and low earnings, assuming there is any social security left at our retire- ment, it will be less than our male counterparts. Because of shorter careers and possible lower incomes, a significant proportion of women currently do not receive enough in Social Security benefits to meet even their basis needs. The Social Security Administration ( SSA, 2011) reports that average annual Social Security income received by women 65 years and older were $12,155 in 2009. These combined factors put many women at high risk for poverty as they age, especially if they do not prepare accordingly.
Long-term health care needs Long-term health care is an issue con- cerning many women. It has been said that long-term care needs hit women twice; first in providing care to parents or other loved ones, and then later in life when women need long term care for themselves. Not only are women more likely to be the recipients of long- term care but they are also more likely to be caregivers than men. Women make up about 75 percent of nurs- ing home residents, and seven out of ten unpaid caregivers are women. It is important for women to plan early for long-term care, so the high cost does not threaten their financial security.
Financial Confidence According to Women & Co, a division of Citi, 65% of women think talking about money socially isn’t nearly as taboo as it was pre-recession, but overall confidence is still lower than men. Women often are poorly in- formed about financial matters. If married, women tend to delegate financial decision-making to their husbands (I’m not saying this hap- pens all the time — but it’s common). When women absent themselves from financial decision-making, they suffer if their husbands die suddenly. Often women don’t know where key financial accounts are held or what kind of planning their husbands may have had in place for them. Newly widowed women are especially vul- nerable. Developing financial confi- dence starts with seeking a financial professional to help you in building your knowledge and supporting you with your goals. It’s never too early or too late to take control of your finan- cial future. Financial confidence looks fabulous on every woman.●
Joyce Palmer, Managing Partner & CEO JP Financial Group LLC
6000 Fairview Rd Ste 1200, Charlotte NC 28210 704 543-6269 (office) / 704 493-0279 (cell) 888 600-0481(fax)
www.jpfinancialgroupllc.com
www.womanwithknowhow.com MARCH 2012 13
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