Some research suggests menopause may cost women as much as $3 billion in lost income, at a time when they may be at their peak earning potential. What can you do to prepare? Nicole Ewing, Director, Tax and Estate Planning, TD Wealth, joins Kim Parlee to make the case for proactive planning and discuss ways women can mitigate some of the pressures on their money during this life stage.
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* Menopause marks a pivotal phase in a woman's life. It can be a time of reflection and optimism for the future. But it also comes with physical and mental challenges, some of which could impact a woman's financial well-being. Some statistics say menopause costs women about $3 billion in lost income. Nicole Ewing, Director of Tax and Estate Planning, joins us now with some ways women can think about helping with their finances around this time.
- Nicole, it's interesting because when I say menopause, I don't automatically think about financial impact. So tell me why we're talking about this.
* Well, I'm not surprised. The link is not often made, but it's certainly there. So when we think about menopause or perimenopause, the transition into menopause, for many women, it is happening precisely when they are in the prime of their careers, when they are taking on more senior positions, making more money potentially.
- And if we have symptoms that are either debilitating or, you know, untreated, unmanaged, then that could potentially see women reducing the number of hours that they're working, going down from full time to part time, some making the decision to leave the workforce altogether. And that is going to have a significant impact on their monthly income, their pensions and retirement incomes, their future career opportunities. And all of those sorts of issues need to be reflected upon. It really is putting women's earning power at risk.
- And so we might think about sometimes the talk in the office might be around the need for a desk fan or perhaps there's some sleeping issues. There's some challenges around that. But very infrequently would you see the connection explicitly made between these challenges that some women are experiencing and their choices around those connected directly to the menopause conversation.
- For many women, it's also happening when they have already had some time off from the workforce, perhaps for raising minor children. And that, together with the broader financial considerations, can be quite daunting to think about. It's also potentially happening while you're raising younger children and while your requirements to take care of other family members, perhaps caregiving responsibilities, are also increasing and coming with additional financial obligations as well. So a lot of potential financial implications, very different for each individual. But collectively, when we think about the experience of women going through menopause, there are these financial considerations.
* Yeah. And there really are. And you're right. It really does depend on each woman, their experience, their current circumstances, and where they live. So there's a lot of things to keep in mind. And it might even be a point-- and you highlight this-- that this might be a time to take stock of where you are from your financial standpoint, too.
* Oh, absolutely. This is an ideal opportunity to really reflect on where you are, what your goals are, and to focus on what you can control. And we do have the opportunity to control a number of issues around our finances and how we're going to be approaching and dealing with the situation. And so making a plan and getting that support, accessing support, not only from a medical perspective but from a financial perspective as well, can be incredibly helpful, and getting the facts about what you need, what do you need from a financial perspective? What do you need in order to retire when you want to, perhaps take advantage of reducing your number of hours or looking at a different career option for yourself. Maybe you have the funds to be able to do that and are simply not aware.
- So working with somebody who can help you identify what your financial circumstances are and help you make a plan will put you in that more powerful situation. And then accessing benefits. So many employers have benefits. Part of the challenge is actually getting ourselves to reach out and access those, particularly when we're already overwhelmed and challenged by physical and other issues. And so making sure you understand what those benefits are, and taking steps to actually use that, and advocating for yourself, making use of the accommodation provisions that your employer may offer, allowing you to not make those permanent decisions for a temporary situation.
* That's a really good point. And, you know, I wish I could bold that last point you just said somehow in video. What about in your younger years for women who are thinking ahead now and saying, OK, great, I'm not there yet. But what should they be thinking about?
* Well, I would suggest being very mindful of the employer that you choose and making sure that you are working with and for a company that prioritizes your health, and that understands these challenges, and will be there to support you. So that gives you a little bit of power.
- I would say prioritizing yourself and, again, making a habit of that self-care so that it's just something that you do. Making sure that you're giving yourself as many options as possible so that you have that opportunity in the future to make the choices or the changes that you want to be making, depending if your lifestyle changes or your health changes, whether for menopause or for other reasons.
- And Kim, I like to think of it not as when we're younger, not necessarily saving for retirement, but saving for future you-- who do you want to be in the future? What options do you want her to have-- and to be making choices when you're younger that align to that.
* Yeah. I love the future you. I've only got about a minute and a half here, Nicole, but I want to ask for women who maybe are married or in common law relationships, what role would you see their partner playing in financial planning?
* Well, you mentioned it earlier, but making sure that you do not compare and that you do not make assumptions about the experience that any particular woman is going to be having, that whether it's yourself or another family member, a parent, or a sibling, or a friend, their experience is their experience.
- So firstly, making sure that we're not comparing and making assumptions, but making sure you're familiar as well with what your employer workplace offers in the form of benefits, coordinating those benefit choices-- sometimes you have the opportunity to select what's available, choosing those together with your spouse to maximize the supports that will be available, coordinating your schedules as well to be able to allow her to take advantage of those benefits, and supports, and those accommodations that allow so that the schedule between you and her in terms of child care responsibilities or other allow her to actually access and utilize those and to have that open dialogue to recognize menopause and perimenopausal symptoms for what they are, which can be a challenge, but to have that open conversation. Really highlight the impact that they may have on your collective finances together and to come up with a strategy to do that together.
