There are over 10 million female-owned businesses in America. These companies are generating more than $2.5 trillion dollars. Now more than ever, women need to take control of their finances.
Women are more financially successful than ever before!
But even with all this success women are still leaving their financial futures in the hands of men or ignoring it altogether. This needs to stop.
Women’s financial needs are actually different from that of men. Women face unique challenges that men don’t. For example:
1.) women live longer than men. on average 7 years longer so they need 20% more retirement income;
2.) women earn about 25% less than men;
3.) since women are still the primary caretakers for children, more women than men take time off to raise kids as well as care for aging parents, which results in lower total earnings, reduced Social Security benefits and less savings.
4.) because of motherhood, women save less money than men;
5.) women are more conservative in their investments;
I tell my clients it’s never too late or too soon to start planning your financial future. I often introduce them to a financial advisor to help them get started.
It is important to educate yourself. Take stock of your household finances, your income, your investments and your debts. Take a look at your social security benefits and what they will be when you retire.
You can use some of the retirement calculators on websites like MsMoney.com to calculate what you will need to retire.
Take the first step. Start today!