WOMEN STILL FACE FINANCIAL CHALLENGES

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Even though women live longer than men, yet 80% take their Social Security at age 62 when it provides the least benefit!   That choice also reduces their cost-of-living increases because they started with a smaller income.  When you compound the lost income over a lifetime, it’s a bunch of bucks.

There’s a hidden whammy in there, too.  It’s often the woman that becomes the irreplaceable caregiver.  When they have children, many reduce their schedule and income resulting in fewer Social Security credits.  They’re also the ones who often leave the workforce to care for disabled or elderly parents.

According to a recent study, women were found to be short of retirement goals to a much greater degree than men.  The math indicates they need to save 26% more just to get even!

Maybe the question shouldn’t be whether you want to get rich.  Maybe it should be whether you’d rather have a guarantee that you’d never be poor!

Much retirement planning is flawed.  If you’d like to learn why, you might enjoy this webinar I created some time ago.

Jim

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Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.  IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

Opinions expressed are those of the author.  The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

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Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.

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