Many women have not realized that now is the time to take control of your finances. For too long, a great number of you have relied on men, be it a husband or whatnot, to control your finances and help you plan for retirement. And the truth is, this line of thinking continues to this day.
Now is the time to put a stop to all that. Now is the time you take the wheel. Now is the time to realize that a successful retirement may very well hinge on your own ability to prepare. Let's take a look at a few facts that every woman should be aware of.
Fact #1: A longer life expectancy can have a huge effect on your retirement.
If you are a married woman, there is a good chance that your husband is older than you. In many cases, your husband may be several years older. More than a decade of difference isn't all that uncommon. Because of this, there is a good chance that when your husband passes away, he will do so several years ahead of you. This can mean a great deal to your retirement, as you will need to prepare for the long haul without your husband's guidance. In many cases, a widow will see her standard of living go down without proper planning.
The same goes for a single woman. The average lifespan is now close to 85, and you may find yourself living many years beyond that. While this is clearly a good thing, you must prepare for at least 30 years of retirement, just to be on the safe side.
Fact #2: A little knowledge can go a long way.
You can't beat a little education to help you get through life. When it comes to retirement planning, this is especially true. Whether or not you've been following your husband's lead and allowing him to control all of your finances or allowing a professional to handle things for you, it's time you educated yourself. Take the time to learn as much as you can about the financial products contained in your retirement portfolio. Ask questions. Maybe even take a few basic classes to help you understand anything you might be having trouble with. Finances can often be a bit difficult to understand for anyone, so never hesitate to educate yourself and stay informed.
Fact #3: Surveys back up the consensus.
If you follow the numerous financial surveys that are conducted each year, you'll find that retirement planning is a huge issue for women right now. One of these was conducted by the Society of Actuaries. Here are some facts that this survey unveiled, and they're not exactly encouraging:
-- Only 8% of female retirees are planning for the long haul, which can translate to a twenty year gap in finances. In turn, this gap translates to a large number of women who simply aren't prepared for their extended life expectancy without the benefit of a spouse.
-- For men over the age of 85, a total of 45% of them are widowed. For women, the number is nearly doubled at 85%. That number may be staggering, but it simply reinforces the need for a woman to know how to handle her finances into her later years.
-- 20% of men at age 65 are expected to need professional care for a number of years after their retirement. For women, the number is 30%. While this isn't a huge difference, it's large enough to be concerned.
Source: http://firstsecurityfinancialshow.com/blog/bid/142483/Women-Taking-the-Wheel
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