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Last Updated: Feb 6, 2017 - 2:32:04 PM |
Do you know when it comes to financial planning, that women face unique financial challenges that, if not appropriately addressed, could put you in a very difficult situation during your retirement years?
Well here are the facts:-
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Women generally outlive men by an average of seven years. This means not only are you more likely to retire widowed but also you will have more years in retirement. Longer retirement means you need to have more money or your money need to last longer.
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Women earn considerably less money throughout their lifetimes due to childbearing and other family responsibilities. Because of these interruptions you have less working time in your financial planning in which to earn more money.
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A woman’s salary on the average is 30 percent less than men. This means that you may have less money to save and invest for retirement.
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Women are more likely to have health problems as they advance in age. This means that you financial planning should factor in more of your money going toward purchasing medical services.
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Women are more likely to have their finances complicated by divorce and separations. Therefore you need to structure your financial planning wisely.
While most women admit they are concerned about their financial future, particularly about not having enough money to maintain their current lifestyles, women are still lagging behind men when it comes to financial planning and most do not know how much money they will need to support them during their retirement years.
Surprisingly too, women are also passively relying on sources beyond their control to provide for their financial needs in retirement, such as husband’s, children or some good fortune.
Even as more women build careers in the business world, young women remain as uninformed about financial planning as it relates retirement finances as older women.
All of this makes it quite clear that now is the time to ensure that women realize how important retirement planning is to their future. Women need to realize that gender-specific financial issues mean that, in general, they need to save more money than men for retirement. Given this need for more money and less salary earning means, women have a greater need to understand investments and its impact on their retirement.
With this in mind, here are my suggestions for helping a sista’ out:
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Get professional financial advice to help you assess your situation and goals, and work with you to develop a long-term financial plan to achieve them. Helping A Sista Stand On Her Own Two Feet-Financially coaching is a good start.
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Create your Net Worth statement to figure out where you stand financially.
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Review and be certain you are living below your means, every month by listing your monthly income and expenses.(Cash Flow Statement)
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Establish a written spending plan – a budget – for how you want to spend your money each month.
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Commit to paying off all consumer and credit card debt.
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Start saving early to get time and compound interest working for you. Commit to saving at least 10% of your income every single month.
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Within 90 days, review all your insurance coverage, including insurance to protect your income if you become disabled. Obtain medical insurance coverage to safeguard against medical emergencies.
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Within 30 days, have a valid Will or Living Trust
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Put a “Wealth Creation Team” in place, including at least: an attorney, accountant, financial adviser, and insurance agent whom you know and trust.
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Use your knowledge and skill, and the advice of your Team, to invest in things you understand and can monitor over time.
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Become better educated about money and creating wealth by reading one book or magazine on money and investing every month. Taking Control of Your Money" workbook is a good resource to get you started.
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Find out about your company’s pension plan and enroll as soon as possible.
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Know how much money you will need for your retirement and contribute the maximum amount each year to your saving and investments. Our Retirement coaching program will help you with this.
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Always transfer or hold on to retirement funds when changing jobs;
So sistas make sure your retirement years are really golden by taking the time today to review your current financial situation and get started on doing the thing necessary to ensure that you will be able to stand on your own two feet!
And to help you get started enter the “Unlocking Your Financial Security”
Copyright © 2001 - 2010 - Glenn S. Ferguson
Glenn Ferguson is a financial & retirement Speaker, Coach and Syndicated Writer, helping you to painlessly take control of your Money, to create wealth for yourself and family. Email to: glenn@financialcoachingwithglenn.com www.financialcoachingwithglenn.com
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