Here’s why I care about Financial Wellness for Women

Happy National Financial Wellness Month!

Patti Fagan, Award-Winning Financial Coach

  Even though women are well educated and have successful careers, studies show they lack confidence in financial and retirement planning. Add to that the fact that, for women, money is emotional. We don’t see it as just a transaction as men do. Which has a tendency to make us feel incompetent when talking about […]

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.

 

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 […]

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 […]

Baby Boomer Women Wish They Saved More Money

Here’s one way you can start saving like crazy

Baby Boomer Women Wish They Had Saved More Money for Retirement

If you’re a baby boomer woman and you feel like you’re behind in your retirement savings, you are not alone. According to The Allianz Women, Money and Power Study (2007), 62% of women wish they had done more to prepare for their retirement. More than half (55%) wish they had saved more money and had […]

When it comes to retirement planning women shouldn’t wait

Patti Fagan Award-Winning Financial & Life Coach for Women

Baby Boomer women have a message about retirement planning that younger women should pay attention to. According to a recent study: 53% of baby boomer women are concerned about outliving their sources of retirement income, and 28% of baby boomer women don’t think they can afford to retire. (The Allianz Reclaiming the Future Study, 2010) […]

Women & Retirement – Helping Women to Not Outlive Their Money

Women & Retirement – Helping Women to Not Outlive Their Money

Ladies, do yourself a favor and watch this segment of Money Watch. It discusses why retirement planning is a bigger concern for women than it is for men. This is something I’ve been trying to tell women for years. What a lot of women don’t realize is that there are a number of social-economic factors […]

Long Term Care is a Woman’s Issue – Part 2

Long Term Care is a Woman’s Issue – Part 2

As I’ve stated before, Long Term Care is a woman’s issue. A sensitive element to consider regarding long term care coverage is the primary care factor, which negatively impacts women’s financial security. The Primary Care Factor Studies on women, retirement and caregiving abound and what they point to is the tendency for women to take […]