* I'm going to have to leave it there, Nicole. But I will also say that, of course, work with somebody. A professional can help you make the plans that you need to do because that's the whole point of a plan, to support the life you want. Nicole, thanks so much.
* Oh, my pleasure.
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- Nicole, it's interesting because when I say menopause, I don't automatically think about financial impact. So tell me why we're talking about this.
* Well, I'm not surprised. The link is not often made, but it's certainly there. So when we think about menopause or perimenopause, the transition into menopause, for many women, it is happening precisely when they are in the prime of their careers, when they are taking on more senior positions, making more money potentially.
- And if we have symptoms that are either debilitating or, you know, untreated, unmanaged, then that could potentially see women reducing the number of hours that they're working, going down from full time to part time, some making the decision to leave the workforce altogether. And that is going to have a significant impact on their monthly income, their pensions and retirement incomes, their future career opportunities. And all of those sorts of issues need to be reflected upon. It really is putting women's earning power at risk.
- And so we might think about sometimes the talk in the office might be around the need for a desk fan or perhaps there's some sleeping issues. There's some challenges around that. But very infrequently would you see the connection explicitly made between these challenges that some women are experiencing and their choices around those connected directly to the menopause conversation.
- For many women, it's also happening when they have already had some time off from the workforce, perhaps for raising minor children. And that, together with the broader financial considerations, can be quite daunting to think about. It's also potentially happening while you're raising younger children and while your requirements to take care of other family members, perhaps caregiving responsibilities, are also increasing and coming with additional financial obligations as well. So a lot of potential financial implications, very different for each individual. But collectively, when we think about the experience of women going through menopause, there are these financial considerations.
* Yeah. And there really are. And you're right. It really does depend on each woman, their experience, their current circumstances, and where they live. So there's a lot of things to keep in mind. And it might even be a point-- and you highlight this-- that this might be a time to take stock of where you are from your financial standpoint, too.
* Oh, absolutely. This is an ideal opportunity to really reflect on where you are, what your goals are, and to focus on what you can control. And we do have the opportunity to control a number of issues around our finances and how we're going to be approaching and dealing with the situation. And so making a plan and getting that support, accessing support, not only from a medical perspective but from a financial perspective as well, can be incredibly helpful, and getting the facts about what you need, what do you need from a financial perspective? What do you need in order to retire when you want to, perhaps take advantage of reducing your number of hours or looking at a different career option for yourself. Maybe you have the funds to be able to do that and are simply not aware.
- So working with somebody who can help you identify what your financial circumstances are and help you make a plan will put you in that more powerful situation. And then accessing benefits. So many employers have benefits. Part of the challenge is actually getting ourselves to reach out and access those, particularly when we're already overwhelmed and challenged by physical and other issues. And so making sure you understand what those benefits are, and taking steps to actually use that, and advocating for yourself, making use of the accommodation provisions that your employer may offer, allowing you to not make those permanent decisions for a temporary situation.
* That's a really good point. And, you know, I wish I could bold that last point you just said somehow in video. What about in your younger years for women who are thinking ahead now and saying, OK, great, I'm not there yet. But what should they be thinking about?
* Well, I would suggest being very mindful of the employer that you choose and making sure that you are working with and for a company that prioritizes your health, and that understands these challenges, and will be there to support you. So that gives you a little bit of power.
- I would say prioritizing yourself and, again, making a habit of that self-care so that it's just something that you do. Making sure that you're giving yourself as many options as possible so that you have that opportunity in the future to make the choices or the changes that you want to be making, depending if your lifestyle changes or your health changes, whether for menopause or for other reasons.
- And Kim, I like to think of it not as when we're younger, not necessarily saving for retirement, but saving for future you-- who do you want to be in the future? What options do you want her to have-- and to be making choices when you're younger that align to that.
* Yeah. I love the future you. I've only got about a minute and a half here, Nicole, but I want to ask for women who maybe are married or in common law relationships, what role would you see their partner playing in financial planning?
* Well, you mentioned it earlier, but making sure that you do not compare and that you do not make assumptions about the experience that any particular woman is going to be having, that whether it's yourself or another family member, a parent, or a sibling, or a friend, their experience is their experience.
- So firstly, making sure that we're not comparing and making assumptions, but making sure you're familiar as well with what your employer workplace offers in the form of benefits, coordinating those benefit choices-- sometimes you have the opportunity to select what's available, choosing those together with your spouse to maximize the supports that will be available, coordinating your schedules as well to be able to allow her to take advantage of those benefits, and supports, and those accommodations that allow so that the schedule between you and her in terms of child care responsibilities or other allow her to actually access and utilize those and to have that open dialogue to recognize menopause and perimenopausal symptoms for what they are, which can be a challenge, but to have that open conversation. Really highlight the impact that they may have on your collective finances together and to come up with a strategy to do that together.
* I'm going to have to leave it there, Nicole. But I will also say that, of course, work with somebody. A professional can help you make the plans that you need to do because that's the whole point of a plan, to support the life you want. Nicole, thanks so much.
* Oh, my pleasure.
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