How women take charge in their 40s, 50s and 60s

How women take charge in their 40s, 50s and 60s

In today’s world women are continuing to become the major breadwinners of their families. Women are becoming more knowledgeable about finances, becoming more confident managing their own investments and talking more openly about money with their kids, colleagues and peers. I recently came across an article that talks about how more women are taking the […]

Women’s Retirement Income Takes Another Hit

New York Times
December 19, 2017

Women lose time in the workplace because of their roles as caregivers.

Here’s an interesting article that talks about the financial consequences women face when they take time out of the workforce to care for aging parents. It is about to become even worse for women. Think about this: For the most part, women are the caregivers of young

children at home, and now overwhelmingly they have been the caregivers of our parents.

 

That means their Social Security benefits and retirement benefits are diminished because they have much less time in the “paid” workforce.

 

According to the American Time Use Survey, twenty-five percent of women age 45 to 64 and fourteen percent of women age 35 to 44 are caring for an older relative.

 

Genworth Financial found caregivers were providing twenty or more hours per week of care giving. By 2030 one out of every five Americans will be over age 65; that means the need for care giving will only increase.

Another study found that Baby Boomers will need, on average, three years of long term care.

One in five will need up to five years of care. If these Boomers have no long term care insurance policy in place to provide benefits for care, it will be left to wives and daughters to provide “free” care, which ultimately equates to lower retirement income.

 

Caring for loved ones will cost women. This is just one of the challenges we face in terms of financial security in retirement.

Check out the article.

 

How to Set Goals and Grow Rich

28 Self-Analysis questions from Napoleon Hill's Think & Grow Rich

Set Goals and Grow Rich

This is the time of year when I like to set aside a chunk of time to be alone and do some introspection about what I want to happen in the upcoming year.   In fact, that’s exactly what I did this past week. I hung out all alone in my office, journaling, planning and […]

Are you a Woman Who Nurtures Too Much?

Are you a Woman Who Nurtures Too Much?

Women are notorious for putting other people’s needs before their own. Some more than others. But constantly putting the wellbeing of others before your own is a classic avoidance behavior that prevents women from achieving their own potential. Especially where finances are concerned. Constantly giving away too much of your time, energy and resources leaves […]

How Your State of Mind Directly Affects Your Money Habits

Patti Fagan, Award-Winning Financial Coach & Blogger

Financial institutions are finally starting to realize that for women, money is emotional. Women instinctively already know this. But the problem is that but we’ve been made to feel that being emotional is weak. We haven’t felt supported in acknowledging our emotions when it comes to finances. Increasing self-awareness around our emotions about money will […]

What Thought Leaders are Saying about Retirement Reality for Women

Patti Fagan, Award-Winning Financial & Life Coach

  Studies show that women who work with a financial professional to create a plan for their financial security are better prepared for retirement. Studies also indicate that while women have a desire to increase their knowledge of finances and retirement planning, they don’t take action. I believe one reason is because the financial services […]

Why Women Need to Create a New Relationship with Money

Plus 4 Baby Steps to Get Started

Why Women Need to Create a New Relationship with Money

  There is a growing body of evidence that suggests women face unique money challenges in retirement. The Allianz Women, Money and Power Study (2103) points out that despite their rising income, American women still have unmet needs when it comes to financial literacy and confidence with money. Apparently women are hungry for more knowledge […]

Single Women and Retirement

Why you need a financial team

Single Women and Retirement

  Sometimes single women can feel overwhelmed by the fact that their financial security is their sole responsibility. If this describes you, just know that you’re not alone. For women, money is an emotional topic. Which means it can feel overwhelming at times. But it does not have to be like that. Studies show that […]