By Ed Lopez
Managing Director, Head of Product Management
You’ve probably heard about the wealth transfer to younger generations, but what about to surviving spouses? In the U.S., women tend to outlive men by five years on average.1 This means that, as their male spouses pass, women in America are estimated to control $30 trillion in inherited financial assets by 2030. Renee Springstead, Private Wealth Manager at Fross & Fross Wealth Management shares how she prepares both couples and recently widowed women for this transition. Offering this planning and support in advance can help financial advisors retain clients as 70% of widows switch financial advisors after the death of their spouse.2 We also discuss tips for family members, including tracking the cost basis of your investments, organizing the correct documents, and making sure important financial information is shared.
Show Notes:
03:01 The Wealth Transfer to Women
12:11 What Women Should Know About Finance
16:06 What to Expect: Changes in Income
19:58 Obstacles in Retirement
22:23 Opportunity in Roth IRAs
24:52 Long-Term Trend
25:54 Trend or Fad
Trend or Fad
Listen for Renee’s take on artificial intelligence (AI), crypto, active adult communities, aperol spritzes, pickleball, cold plunge pools, and boomer dating apps.
Originally published by VanEck on June 22, 2023.
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IMPORTANT DISCLOSURES
1 McKinsey & Company, “Women as the next wave of growth in US wealth management,” July 29, 2020.
2 Forbes, “Be Financially Prepared For The Death Of A Spouse—Before It Happens,” May 26, 2022.
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