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, […]

Women & Retirement: How to guarantee financial peace of mind

Women & Retirement: How to guarantee financial peace of mind

Things do not get better by leaving your finances alone. In fact, my experience is that the longer you ignore your financial circumstances, the worse things gets. I’ve personally experienced the stress of financial struggle. I’ve also observed it in people I’ve worked with. There’s absolutely nothing more grueling than dealing with financial hardship. On the flip side, […]

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 […]

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 […]