Introduction & Hosts

Madison: Hello everyone, and welcome to Not Just Numbers, Honest Conversations with a Financial Advisor and Lawyer. I am Madison Demora and I’m here with Mike Garry. Mike is a financial advisor and a CFP practitioner and the founder and the CEO of Yardley Wealth Management. He is also an estate planning lawyer, and his law firm is Yardley Estate Planning. Hey, Mike.

Mike: Hey Madison. How are you?

Madison: Good. How are you?

Madison: Good. All right, well everyone, welcome and thank you for joining us.

Episode Overview: Three Numbers

Madison: Today we’re taking a closer look at three numbers that are shaping the financial lives of women today and what those numbers mean for strategy, planning and long-term security. Mike, these numbers aren’t just abstract statistics, they really tell a story, don’t they?

Mike: They really do. You know, they tell a story about earnings, longevity and decision making. And while the focus is on women, you know, really the insights apply to anyone managing wealth in today’s evolving landscape.

Madison: Exactly. So today we’re going to break down the numbers, explore the trends behind them, and talk through strategies that can help people make informed financial decisions whether they’re single, married, a primary earner, or planning for the future.

Number 1: 45% — Women’s Share of Investable Assets by 2030

Madison: Let’s start with the first number, 45. That’s the shares of investable assets women are projected to control by 2030 in the U.S. and Europe. Mike, how significant is that?

Mike: Extremely. It’s a remarkable increase, you know, doubling from the approximately 18 trillion today to an estimated 34 trillion in just a few years, according to McKinsey. You know, much of this comes from the so-called Great Wealth Transfer, you know, that advisors have been talking about since I started in this industry like 30 years ago, where younger generations inherit assets from baby boomers. And women are expected to receive 70 to 80 percent of that wealth. And this is something we see like every day in our practice. A lot of our clients, you know, are in their 50s and 60s and they’re inheriting from their parents who’ve made it into their 80s or 90s. And women managing 40% of wealth one day is just not that long. It’s really just incredible when you think about it. You know, I remember my mom telling me story about her in the 70s, her mother-in-law, my grandmother, told her to make sure she got a credit card in her own name. You know, it’s amazing how things have changed in not really that long of amount of time. And it’s good. It’s good.

Shifting Earning Patterns & Breadwinners

Madison: Yeah, it is. And it’s not just inheritance driving this, right? Earning patterns are shifting too.

Mike: Exactly. In 2023, 45 percent of mothers were breadwinners, with another 24 percent as co-breadwinners. That’s a huge shift from decades ago where men overwhelmingly controlled family income. And I imagine that’s going to continue like, you know, it’s been years now where more women than men have attended and finished college, and generally college graduates earn more than non-college graduates. So, think this trend isn’t changing anytime soon. Like, it’s here to stay.

Strategic Questions Women Should Be Asking

Madison: So, what does this mean for strategy? Women increasingly direct wealth, from investments to charitable giving. What strategic questions should they be asking?

Mike: Well, they should be asking the same ones that men and women should always be asking. And the key ones are, do you have a cohesive investment strategy or a patchwork of accounts? And this one, I think we talked about this in the last podcast or I meant to, when we have accounts transfer over from somewhere else, like another advisor’s managing or the clients are managing themselves, generally there’s no rhyme or reason, there’s no overarching theme, there’s no investment policy. People just buy something that seems good at the time and then they have it and then they have accounts at multiple different places. People really get a cohesive investment strategy. Don’t have more accounts than you need and don’t just have a patchwork. Right. Know what you’re doing. You know, for couples, is financial security built around one income or structure on both equally? And that matters and it could matter on insurance, it matters how you do things. Do estate plans and beneficiary designations reflect reality? Again, this is something, you know, we update beneficiaries practically every day that somebody needs a beneficiary update because it was done 30 years ago and kids are babies and you know, and now they’re not babies anymore. So, these are things that you can’t just sit and forget. You have to keep on top of.

Practical Steps for Clients

Madison: And when you’re advising clients, what are some practical steps people should consider taking?

Mike: Sure, the common moves based on those issues are, creating or updating a personal investment policy statement, consolidating scattered accounts for clarity and alignment, and right-sizing safety nets, disability coverage, life insurance coverage, and emergency reserves, all based on like the income and dependents.

Madison: So, the real takeaway here is that women are increasingly in the driver’s seat of family wealth, and strategy should reflect that fact.

Number 2: 5 — Women Live ~5 Years Longer Than Men

Madison: Let’s move to the second number, 5. On average, women live about five years longer than men. In the U.S., life expectancy in 2023 was 81.1 for women, versus 75.8 for men. Mike, how does that change retirement planning?

