Guest Author - Sharon MichaelsWomen live longer than men and this means we’ll need more money for our “golden years.” Most women are not prepared for the financial facts of retirement. What’s it going to take to make sure you can live comfortably in your 70’s, 80’s, 90's and beyond? Here’s 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 1960’s to fall back on. During her lifetime we were faced with Alzheimer’s, mom's broken hip and day-to-day life eating up her nest egg.
Here’s something baby boomers and children of baby boomers should be asking:
Are we/they going to be financially ready for the golden years?
Some facts:
The life expectancy of women is approximately six years longer than a man’s.
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. It’s never too early and it’s not too late. Side note - If you’re 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:
Don’t 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 you’re 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. It’s 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.
It’s 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 you’re the daughter, gently ease into understanding your parent’s finances. I know from personal experience this isn’t easy. But if eventually the responsibility will fall on your shoulders, it’s never too soon to understand what financial circumstances await you.
Don’t leave the financial future to others. Take a proactive role in preparing for and enjoying the golden years. Remember, what you don’t know about your finances can and may come back to haunt you.
Be prepared, it’s 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
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For more self-empowering success stategies please visit my web site -
www.SharonMichaels.com
