“When you hold funds in an HSA, you are reimbursed whenever you withdraw money to pay for medical expenses even years later in retirement,” said Ettinger.
For married women contemplating a divorce, Ettinger advises being realistic about time.
“You can't qualify for spousal benefits with Social Security until you've been married for at least 10 years,” Ettinger said. “Just like any other Social Security benefit, spousal benefits are based on earnings.”
According to Garrelick, 69 percent of divorces are initiated by women.
“The baby boomers are increasingly feeling the effects of the divorce rate,” said Garrelick. “Financial advisors need to understand this trigger in order to help their clients cope.”
Ettinger advises women who are starting their careers to leave no money on the table when an employer offers benefits and perks.
“Attending company meetings that are sponsored by various providers is one way to discover all your options, but it can be time consuming because there are often different providers and separate meetings for each benefit,” Ettinger said.
For example, there may be six or seven meetings each for benefits such as health insurance, dental and vision, the company retirement plan, HSA, Flexible Spending Accounts and supplemental life insurance.
Advisors can help by offering to research providers in advance for their client, along with providing an explanation of perks and benefits that an employer offers.
“Women don't like going to company meetings because they often feel they are being sold a product,” said Ettinger. “That’s where the opportunity is for a financial advisor to provide clarity and value.”
Another surprise life event is job loss.