A Woman’s Financial Reality

October 10, 2017
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Your financial future is up to you … and no one else.

Will this be your future? Did you know that 30% of American women age 65 and older rely on Social Security for 90% or more of their incomes? Did you know that SSI represents virtually the only source of income for 36% of unmarried, divorced or widowed American women who are 65 and older?  With inflation and other economic pressures, a mature woman relying on Social Security income may have to choose between food or medicine, or rent or car repair, or contend with other stressful money dilemmas.

How much do you know about personal finance? The more knowledge you have, the more action you can take to define and pursue your financial goals and build retirement savings. You can also respond to a few financial realities common to women’s lives.

Can you keep saving & investing even when you’re not working? On average, women spend 12 fewer years in the workforce than their male counterparts to spend more time parenting and/or caregiving. This means the average woman misses 12 years to pour steady money into that 401(k), 403(b) or IRA. Even more importantly, it means 12 years without compounding interest for that money.

Women live longer. Department of Health & Human Services statistics show women living about six years longer than men on average. The reality unnoticed in these numbers is that many women will live on their own for a decade or more after being widowed.

At work, many women are worth more than the salaries they receive. Some women are reluctant to negotiate a better salary for themselves. Will it upset the equilibrium at the office? Will it be seen as too aggressive? The answers here are probably “no” and “no.” It takes confidence (and it may take a little research) to affirm your professional worth in front of your boss – and it should be done.

A rich spouse does not equal a retirement plan. It is nice to have a spouse whose wealth allows you freedom from financial worries. Yet even if you are blessed with a rich and attractive mate, there is no telling where that mate (and that money) might end up someday but for fate.

How do you plan to arrange a comfortable future for yourself? If you don’t want to end up dependent on Social Security, then see that you have the financial education that will let you make major money decisions with confidence. Study fundamentals of investing and read up on the basics of retirement and estate planning. Follow up by meeting with a financial consultant who can help you put a strategy into action.

At HFG Wealth Management, we embrace a method of financial planning known as Financial Life Planning™. We believe this is a financially effective and personally rewarding approach to creating a practical, lasting financial plan. As financial professionals using the life planning approach, our purpose is to assist individuals and families in creating a long-term vision that is consistent with their core values. At HFG we recognize that life events and life transitions can impact your financial responsibilities and your vision of the future. We are here to provide you with tips and strategies to get you started and help you reach your financial and life goals at every stage. For more information, please visit www.hfgwm.com or call 832.585.0110.

   

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Copyright © 2017. HFG Wealth Management, LLC. Investment advisory services offered through HFG Wealth Management, LLC – An independent Registered Investment Advisory firm registered with the SEC. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Therefore, any information presented here should only be relied upon when coordinated with individual professional advice. [ more disclosures ]