With the SECURE Act 2.0 delaying Required Minimum Distributions to age 73, and higher marginal brackets a likely reality in the near future, annual income tax planning has become even more important.
Let’s start with the facts: Women in the U.S. live on average five years longer than men, according to the World Bank. Moreover, according to the American Psychological Association, about 40% to 50% of married couples in the U.S. eventually divorce. And, according to a 2019 analysis by the Pew Research Center, U.S. has the world’s highest rate of children living in single parent households at 23%.
All of this goes to show that personal financial planning and investing should be — and often already are — priorities for women and men alike.