Girls Have Special Retirement Planning Requires - Latest Film ...

Translating retirement dreams into reality may be challenging-especially for unique, gender-specific hurdles must be often overcome by women, who to achieve economic security.These problems include longer life expectancies and lower average earnings, support and child custody, parent care than men. This number of articles examines these unique gender-based problems to enable women become better informed about retirement and financial planning.As more women have joined the workforce and their pay moves toward parity with men, women now have more chances to invest and save for retirement. But simply growing women?s financial power won?t necessarily result in a higher quality of individual retirement planning, greater involvement in retirement programs, a price of savings or wiser investing.The facts tell the story:oWomen live longer-Statistically, girls outlive men by an of about five years. That suggests they will have to save more because they will have more years of retirement to fund.oWomen save less-The women?s typical contribution rate is a few months vs. 2 months for men, based on the Ninth Annual Transamerica Small Business Retirement Survey (September 2008), although the savings rate for both women and men falls short of the minimum recommended 10%. Only 10% of the women interviewed reported house retirement savings totaling over $100,000, compared to 29% of men.oWomen start saving later-Women postpone retirement saving later in life than men, so they have fewer years to accumulate a retirement home egg.oWomen have less to invest-Generally, women have less to commit since, typically, they make 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 2003) found that for widows, never-married and divorced women, the rate jumps to more than 18. Also many depend on Social Security as their main source of income.Next, you?ll find out more about the pay differential between men and women-one of the key economic difficulties facing women as they policy for the future.Women save less because they generate lessDespite major successes in the office, many women are still at a disadvantage when it comes to gaining power. Irrespective of what measure can be used, women?s profits normally remain below those received by men.According to the U.S. Census Bureau, the mean earnings of full-time male workers was $43,460 in 2007. By the same measure, the average income for women was $33,437. However the difference between women?s and men?s earnings closed somewhat. In 2007, the female-to-male earnings ratio was 0.78-higher than the previous all-time-high of 0.76, first recorded in 2001.Various factors contribute to these earnings differences:oWomen?s careers are interrupted more often for childbirth, childcare or aged parent care. oEven girls who gain entry in to high-paying jobs could be at the mercy of these demands on time and attention. More women are typically applied by osmaller businesses with smaller payrolls than men. oFewer women than men are union members. oMore women than men choose not to operate outside the home.For these reasons, it may be especially significant for women to become informed about retirement and financial planning programs-and to take part in employer-sponsored retirement plans.Next, we will discuss the competing requirements that many working women face-and often experience alone: the care of children and elderly parents.The difficulties of providing child and elder careWomen?s traditional role as caregivers for both children and elderly relatives often enforce specific financial challenges and make it difficult to put aside money for the future.This is especially true for women who are custodial parents, influenced by child support obligations that might or might not be forthcoming. In line with the 2005 edition of Son or daughter Support for Custodial Fathers and Mothers, an U.S. Census Bureau report, around 13.6 million parents had custody of children under 21 years of age. And five of each six custodial parents were women.Custodial mothers are much more likely than fathers to work part time and have the greatest dependence on child support. Nevertheless, the Census Bureau study found that among the more than 11 million custodial mothers, only 2.9 million were receiving the whole level of their court-ordered child support obligations. Obviously, the unsupplemented problem of son or daughter and home help falls more regularly to women with simple incomes-a idea that may have a destructive impact on retirement-planning efforts.Caring for the elderlyNearly one in four of the nation?s households is engaged in caregiving to family members or friends aged 50 or older. And about 75% of those caregivers are women. (Source: 101 Facts on the Status of Workingwomen, revealed in 2005 by the Business and Professional Women?s Foundation). The BPWF document also said that 27% of all caregivers are children of those receiving the care, and that feminine caregivers spend 50% more time giving care than male caregivers.Further, according to the BPWF, employed caregivers are more likely to skip work, lose employment or career opportunity or knowledge other negative economic effects.And then there is the direct economic impact. Seniors living on a fixed income might have more trouble paying electricity bills, health-related deductibles, nursing home bills or home health fees. When the aged parent goes a little short, the caregiver may be required to constitute the weakness. Again, this can reduce the volume available to save for retirement.What women can do to prepare for the futureFinancial planning starts with getting educated about key financial issues. That is not as hard as it may appear, because it just takes some time to learn up on finances in tons of personal financial management books and magazines on the market.These textbooks describe the pros and cons of investments such as mutual funds, variable annuities, certificates of deposit (CDs), money market funds and other investments savings applications such as workplace retirement programs and Individual Retirement Accounts (IRAs) and the idea of risk management through life and long-term treatment insurance.Next, attain an understanding of money management. This requires tracking your checkbook, identifying where your money goes every month, and finding ways to minimize these outflows if they exceed your income. Budgeting is the most basic, most efficient way to sort out balance income and outgo, identify expenses that need to be lowered and give a framework for controlling your finances.Now is the time to start applying the five-step retirement-planning process:oSet goals oAnalyze present financial position oDevelop tactics oChoose certain investment options oEvaluate and follow up on your planThis approach can help you determine how much money you?ll need at retirement and make choices about how to start accumulating that money. For additional information about financial and retirement planning for girls, contact financial expert, Andrew Brake @ 336-833-3066 or andrew.brake@valic.com.

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