St. Augustine Woman's Journal - Educational Resource to the Women of St. Johns County Since 2009

Women's Focus on Financial Readiness

 

June 1, 2019 | View PDF



Why Do You Need a Financial Strategy?

• Life Changing Events

• Evolving Roles, Increased Responsibilities

• Financial Uncertainty, No Plan

Over the last 60 years, women’s role in the household has changed, where we see more women than ever in the workforce while representing the lion’s share of income for the family. Studies also show women are living longer and are more independent, but still lack the education to prepare for retirement.

Seven out of ten married women will become widows at an average age of 59.2 as well as a high divorce rate, in addition to women outliving men, means that 80% to 90% of women will be solely responsible for their finances at some point in their lives.1

Today’s Women

• 40% are their family’s primary breadwinner [2]

• 37% earn more than their husbands [2]

• 50% of working women are in management or professional occupations [3)]

• The 45-to-60 cohort have their own assets [4]

• Make up 50% of the individuals with investable assets of more than $500,0005

Women face unique retirement planning challenges. They typically live longer than men, may face financial challenges due to shorter work histories, and can often be the primary caretakers of their spouses as well as their parents when they fall ill. The average woman spends more than 17 years caring for children and 18 years assisting aging parents 2. While day to day issues may feel like more of a priority (debt, house purchase/payoff, kids/grandkids, emergency fund), an organized retirement plan helps women plan for their future and protect their families.

The following Six Steps are vital to Financial Independence:

• Cash Flow – A vital component to achieving financial independence by creating an increasing income stream on autopilot.

• Debt Management - A major obstacle to a sound financial future is consumer debt. It is very important to have a strategy how to reduce and eliminate it.

• Emergency Fund – A separate bucket of liquid cash for unexpected emergencies. This is a shield of protection for the rest of the plan should something unexpected happens, you do not have to raid your income or growth buckets.

• Proper Protection: A plan to protect yourself and protect the ones you love. The impact of rising health care costs can be significant. Are you prepared?

• Asset Accumulation – A method to grow and replenish your principal without excessive risk. If you are like a lot of people, you might be under the impression that once you retire you are basically done growing the majority of your money and now have to focus exclusively, and nervously for that matter on preserving what you do have so you don’t run out of money.

• Estate Preservation – The best person to direct the details of your life, assets, medical decisions and legacy is YOU and not the court!

I believe the following quote summarizes it quite nicely. Do not leave your future to chance. Contact me for free consultation at http://www.ShalaFinancial.com.

“Be Proactive - Living well is not a passive act. We’ve redefined aging, and most of us are entering our later years in much better shape and much more prepared than any generation before us. But I want all of us to prepared for later life, and that means making our health and well-being a greater priority”

– Martha Stewart, ‘Living The Good Long Life”

1https://www.statista.com/statistics/274513/life-expectancy-in-north-america

2PEW-Breadwinner Moms, Wendy Wang, Kim Parker, Paul Taylor, May ,2013.

3Catalyst.org, Statistical Overview of Women in the Workplace, March 2014.

4Sources: U.S Census Bureau, Allianz Life Insurance Report, “Women, Money and Power 2007 and 2008 study.

5Harvard Business Review, The Financial Services Industry’s Untapped Market, Sylvia Ann Hewlett and Andrea Turner Moffitt, December 2014

Investment Advisory Services offered through Sound Income Strategies, LLC, an SEC Registered Investment Advisory Firm. Shala Financial, LLC and Sound Income Strategies, LLC are not associated entities.

http://www.ShalaFinancial.com

352-207-7920 • [email protected]

 
 

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