Girls Have Special Retirement Planning Requires | ApostolicCM ...

Converting retirement goals in to reality can be challenging-especially for women, who often must overcome exclusive, gender-specific hurdles to reach financial security.These difficulties include longer life expectancies and lower average earnings, support and custody, parent care than men. This group of articles explores these particular gender-based issues to assist women become better informed about retirement and economic planning.As more women have entered the workforce and their pay moves toward equality with men, women today have more opportunities to save and invest for retirement. But merely increasing women?s economic power will not always result in a higher quality of personal retirement planning, greater participation in retirement programs, a rate of savings or better investing.The details tell the story:oWomen stay longer-Statistically, ladies outlive males by an of about five years. That indicates they will have to save more because they will have more decades of retirement to fund.oWomen save less-The women?s average contribution rate is a few months vs. 2 months for men, according to the Ninth Annual Transamerica Business Retirement Survey (September 2008), while the savings rate for both men and women falls in short supply of the minimum suggested 10%. Only 10% of the women surveyed reported family retirement savings totaling over $100,000, compared to 29% of men.oWomen start saving later-Women hang retirement saving later in life than men, so they have less years to accumulate a retirement home egg.oWomen have less to invest-Generally, women have less to invest since, normally, they earn less than men.The poverty rate for all aged women is 13% according to the U.S. Census Bureau in 2008. However, the University of Michigan Retirement Research Center (May possibly 2003) discovered that for widows, divorced and never-married women, the rate jumps to more than 186. Too many rely on Social Security as their only source of income.Next, you?ll learn more about the pay differential between men and women-one of the main financial problems facing women as they arrange for the future.Women save yourself less because they earn lessDespite important accomplishments in the office, many women remain at a disadvantage when it concerns generating power. Regardless of what measure is used, women?s earnings usually remain below those obtained by men.According to the U.S. Census Bureau, the average earnings of full-time male workers was $43,460 in 2007. By the same measure, the median income for women was $33,437. However the gap between women?s and men?s earnings closed slightly. In 2007, the female-to-male earnings ratio was 0.78-higher than the past all-time-high of 0.76, first recorded in 2001.Various factors lead to these earnings differences:oWomen?s careers are interrupted more frequently for labor, daycare or elderly parent care. oEven women who gain entry into high-paying jobs can be at the mercy of these requirements punctually and attention. More women are typically utilized by osmaller companies with smaller payrolls than men. oFewer women than men are union members. oMore women than men choose not to work outside the home.For these reasons, it may be especially important for women to become informed about retirement and financial planning programs-and to participate in employer-sponsored retirement plans.Next, we shall examine the aggressive needs that several working women face-and often face alone: the treatment of children and elderly parents.The challenges of providing child and parent careWomen?s traditional role as caregivers for both children and elderly relatives often impose unique financial struggles and make it even more complicated to set aside income for the future.This is especially true for women who are custodial parents, determined by child support obligations that might or mightn?t be forthcoming. Based on the 2005 version of Child Support for Custodial Mothers and Fathers, an U.S. Census Bureau report, approximately 13.6 million parents had custody of children under 21 years of age. And five of each six custodial parents were women.Custodial parents are more likely than fathers to work in your free time and have the maximum requirement for child support. However, the Census Bureau study discovered that among the more than 11 million custodial parents, only 2.9 million were receiving the entire quantity of their court-ordered child support payments. Obviously, the unsupplemented burden of child and household assistance comes more often to women with single incomes-a undeniable fact that might have a damaging effect on retirement-planning efforts.Caring for the elderlyNearly one in four of the nation?s families is involved in caregiving to relatives or friends aged 50 or older. And about 75% of the caregivers are women. (Source: 101 Facts on the Status of Workingwomen, revealed in 2005 by the Business and Professional Women?s Foundation). The BPWF report also said that 27% of all caregivers are daughters of those receiving the care, and that female caregivers spend 50% more time delivering care than male caregivers.Further, according to the BPWF, used caregivers are more likely to miss work, lose a job or career opportunity or experience other bad economic effects.And then there?s the direct economic impact. Seniors living on a fixed income can have more difficulty paying electricity bills, medical deductibles, nursing home bills or home healthcare costs. When the aged parent works a little small, the sitter might be needed to make up the deficiency. Again, this can reduce the volume available to preserve for retirement.What girls can do to prepare for the futureFinancial planning starts with becoming informed about key economic issues. That?s not as difficult as it might sound, because it just takes time to learn up on funds in tons of personal financial management books and journals on the market.These guides explain the pros and cons of investments such as mutual funds, variable annuities, certificates of deposit (CDs), money market funds and other investments savings programs such as workplace retirement programs and Individual Retirement Accounts (IRAs) and the concept of risk management through life and long-term treatment insurance.Next, get a knowledge of money management. This involves checking your checkbook, determining where your money goes on a monthly basis, and finding approaches to minimize these outflows if the ways exceed your income. Budgeting is the most essential, most efficient way to straighten out balance income and outgo, discover bills that need to be lowered and provide a structure for managing your finances.Now is the time to start using the five-step retirement-planning process:oSet targets oAnalyze current budget oDevelop techniques oChoose particular investment alternatives oEvaluate and followup on your planThis method may help you decide how much money you?ll need at retirement and make decisions about how to start acquiring that money. For more information about financial and retirement planning for women, contact financial consultant, Andrew Brake @ 336-833-3066 or andrew.brake@valic.com.

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