings rate for women in the last quarter of the year was 9%, an increase from the year before. 
Company contributions towards those retirement accounts boosted the total savings in account even further. The pandemic has prompted many people to rethink their financial plan and their estate plan.
Fidelity found in the same study that while women are contributing more to the retirement accounts, approximately 40% of them are considering reducing their hours at work or leaving the workforce to manage caregiving. Women accounted for nearly half of US employment prior to the pandemic but also represent more than half of overall job losses that have occurred since then.
Parents are facing especially high burdens because parents might be full time employed and also juggling household responsibilities, caregiving for elderly adults who may be at far greater risk levels for Covid-19, and juggling childcare in the home.
Women also live longer, which means that your financial plan as a woman must incorporate key issues like long-term care, incapacity planning, and qualifying for Medicaid in Massachusetts.
If you need to adapt your estate plan and other financial plans in light of world changes in the last year, schedule a consultation with your financial professional as well as your estate planning lawyer to learn more.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.