Women live longer than men and this means weíll need more money for our ďgolden years.Ē Most women are not prepared for the financial facts of retirement. Whatís it going to take to make sure you can live comfortably in your 70ís, 80ís, 90's and beyond? Hereís a look at some typical and realistic retirement facts.
From experience, my mother would never have been able to live solely on her social security check. Luckily, she had the equity in the house she and dad purchased in the 1960ís to fall back on. During her lifetime we were faced with Alzheimerís, mom's broken hip and day-to-day life eating up her nest egg.
Hereís something baby boomers and children of baby boomers should be asking:
Are we/they going to be financially ready for the golden years?
The life expectancy of women is approximately six years longer than a manís.
Women have less money for retirement because of time spent staying home to raise children. Because of time out of the workforce, contributions to retirement and social security are generally less.
Women over 50 have a more difficult time finding employment than men.
One-third of women live below poverty level.
What do we do?
I say we face facts and prepare. Itís never too early and itís not too late. Side note - If youíre a daughter, this may be a good time to begin assisting your parents, especially your mom, with preparing financially for those later years.
Without going into dollars and cents, here are some suggestions:
Donít put your head in the sand. Know your finances. How many financial accounts do you have? Where are your accounts located? What names are on the accounts? Is there a safe deposit box? In an emergency, fire, flood, tornado, etc. are your important financial papers safe?
Do you have power of attorney, will and trust agreements in place now so when you need them youíre prepared? Are insurance and other legal papers up to date with proper beneficiaries and contact information?
Learn about health and long term care housing options now just in case you need them in the future. Itís not as easy to think clearly and act quickly in an emergency.
A woman needs her own credit rating. Have at least one major credit card in your own name.
Itís never too late to begin saving. Is it time to become more aggressive with placing aside money for retirement? This is where the advice of experts is important. Choose a financial advisor who can assist you with the best course of action based on your current lifestyle and future goals.
If youíre the daughter, gently ease into understanding your parentís finances. I know from personal experience this isnít easy. But if eventually the responsibility will fall on your shoulders, itís never too soon to understand what financial circumstances await you.
Donít leave the financial future to others. Take a proactive role in preparing for and enjoying the golden years. Remember, what you donít know about your finances can and may come back to haunt you. Be prepared, itís your money.
Here's a book, Smart Women Finish Rich
by David Bach from Amazon.com you may want to add to your financial library:
Smart Women Finish Rich
For more self-empowering success stategies please visit my web site - www.SharonMichaels.com