Women who act as a traditional caregiver and are the primary breadwinner in their families are more likely to face surprise life events, according to a panelist of women financial experts.

Advisors can help clients such as they by keeping up with lifestyle trends, they added.

“Women may be surprised to discover as they age that the caregiver role includes not only children but also their parents and spouses,” said Jenine Garrelick, associate national sales manager with MFS Fund Distributors in Boston.

Garrelick was among a group of four women who lectured at the Hearst Tower in Manhattan on Wednesday in a program entitled, "Time as an Asset."

“Pushing off getting married and pursuing education and careers can lead to challenges in family planning for which they did not account,” Garrelick told Financial Advisor magazine.

Given that women's average life expectancy is longer than men's, women can be stuck caring for themselves later in life, which is why Garrelick advises financial advisors to do a better job of understanding the issues surrounding surprise life events, such as job loss, divorce, childcare and  eldercare.

“Advisors need to understand what happens when there is divorce and how that dissolution can impact a financial product owned jointly as well as the rules around how Social Security assets get divvied up if the marriage has lasted for some time,” said Garrelick who manages a sales team that markets mutual funds to financial advisors.

Garrelick was joined by Luma Wealth Advisors founder Heather Ettinger, Cammack Retirement Group Director Emily Wrightson and Jane Francisco, editorial director with Hearst Lifestyle Group, in the hour-long discussion.

“I recommend investing in a [health savings account] when an employer offers it,” Ettinger told an audience of about 150 women. “Those monies, if they are saved, compound over time and cover more medical expenses in retirement.”

A health savings account (HSA) grows tax deferred and doesn't take away from what’s being saved in a retirement account.

“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.

“You may have to work longer or work part time to make up for loss of time when you become employed again,” Wrightson said. “Another way to deal with it is to save more money, trim your budget and invest more aggressively in equities despite the volatility because they have a higher potential for return.”