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Because women have special needs, it is important for women in particular to take the time to manage your money well.
1. "You may have to manage on less money than your male counterparts since women, in every occupational field earn less on average than men. Some fields show greater wage differentials than others , but a woman, on average, earns about 7 0 cents for every $1.00 earned by a man." 2. "You will probably live longer than men your age . . . an average of abou;seven years longer, according tto actuarial tables . . and will have to provide for a longer old age. You are likely to spend those years alone, because women outnumber men three to two in the over 65 age group and by nearly two to one amoung those over 75. In 1991, 36 percent of women between the ages of 65 and 74 were widowed Once women reach the age 85, four out of five are widowed against slightly more than two out of five men." 3. "Your pension and social security benefits are likely to be less than a man's because you've probably been in and out of the work force while you took time to raise your children. Women are working more years than ever before, but the average woman still takes more than eleven years off for caregiving. Many women, morever, work in sales and service positions that often do not offer pension programs." 4. "If you are married and earning your own income, you will have to choose between social security retirement based on your own earnings and social security retirement benefits based on your husband's earnings. You may choose the larger of the two benefits, but you may not have both. Many wage- earning women find that social security pays them no more benefits than they would have received if they had never worked outside the home." 5. "The social security benefits you receive on your husband's earnings record may be inadequate. Under current social security provisions, wives of retired workers are entitled to up to 50% of their husband's benefits. Widows may receive 100% of their husband's benefits. Both are calculated earlier are actualrially reduced." 6. "If you separate from your spouse and have not worked outside the home, you will be particularly in need of Go To Page: 1 2
The copyright of the article Financial Planning for Women - II in Women in Politics is owned by . Permission to republish Financial Planning for Women - II in print or online must be granted by the author in writing.
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