Longevity is a serious issue for women, says David Fleisher, CEO of Firstrust Financial Resources in Philadelphia.
"Statistically, women live longer, so there is a greater need for resources to manage longevity risk," says Fleisher. "And in certain circumstances, their spouse may have been managing many part of the household finances. It's critical that women are empowered with the knowledge of their family's financial circumstances."
"For some women re-entering the work force, they are playing catch up for Social Security benefits and building up a nest egg," he adds. "And a household's finances between spouses really is a partnership. There needs to be open and candid communications between spouses. And a good coach or talented financial advisor should help facility those important conversations."
Jennifer Landon, founder and president of Journal Financial Services in Ammon, Idaho, says woman have an entire different approach retirement.
"Men tend to be more excited about retirement, approaching it like it's an adventure," she says. "Women more trepidatious and have more anxiety. I learned to never underestimate those feelings of anxiety."