PROBIZ International - Vol-1 Probiz File final | Page 35

a widow is 58 . 43 % of women over 50 say they are putting together a retirement financial strategy .
• Women in their 50 ’ s and 60 ’ s are at the height of their earning power .
• Two thirds of people over the age of 75 will suffer an illness or disability ; most of these individuals will be women . The average woman has less insurance coverage than the average man does , although her economic requirements are on average greater than those of men .
• Most women business owners , unlike their male entrepreneurs , tend
not to have inherited or bought an existing business .
• Women over 70 are twice as likely as men to live in poverty .
Solid proactive financial planning for women must address women ’ s gender specific realities and obstacles :
1 . The importance of a retirement plan reflecting the gender specific hurdles that must be overcome by women .
2 . Proper insurance planning and coverage is especially important for women , who will by and large work fewer years , accumulate less retirement pension
benefits and live longer than men .
3 . Women must become financially aware and seek professional financial planning advice . Publishing industry in the US has reacted to the quest for financial knowledge by releasing more than 200 books about financial planning for women in the past year .
Most women will face greater financial challenges than their male counterparts . The good news is that women ’ s attitudes toward investing are starting to change to reflect these glaring ec onomic realities . The even better news is that
Canadian women are beginning to recognize that they must work with the financial planning issues that confront them , in order to secure a happy and prosperous future for themselves and their dependents .
Women are the masters of their own financial destiny . We can no longer depend on the government , our partner , child ( children ) to sail our economic ship into a secure and prosperous sunset . Women must achieve financial security and success by being aware of where we are financially , where we want to go and how we can get there .
Test your financial status

The following financial test will provide greater clarity as to where your financial feet are planted . Remember that there are no wrong answers to this quiz , only proactive solutions to help you achieve security and prosperity . A self-diagnostic test to determine if you are on the right financial track : 1 . I do not know my monthly expenses and net worth . 2 . I do not have a proactive financial plan that addresses my goals and objectives and is inclusive of an investment plan , an insurance plan , a retirement plan and an estate plan . 3 . I have not addressed the most tax effective way that I can save money . 4 . I do not have a plan for putting money aside for investment each month . 5 . I do not have a will . 6 . I do not understand what taxes will be payable upon my death or understand what probate fees are . 7 . I do not know if I have the appropriate insurance coverage ( life , disability , med / dental , business , long term care , critical illness ) nor do I know if I am getting the best insurance rates . 8 . I do not have insurance to cover medical and service costs in my golden years ( critical illness and or long term care ). 9 . I do not know what my retirement plan will be worth when I retire or how much money I will need post retirement to live the lifestyle I desire . 10 . I do not know what my legal rights / obligations are in terms of my business associates or my life partner .

Conclusion , as per your replies : 0 True – Congratulations . You have a proactive financial plan for prosperity . 1-2 True – Pay attention to the red flags you have circled . Your personal financial plan needs to be revisited . 3-5 True – You do not have a financial plan in place and if you continue on this path expect to go down the road to financial trouble . 6 + True – You are in imminent danger of financial problems . Get help now ! Fail to plan = plan to fail
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