We have all known for some time that women on average live longer than men. This actually poses a difficult situation for many women because they still tend to make less money than men, and subsequently save less for retirement.
Valerie RumboughA recent survey suggests that 54 percent of women believe that saving enough for retirement is a concern compared with 49 percent of men. Which category do you fall into? Is saving a priority for you?
A very important goal for each one of us should be to look at where we are financially, determine where we need to be, and then devise a plan to get there. How do we do that? One way is to look at the types of investments you make. Be sure to choose investments that are in line with your short- and long-term goals.
Another difficulty for some is the lack of understanding about the family finances. In most families, one spouse is responsible for managing the money, which means that the other spouse may know very little about the family’s financial standing. This can be a nightmare for the surviving spouse that doesn’t know what they have to work with.
Schedule a time once a month or so with your spouse to go over the budget. Set goals, then check regularly to see how you are doing. Be sure to include plans for long-term care, and also make sure that, when one spouse passes away, the other will be financially stable.
If you are single, planning for the future is especially important. The key to success in financial planning is to begin now. If you don’t know how, contact a financial planner. A good organization to turn to is Kingdom Advisors. Their members adhere to sound financial and biblical principles. Of course, the best financial planning advice can be found in your home – in your Bible.
Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.