At any age, health care is a priority. But when you retire, you should probably focus more on health care than ever before. This is especially true for women. Women live longer, develop certain chronic conditions (e.g., osteoporosis) at a higher rate than men, and are more apt to experience medical limitations that directly affect their daily activities.1 That’s why it’s particularly important for women to factor in the cost of health care, including long-term care, as part of their retirement plan. How much you’ll spend on health care during retirement generally depends on a number of variables including when you retire, how long you live, your relative health, and the cost of medical care in your area. Another important factor to consider is the availability of Medicare. Generally, you’ll be eligible for Medicare when you reach age 65. But what if you retire at a younger age? You’ll...
Continue readingFinancial Planning–Helping You See the Big Picture
Common Financial Goals Saving and investing for retirement Saving and investing for college Establishing an emergency fund Providing for your family in the event of your death Minimizing income or estate taxes Do you picture yourself owning a new home, starting a business, or retiring comfortably? These are a few of the financial goals that may be important to you, and each comes with a price tag attached. That’s where financial planning comes in. Financial planning is a process that can help you reach your goals by evaluating your whole financial picture, then outlining strategies that are tailored to your individual needs and available resources. Why is financial planning important? A comprehensive financial plan serves as a framework for organizing the pieces of your financial picture. With a financial plan in place, you’ll be better able to focus on your goals and understand what it will take to reach...
Continue readingHow Women Are Different from Men, Financially Speaking
Women today have never been in a better position to achieve financial security for themselves and their families. What financial course will you chart? It is important for women to educate themselves about finances, make financial decisions, seek professional help when needed, and implement plans to ensure that they and their families will have financially secure lives. Sources 1 The National Vital Statistics Report, Volume 60, Number 4, January 2012 2 U.S. Department of Labor, Bureau of Labor Statistics, Women in the Labor Force: A Databook, December 2011 3 U.S. Census Bureau, Current Population Survey, 2011 4 U.S. Department of Labor, “Women and Retirement Savings,” October 2008 5 U.S. Department of Labor, “Women and Retirement Savings,” October 2008; U.S. Government Accountability Office, “Retirement Security,” October 2007 We all know men and women are different in some fundamental ways. But is this true when it comes to financial planning? In a...
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