5 Investing Resources for Women

Patti Fagan, Award-Winning Financial Coach

Women’s Equality Day was August 26th, but many women are stilled being paid less than men. This is one reason why I believe women need to create financial wellness by making their money work hard for them. A great article was published on Bankrate.com: 5 Investing Resources for Women (read it here) that I think […]

Why Should Women Save More Money?

Patti Fagan, Award-Winning Financial Coach

  Here’s a very well written article, 3 Reasons Women Should Save More Money, that spells out the challenges women face when it comes to saving for retirement. The author goes even deeper into explaining how these challenges keep women coming up short in retirement account balances by sharing hypothetical scenarios to illustrate the point. […]

How our retirement system discriminates against women

Ladies, Here’s an eye-opening article that talks about a major financial crisis we face as women. According to studies, we have a greater chance than men of living in poverty due to financial challenges that impact retirement savings. The article does a nice job of listing the key factors involved. Such as the longevity issue: […]

April is Financial Literacy Month – Why Financial Education Matters

Patti Fagan, Award-Winning Financial Coach

April is National Financial Literacy Month. What’s your plan for a safe and secure retirement? This Forbes article speaks to the need for hard-working Americans to make financial literacy a priority. It cites a gobankingrate.com survery, which states: 50% of Americans have less than $1000 in savings   What are these people supposed to do […]

The cost of healthcare for women in retirement

Patti Fagan, Award-Winning Financial Coach for women

As someone who is passionate about educating women about finances in retirement, I spend a lot of time reading articles online. This one, entitled Healthcare for Women: A Great Challenge in Retirement is a good one because it spells out the actual financial challenges women face in retirement, regarding healthcare costs. According to retirement experts, […]

New 2018 Contribution Limits for 401K and 403b Plans

FYI, the contribution limits on 401K, 403b and some 457 plans have increased for 2018 to $18,500 (up from $18,000 for 2017). If you’re over 50, you qualify for the Catch-up provision, so you get to contribute an additional $6,000 (for both 2017 & 2018). For my school teacher clients who have a 403b account […]

Will you have enough to retire?

Here's how you can find out

Saving for retirement

If you’re concerned about having enough savings to retire, you’re not alone. According to this article, 78% of Americans are stressed about saving for retirement. The financial services industry has done a poor job of teaching Americans what it really takes to retire, in terms of savings and financial protection. When thinking about how much […]

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.