Managing the financial impact of menopause: practical advice for women

TLPL

• It’s a little-talked about topic, but menopause has financial implications for women and the companies that employ them.

• Women can learn how to prepare to protect their financial future.

• From workplace resources and support to financial planning advice, here’s what women need to know about the financial impacts of menopause.

Menopause can have a significant financial impact on women, who face direct medical costs as well as loss of income and savings, but also on the economy as a whole.

A report published last year by the Canadian Menopause Foundation found that uncontrolled menopausal symptoms cost the Canadian economy approximately $3.5 billion per year. While employers estimate that menopause costs them $237 million in lost productivity, women lose approximately $3.3 billion per year in income.

Here are some of the financial impacts of menopause on women:

• Loss of income : Severe menopausal symptoms such as hot flashes, insomnia and brain fog can force them to miss days of work.

• Long-term impact on their career : Some women report having considered quitting their job or resigning due to severe symptoms, which can have long-term financial impacts on their career and earning potential.

• Impact on retirement and savings : Fewer years of work and lower contributions can have a negative impact on their savings and retirement.

• Medical expenses : They may have to pay the costs of treatments, medical visits and medications associated with menopausal symptoms, if they are not covered. For example, some women may incur costs for hormone replacement therapy (HRT), medications or dietary supplements.

Most women experience menopause between the ages of 45 and 55, a range which corresponds, for many, to the most profitable period of their career. By planning and acting proactively, women can better manage the financial impact of menopause and maintain their financial well-being.

Plan your financial future

Planning for your financial future is important at every stage of your life. It can be particularly reassuring in times of change to know where you are headed. If you do not yet have a financial plan, you should first carry out a complete review of your current situation (savings, debts, taxes, investments), because a wise plan takes into account all aspects of your financial life .

Increase your retirement savings

Some women choose to retire early at this time in their lives. However, you may not be ready to do this yet. This is why it is essential to continue investing regularly. Even the smallest amounts contributed to your retirement account grow over time. You might also consider contributing to an automatic savings plan to ensure you stay on track in the long term.

Budgeting for medical expenses

Some medical expenses may not be fully covered by the provincial health care system, resulting in expenses for you and your spouse. To budget in advance:

• Check to see if your insurance coverage includes treatments, medications and therapies associated with menopause.

• If your employer offers a health credit account (HCA), consider contributing to it, as reimbursements for your medical expenses will not be taxable.

• Consider keeping a portion of your investments in a form that you can quickly convert into cash when needed.

Build an emergency fund

Seek advice from a professional

Developing a financial plan for the future can be a challenge. In this regard, expert help can make all the difference. He will be able to talk to you about effective (or not) strategies in terms of budgeting, investments or spending and give you a clearer idea of ​​the approaches likely to suit you. If you’re still unsure about how to budget for the expenses that may be associated with menopause, consider stopping by a branch to speak with an RBC advisor.

Women can act proactively to ensure they are financially prepared for this phase of their lives. By increasing their retirement savings, taking advantage of health benefits and planning for potential financial difficulties, they can face menopause with confidence and protect their financial security.

How can women proactively plan for the financial impact of menopause, even if they ⁢are unsure when ⁢it will begin or what​ symptoms they will experience?

## Menopause & Finances: A Conversation

**Introduction**

Welcome to World Today News. Today, we’re diving into a topic that often gets overlooked: the financial impact of menopause. ⁣We’re⁤ joined ‌by two esteemed guests: ⁤

* **[Guest 1 Name and Credentials]:** ⁤ A financial​ planner specializing in helping women navigate life transitions.

* **[Guest 2 Name and Credentials]:** A healthcare⁣ professional specializing in women’s health and menopause management.

Together, they’ll ‍shed light on‌ the hidden​ costs of menopause and offer practical strategies for women to protect their financial well-being.

**Section 1: Understanding the Financial Impact**

* **Interviewer:** Let’s​ start with the big picture. The article mentions that menopause can cost the Canadian economy billions annually. Can you both elaborate on the various ways⁤ menopause affects women financially and professionally?

* **Guest 1:** Diving deeper, let’s discuss the impact on career trajectories. How do menopausal symptoms potentially impact a woman’s earning potential throughout her working years?

* **Guest 2:** [Guest 1],‌ you mentioned career impact. From⁣ a healthcare perspective, how do untreated menopausal symptoms contribute to these financial burdens?

**Section 2: Planning for the Future**

* **Interviewer:** The article​ emphasizes the importance of proactive planning. [Guest 1], what specific financial steps can women take *before* menopause to prepare for the⁣ potential challenges? What ​are some ‍key areas they should focus on?

* **Guest 2:** What role can healthcare providers play in helping women understand⁣ the potential financial implications of⁣ menopause *and* available resources for managing symptoms ⁣and minimizing disruptions to their careers?

**Section 3: Strategies⁢ for Financial Security During Menopause**

* **Interviewer:** Let’s talk about practical⁤ solutions. The article suggests increasing retirement savings and budgeting for medical expenses. [Guest 1], can you‍ provide‌ specific examples of strategies women can implement,​ even if ​they are experiencing financial constraints?

* **Guest 2:** How can women advocate for themselves in the workplace to ensure they have access to the necessary support and resources during menopause?

**Section 4: Breaking the Silence and‌ Seeking Help**

* **Interviewer:** ⁢ It seems that ‌menopause is often shrouded in silence.

* **Guest 1 & 2:** How can we encourage open conversations ⁢about the financial aspect of menopause? What resources are available to women​ seeking guidance and support?

**Conclusion**

* **Interviewer:** ⁤Thank you both for sharing your invaluable insights. Your expertise highlights the crucial⁤ link between menopause⁢ and financial well-being. Remember, ladies,​ prioritizing your health and financial⁣ security ​during this transition is essential.

* **Call to action:** Encourage viewers to seek advice from financial planners‍ and ‌healthcare professionals, utilize⁢ available resources, and participate in open discussions about menopause to break down stigma ‍and empower women to ⁤make informed decisions.