Tuesday, April 22, 2008
Smart Financial Resources for Us Middle Aged Women
At the risk of beating a dead horse, I wanted to share a couple of items about, yes, women and financial security. I know, I KNOW I’m on this women and wealth kick. It’s because the more I learn, the more sobering it is. The very good news however, is it absolutely does not have to be that way. We have total power to do it differently. So, on I plunge…
First, a friend and I were chatting about some of the Money posts on the WomenBloom forums. My friend is in her mid 50s, single with two grown children, good job, divorced for about 15 years. She said she realized she hadn’t been as aggressive in her divorce as she should have been given that she still had two kids to raise and all. Her assumption was that, at 40, she had plenty of time to make up for her lagging income as a Mom and loss of husband’s income.
Wrong, she sees now. You don’t make it up. She and her hubbie were fairly amicable and she (here is Dr. Frankel’s assertion that most women equate money with relationship) didn’t want to make it hard on him. They are still amicable but she would do it differently today.
Consider these nuggets from WISER (Women’s Institute for a Secure Retirement):
• 3 out of 5 working women earn less than $30,000 a year
• 3 out of 4 working women earn less than $40,000 a year
• Half of all women work in traditionally female, relatively low paying jobs without pensions
• Women retirees have half the average pension benefits of men retirees
• Women earn .77 for every $1 earned by men – a lifetime loss of $300,000
WISER is a wonderful, absolutely wonderful resource on subjects about protecting yourself during divorce, caregiving, and social security. There is also a very helpful document by the Heinz Family Philanthropies, What Women Need To Know About Retirement.
There is so much information available to help us change the stats above. Let’s get to it!