The retirement income gap is currently 44 cents for women for every $1 that men will collect and it’s been well reported that more women than men will encounter financial hardship during retirement.
Although better educated than their mothers and grandmothers, today’s women are still not earning as much as men.
For many women their biggest fear is that they will be penniless and homeless in their old age and unable to afford food, shelter, and medical care.
Even if you leave everything in your will or trust to your spouse or children, if your mother is still named on the retirement plan or life insurance she will receive the proceeds.
According to the Employee Benefit Research Institute’s latest study on borrowing, more than 20% of participants have outstanding loans from their retirement plans.
You may think your credit report is perfect because you have never been late or missed any of your loan payments, but recent studies have shown that perhaps as many as 50% of all credit reports have errors in them.
We all do some really dumb things when it comes to our money, but sometimes it’s not what we do…it’s what we don’t do.
Almost 50% of Massachusetts residents have an emergency fund that will last them 3 months according to a study done by FINRA’s Investor Education Foundation.
Most investors don’t even realize they are in the wrong type of investment until it’s too late.
Ask any 65-year-old what they would have done differently and 90% will tell you that they should have started saving sooner!