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AGS
FINANCIAL SERVICES |
Gary
F. Restall |
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Women
need not live in
poverty
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I
just read a survey
commissioned by
SunAmerica and the
Teresa & H. John
Heinz III Foundation
which indicates that
very few of the women
polled know how to
adequately plan for
retirement, that many
haven’t saved a
penny, and that many
fear they will live
their golden years in
poverty. Such
findings were taken
from a survey of
1,000 women, ages 25
- 55.
There may be hope for most of them IF they want.... In the survey, 61% of all women polled report they usually have little to no money left after paying bills to save for retirement. Minority women seem to fare even worse. Almost half of all women expect to have to take on a job to support themselves in retirement and that they will live at or near the poverty level because they cannot adequately save for retirement. Seventy-two percent of all women polled said they "don’t know a great deal" about planning for retirement and 59% of them said they have never calculated what they would need to save to maintain their current lifestyle in retirement. In another article, I read how the Internet has turned investment information and research into a commodity. There appears to be masses of information on finances, retirement and investments available, but it does not seem to be reaching those that need it. Women ... AND ... what I have been calling the "Everyday-Joe-and-Mary-Family". Why? And what can be done about it? The "why" may be complex. Allow me to simplify it this way as I have learned from dealing directly with people over the years. The Internet is geared to those that have some knowledge about finances and/or investments already. It is also not presented well to women and the "Everyday-Joe-and-Mary-Family" so that they may understand the whys behind what is being presented and how to personalize the information. It is also, in many instances, not available to the middle-to-lower income households, many of whom do not have personal computers at home and/or the Internet access if they do. What is the solution? Is there HOPE? I believe there is. However, sometimes, you may have to seek help. Professional help. Just as you would if you had an injury to your body, you would seek medical help. You should consider seeking a professional for financial well-being. As in the medical field, at the first sign of pain, and even before the pain is realized, is the best time to have it checked out. Many doctors recommend annual physicals. Why? To prevent future problems before they become unmanageable, massive problems. Why not use the same medical thought process for your finances? Why not have a complete initial "financial physical" done to take stock of where you are now - looking at the good, the bad, and the so-so? This should be based on your goals, your objectives, your time frames, and your value system. Once the initial physical has been done and a personalized plan has been implemented to get you from point A - where you are now, to point B - where you want to be, then you can be put on an annual, semi-annual or an as-needed review to help prevent those future major unmanageable problems. Most of the time, I have found people need just a little guidance to do dramatically better. Another survey from a few years ago indicated that 91% of the time, people would do better financially if they allowed a professional to assist them rather than trying to do it themselves. Where do you find a financial professional? There are many sources and many types of professionals. There is hope ... IF ... you seriously want it. ___________________________________
When this
article was
written and
published, Gary F. Restall of
AGS
FINANCIAL SERVICES
was an
independent Registered Investment Advisor (financial planner/advisor), Insurance
Broker, and a Registered Representative with FSC Securities Corporation, a
Registered Broker/Dealer and member
NASD/SIPC.
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