What Do We Do Next? ? Girls Have Special Retirement Planning ...

Converting retirement goals in to reality could be challenging-especially for unique, gender-specific difficulties must be often overcome by women, who to reach economic security.These issues contain longer life expectancies and lower average earnings, infant custody and support, elder care than men. This series of articles explores these particular gender-based issues to aid women become better informed about retirement and financial planning.As more women have entered the workforce and their pay goes toward equality with men, women today have more opportunities to invest and save for retirement. But merely increasing women?s economic strength will not always result in a higher quality of personal retirement planning, greater participation in retirement plans, a rate of savings or better investing.The details tell the story:oWomen stay longer-Statistically, females outlive males 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 men and women falls short of the minimum recommended 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, 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 possibly 2003) discovered that for widows, never-married and separated women, the rate jumps to over 18%. Too many depend on Social Security as their main source of income.Next, you?ll learn more about the pay differential between men and women-one of the key economic problems facing women as they policy for the future.Women save less because they earn lessDespite important accomplishments in the office, many women are still at a disadvantage when it comes to generating power. Regardless of what measure is used, women?s profits normally remain below those obtained 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 gap 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 frequently for childbirth, childcare or elderly parent care. oEven women who gain entry in to high-paying jobs could be at the mercy of these demands punctually 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 work 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 aggressive requirements that several working women face-and often experience alone: the treatment of children and elderly parents.The difficulties of providing child and parent careWomen?s traditional role as caregivers for both children and elderly relatives often enforce specific financial struggles and make it difficult to put 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. 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 parents are more likely than fathers to work in your free time and have the maximum requirement for child support. Nevertheless, the Census Bureau study found that among the more than 11 million custodial mothers, only 2.9 million were receiving the entire quantity of their court-ordered child support obligations. Obviously, the unsupplemented problem of child and home help comes more regularly to women with single incomes-a undeniable fact that might have a damaging impact on retirement-planning efforts.Caring for the elderlyNearly one in four of the nation?s families is involved 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 report also said that 27% of all caregivers are children of those receiving the care, and that female caregivers spend 50% more time giving care than male caregivers.Further, according to the BPWF, used caregivers are more likely to skip work, lose employment or career opportunity or experience other bad economic effects.And then there is the direct economic impact. Seniors living on a fixed income can have more trouble paying electricity bills, health-related deductibles, nursing home bills or home health fees. When the aged parent goes a little small, the caregiver might be required to constitute the deficiency. Again, this can reduce the volume available to save for retirement.What women can do to prepare for the futureFinancial planning starts with becoming informed about key economic issues. That is not as difficult as it may appear, because it just takes time to learn up on funds in tons of personal financial management books and journals on the market.These magazines 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 a knowledge of money management. This involves tracking your checkbook, identifying where your money goes every month, and finding approaches to minimize these outflows if they exceed your income. Budgeting is the most essential, most efficient way to sort out balance income and outgo, establish charges that need to be lowered and give a structure for controlling your finances.Now is the time to start applying the five-step retirement-planning process:oSet targets oAnalyze present budget oDevelop techniques oChoose particular investment alternatives oEvaluate and followup on your planThis approach can help you determine 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 girls, contact financial expert, Andrew Brake @ 336-833-3066 or andrew.brake@valic.com.

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