Boomer Women and their Financial Future.

By Kim Kirmmse Toth

What is one of a boomer woman’s worst nightmares? Being a ‘bag lady.’ Have you ever worried about that? Even if it’s not to that extreme, it is not unusual for a woman to worry about her financial future.

Here are some tips on what not to do:

• Expect an inheritance
• Expect your husband will take care of everything financial
• Expect your husband even understands everything necessary for a safe financial future
• Expect that if your husband passes away you will be fine financially
• Expect that the two of you will stay married till you both die
• Expect that if there is no husband, that surely ‘prince charming’ is coming
• There are many, many more

Sadly, too many women do not take the time to educate themselves about money, investments or other financial necessities until there is a sense of urgency upon them. Are you one of these women? Do you want to be one of those women who must keep working well into your 70’s just to make ends meet?

There are many reasons women struggle in their retirement years. Losing years of employment by being a ‘stay at home mom’, not building a 401k, not building social security, getting divorced, not collecting child support, caring taking a parent so work is interrupted or slowed, being widowed and, in general, not investing in your financial future. Women also have a tendency to invest more conservatively than men and receive lower rates of return from their investments over time.

Is there a way, this far down the road, to repair the damage or create a more desirable nest egg? Yes indeed…with some fortitude and planning.

Here are some tips on what you can do:

• Get yourself out of debt. Pay off your credit cards sooner rather than later.
• Invest money every single month, even while you pay down your debt.
• Find an honest, recommended money manager. Do your homework.
• Educate yourself. Join an investment group. Read financial magazines and books.
• Do work that you love so that it’s meaningful, purposeful and pays you.
• Depend on no one except for yourself.

There is a way to create a safe financial future, but it won’t come automatically. You must take charge, be responsible and proactive. It’s your future after all!! Kim Kirmmse Toth is a strengths based coach who works with boomers on transition. These may include re-crafting or re-careering so the work is a joy and not a dread. Go to www.redhotretirement.com and sign up for her free Top Ten Retirement Secrets!

Kim Kirmmse Toth is a strengths based coach who works with boomers on transition. These may include re-crafting or re-careering so the work is a joy and not a dread. Go to www.redhotretirement.com and sign up for her free Top Ten Retirement Secrets!