They say ‘the hand that rocks the cradle rules the world,’ but when it comes to retirement planning, at least one survey has found that a number of women are not having their say.
In “Why Mothers Should Play a Bigger Role in Family Finances,” Forbes.com reported on a MoneyRates.com poll that found that in families where one spouse takes the lead on spending, husbands tend to be in charge of financial planning and decisions. (In a little more than half of the households surveyed, spouses shared responsibility for financial decisions).) [continue…]
CNNMoney observes that retirement planning “often goes by the wayside when your marital status changes” and cites some sobering statistics about what happens when a person divorces or must deal with the death of a spouse. The loss in income for women after such life events is often steep:
“Women often find themselves especially pressed: Household income drops 41% for women after a divorce and 37% in widowhood, compared with under 25% in both cases for men, according to a report by the Government Accountability Office.” [continue…]
The East Oregonian examined a recent Prudential Financial study entitled: “Financial Experience and Behaviors Among Women.” While it is true that ” the need for retirement security cuts across all social, gender and ethnic lines,” the article highlights the ways in which your age and cultural background may influence your financial planning decisions.
When you are examining your finances and working on retirement planning, you need to work with someone who is willing to listen and consider your particular needs: consider a Fee-Only financial advisor. Fee-Only financial advisors take an ethical, all-inclusive approach to your financial future. They are without commission-related conflicts of interest and dedicated to providing you with options and opportunities that are the right fit for your needs. [continue…]
While some women are hesitant to get into investing, there are others who feel nervous about taxes. If you didn’t know, taxes and financial planning go hand in hand. When you are in control of your finances, you lessen the chances of being surprised at tax time. And if you don’t have time to keep up with all of the nuances and changes to federal tax law, why not work with a Fee-Only financial planner who can keep you informed of how these changes may affect you? [continue…]
“Girls Just Wanna Have Funds,” a Wall Street Journal article, discusses how women have made strides in many areas of society but remain hesitant about investing. However, the article points out ways women can use their weaknesses and strengths to their advantage when it comes to financial planning and investing.
Lower confidence: What some women lack in confidence, they make up for in caution: “When they do invest, their humility and caution make them far less likely than men to trade excessively or to take outsize risks, which can benefit them in the long run. [continue…]
While financial planning and managing a household budget may come naturally, many women hesitate to get into investing. This is a shame because women might have fewer worries about their budgets if they were doing something to grow their money.
One reason many women don’t consider investing is a lack of female financial role models and since March is Women’s History Month, we’d like to highlight one financial role model. Once known as both the “Queen of Wall Street” and the “Witch of Wall Street,” Hetty Green is known but nowhere near as famous as her male contemporaries, although her savvy investments earned her millions. Last year, The Washington Post published an article about The Richest Woman in America by Janet Wallach, a book about this very rich and eccentric woman. [continue…]
Women need to make sure they are sufficiently engaged in financial planning.While people certainly do not always fit into generalizations about their gender, the results of a Prudential biennial study indicate that some women are not taking responsibility for their financial wellbeing. Seek the help of a Fee-Only financial planner if you are not certain that your finances are in order.
According to Prudential’s most recent Financial Experiences and Behaviors Among Women (as reported in The Powdersville Post): [continue…]
If you are married or live with your partner, your financial planning should involve your spouse, but for various reasons, a number of people find it difficult to be honest with a partner about money and spending.
In “Financial infidelity has its costs,” USA Today looked at the results of a survey with conflicting messages: “Sixty-three percent of men and 70% of women said they think honesty about money is as important as remaining monogamous.” and yet, “Lying to a partner about money was admitted by 56% of women and 37% of men in the poll.” We prize honesty in theory but are not always able to behave honestly in real life. [continue…]
The results of Genworth Financial’s 2012 State of Planning Survey as reported by reversemortgagedaily.com indicate that many women who have been caregivers for a loved one have not themselves initiated financial planning for their own long term care.
Thirty-eight percent of the adults ages 45-54 surveyed who had not cared for a loved one were concerned about retirement planning, as opposed to twenty-three percent of those who had helped an elderly loved one. And of the Americans who did not have plans for long-term care, a vast majority were women. So, women who had been by the side of a loved one who may or may not have planned well as they aged, were not inspired to make arrangements for themselves. [continue…]
Jean Chatzky is known for her approachable advice on financial planning and often shares tips that she thinks will be particularly helpful for women. Martketplace.org published a list of her “Top 5 Money Rules for 2013“:
“If You Don’t Ask for Money, The Answer Will Always Be No”
As an example, Chatzky notes, “In 2011 “newly-trained female doctors earned salaries that averaged $17,000 less than newly-trained male doctors.” and says it had little to do with their specialties or requests for flexible hours. It had everything to do with women not requesting more pay. However, she adds, “Whether you’re a woman or a man, you have to ask for the money you want.” [continue…]