5 Harsh Financial Statistics: Women Need to Plan Ahead

 

Harsh statistics should propel women to plan ahead – Chicago Sun-Times

http://www.suntimes.com/business/savage/2292120-452/women-financial-percent-retirement-filings.html

Ouch! Once again Terry Savage delivers a swift kick to women by reminding us about the harsh financial realities that we face throughout our lives. For those of you who haven’t already heard some of these statistics, they are both worrisome and worth repeating:

  • In 2009, women represented 39 percent of bankruptcy filings
  • Women live  between five and six years longer  than men
  • Women make up 75 percent of the elderly poor today
  • 80 percent of women living in poverty were not poor before their husbands died
  • Median pension benefit for men was $9,600 vs. just $4,800 per year for women (mid 1990’s data)

I know that  it is both daunting and frightening to consider our financial futures in light of these statistics. But, we will not improve our future financial situations by burying our heads in the sand and ignoring facts and probabilities.

So what can you do now?

If single or head of household:

  • Save  -Everyone can figure out how to put a little money aside.
  • Begin saving now/today
  • Begin small and save more as time goes on
  • Only buy what you can afford to pay for ‘in full’ at the end of the month
  • Pay off credit cards in full every month
  • When you swipe, keep a log of your debit card spending
  • Write a monthly budget and stick to it
  • Write a financial plan and review it every 6 months

If married:

  • Save  -You should have an personal savings account.
  • Begin saving now/today
  • Begin small and save more as time goes on
  • Participate and understand your retirement plan
  • Participate and understand your financial plan
  • Make sure spending levels in retirement will support the spouse who lives longer

Like it or not, most women at one time or another, will be likely have the sole responsibility for our financial futures. Take action now by saving and participating in the financial planning.

Jane Nowak is a Financial Planner with Kring Financial Management located in Atlanta, Ga. Jane’s practice focuses on Women’s Retirement Planning and Financial Planning for Women. Her articles have been published on line at NASDAQ, Financial Planning Association and Womenetics.com, SmartMoneyChicks.com.  Follow Jane on Twitter at: http://twitter.com/moneygal2020

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4 Responses to 5 Harsh Financial Statistics: Women Need to Plan Ahead

  1. Cassandra says:

    Thanks for the thoughts you talk about through your blog.
    In addition, lots of young women which become pregnant do not even try to get medical insurance because they
    fear they couldn’t qualify. Although some states now require that insurers present coverage no matter the pre-existing conditions. Costs on these guaranteed options are usually higher, but when thinking about the high cost of medical care it may be some sort of a safer way to go to protect a person’s financial future.

    • Cassandra, Medical insurance and employment are really important to have before having children. A little bit of planning can go a long way to securing ‘the best possible life’ for ourselves and our children.
      Without employment and medical insurance, it becomes that much more difficult for women make it day to day let alone think of saving for retirement! Thanks for your comment.

  2. Roma says:

    Remarkable! Its actually remarkable article, I have got much clear
    idea on the topic of from this piece of writing.

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