Mike: Well, those extra years can be significant financially. Many of them involve you managing chronic health conditions, meaning healthcare and caregiving costs can extend well into retirement. Those can be five expensive extra years.

Planning for Longevity Risk

Madison: When you’re planning with clients, how do you account for that longevity risk?

Mike: Sure, the ones we often do are first, assuming you could live to 95. I don’t know the exact numbers our planning software is, but I think we use like 92 or 93 for men and 94 or 95 for women. You know, you have to be careful and assume that things will be more expensive than you think. You can’t plan on things being less expensive. And it’s easier to adjust if you have extra funds than to face a shortfall. A lot of times we’ll separate portfolios by time horizon, you know, near term spending, long term growth, and healthcare specific buckets. And then, you know, depending on the client, we could stress test strategies for different things like model for longevity or higher healthcare costs and potential market volatility. There’s all kinds of things that we can do to look at someone’s individual circumstances and plan for them.

Madison: Even modest additional years can mean tens or hundreds of thousands in extra expenses. So, it’s not just about preserving what you already have, but making sure there’s enough growth and risk management built into the strategy.

Number 3: 59 — The Average Age of Widowhood

Madison: The third number is 59, the average age of widowhood for women in the U.S. That’s a sobering statistic. Why is it so important from both a financial and estate planning perspective?

Mike: Well, it was a sobering statistic for me because by the time this podcast comes out, I’ll be 59. And I remember when we saw the source material for this, you, Amy and I like looking through like we couldn’t believe it. We wanted to see where this came from. But it did seem like there were several different sources that came up with that number. You know, the financial impact can be significant if somebody becomes a widow at 59. Household income can drop between 37 to 50 percent when a spouse passes away. And nearly half of widows experience a decline in lifestyle within a year. And yet widows who are working with a financial professional before that transition are 90% more likely to feel financially secure. Hey, sometimes we do a good job, right?

Madison: That’s right. That’s a powerful difference. When preparing for that possibility, how should women think about planning?

Clarity, Control & Continuity Framework

Mike: Sure. Frame it around three concepts. Clarity, control, and continuity. Clarity, it means you have an inventory, current inventory of your accounts, your legal documents, and your key contacts. Right. So, you know your stuff. Control, you know, be co-owner, not just beneficiary on accounts. Understand retirement income strategies, be involved in the planning that we do. Right. So, you know what’s going on. And continuity, you know, establish relationships with your advisors, estate attorneys, and CPAs early. Right. So, if you are faced with that unfortunate circumstance, you know who to talk to. They’ll know your situation a little bit. And it’ll really make things a lot easier if you’re coming from that position rather than just like trying to introduce yourself to people, you know, during what could be a terrible time in your life.

Madison: And being prepared doesn’t mean expecting the worst. It really means being ready to step into the driver’s seat with confidence if life changes.

How the Three Numbers Connect

Madison: When we look at these numbers together, 45, 5 and 59, how do these numbers connect?

Mike: Sure. You know, basically what we’re saying is women today are more likely to earn a significant share of family income, accumulate assets in their own name, and outlive partners and ultimately manage wealth on behalf of others.

Key Questions Listeners Should Ask Themselves

Madison: So, for someone listening today, what are the key questions they should be asking themselves?

Mike: So, if income stops due to health or other reasons, can the family maintain a lifestyle and savings trajectory? Do your accounts, titles, and legal documents reflect that reality of your financial role? And does your strategy account for both the emotional and practical load of managing wealth?

Madison: And strategically that might mean consulting professionals, building a “career resilience fund,” and aligning ownership, titling and beneficiary designations with reality. These three numbers, 45, 5 and 59, tell a powerful story. Women are building, controlling, and stewarding wealth more than ever, often for themselves and for generations to come.

Final Thoughts

Madison: Mike, any final thoughts?

Mike: Yeah, we’re going to turn this into like a 15 second advertisement. You know, working with a financial professional can help turn insight into action, making sure strategy aligns with goals, timelines, and real-life transitions. I think that the people who work with us are generally pretty happy that they’re doing so. And I think we could really help in a lot of these things. Ads over.

Closing & Contact Information

Madison: So, if you’d like to start that conversation and ensure your plan reflects on these realities, we’re here to help. Thank you for joining us today. Stay tuned for more insights to help you navigate life, wealth and strategy with confidence. For more information on Yardley Wealth Management or Yardley Estate Planning, you can visit our websites at yardleywealth.net and yardleyestate.net. You can also follow us on socials at Yardley Wealth Management. Don’t forget to subscribe to our YouTube channel. This podcast has been produced by Madison Demora and Mike Garry, with technical and artistic help from Poe Productions.