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Transcript of Women
Women and their FinancesTaking Charge of Your Financial Future
Presented by Janet Barr CFS, MS, ChFC, CLU
Charting a Financial Course
Today, it's critical that women know
how to SAVE, INVEST, and
PLAN for their future
Reasons for Optimism
Women today have never been in a
better position to achieve financial
security
Women represent almost half the workforce
Percentage of household income earned by women steadily increasing
Women-owned businesses growing Women earn the majority of all
bachelor's, master's, and doctoral degrees
Economic clout growing
Source: U.S. Department of Labor, Bureau of Labor Statistics, Women in the Labor Force: A Databook, 2011; National Women’s Business Council, Women-Owned Firms in the U.S., January 2012; U.S. National Center for Education Statistics, Digest of Education Statistics, 2012
Potential Financial Challenges
Women often face financial
challenges that their male counterparts
don't
Women have longer life expectancies
Women generally earn less income and have less savings
Women are more likely to take career breaks for caregiving
Women often invest too conservatively
Source: National Vital Statistics Report, Volume 61, Number 6, October 2012;U.S. Government Accountability Office, Retirement Security: Women Still Face Challenges, July 2012; U.S. Department of Labor, Women and Retirement Savings, October 2008
Women Have Longer Life Expectancies
Women live an average of 4.9 years longer than men
Retirement dollars will need to stretch further
More likely to need long-term care and face some health-care needs alone
Married women likely to have sole responsibility for financial decisions and disposition of marital estateSource: National Vital Statistics Report, Volume 61, Number 6, October 2012
Women Generally Earn Less
Women who work full-time earn 81%--on average--of what men earn
Impacts savings, Social Security retirement benefits, and pensions
Increased vulnerability to unexpected economic obstacles: job loss, divorce, single parenthood, illness, loss of spouse
Source: U.S. Department of Labor, Bureau of Labor Statistics, Women in the Labor Force: A Databook, 2011
Women More Likely to Take Career Breaks for Caregiving
Lost income and employer benefits
Potentially lower Social Security retirement benefit
Economic vulnerability in event of divorce, spouse's job loss
Possible difficulty finding a comparable job
Flexible schedules can impact salary and career advancement
No One-Size-Fits-All
Not all women will face all of these
challenges, but it's important to
move forward financially with them
in mind
Take Charge of Your Financial Future
1. Take control of your money2. Become a more knowledgeable
investor3. Advocate for yourself in the
workplace4. Plan for retirement5. Protect your income and assets6. Create an estate plan
Working with a Financial Professional
Help you see big picture Create a financial plan Choose investment options for
short- and long-term needs Monitor plan and adjust as
needed Keep you up-to-date on new
legislation and tax changes Answer questions
What Financial Course Will You Chart?
It's all about you. Your goals. Your dreams.
Disclaimer
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly. The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.