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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