DO I NEED TO READ THIS EIGHT PART SERIES?

How do I establish my own financial identity?

Married or Single, do I want to make certain I have all my finances covered?

What are the provisions that I should concern myself with about my pension plan?

If needed, how do I choose a financial advisor?

Should I have a separate will apart from my husband?

What are the financial ramifications of marrying again?

Do I understand the concepts of Joint Tenancy, Tenancy in Common and Community Property?

What emotional factors enter into money matters?

How can I insure a secure future for myself?

HOW DOES FINANCIAL PLANNING DIFFER FOR WOMEN?

Before we begin, let me make one thing specifically clear. If you are married, there will be a 100% chance that your marriage will end. It just depends on whether it will be by divorce or death.

ON BEING DIVORCED:

Approximately one-half of all marriages will end in divorce. In California, the rate is higher, diverse quicker and is probably the reason that some wedding photographers use Polaroid cameras at the event. I do not mean to depress but facts show that about 30% of divorcing women are entitled to financial support from their ex-spouses (that figure includes child support) and of these women, a third of them may never see the money that is due them. About half of the male population over the age of 65 receive a pension while women of the same age constitute only a third.

ON BEING WIDOWED:

Nearly 80% of married women (that is 8 out of 10) will become widows and remain in that situation for over a decade. Women constitute over 70% of the elderly with some near poverty levels. Why? With all the progress in the workplace and more to come, women still generally earn 20% less than men. Also, because women tend to change jobs more frequently - they miss out on vested pension and other benefits, since many employers require a minimum years of service before benefits accrue. At the same time, because of their role as primary caretaker of child(ren) and often elderly parents, women are out of the workforce on average of ten years over a lifetime compared with sixteen months for their male counterpart which may result in lower income and limitations for promotions. And don’t forget that salary is the basis for determining the level of Social Security and employer benefits.

THOUGHT OF THE WEEK

“Treasure the love you receive as it will survive after your wealth and health have been spent.”