Women Starting Over
How to take charge of your financial future
Women are more educated, earn higher incomes and have a more powerful role in the workplace than women of previous generations. But in spite of this progress, 90 percent of women say they feel financially insecure, according to the 2007 Allianz Women, Money and Power Study. The vast majority of women will need to take financial responsibility at some point in their lives, so it is vital that they have the knowledge and confidence to take charge of their financial future.
A 2009 report by The Women's Institute for a Secure Retirement (WISER) says that women are particularly vulnerable going into retirement. The findings in "How Can Women's Income Last as Long as They Do?" show that:
* Women at age 65 are expected to live, on average, another 20 years - four years longer than men. That means they will need to save more for retirement.
* Less than one third of retired women today receive pension income. And less than half of today's working women have access to a pension or retirement savings plan through their jobs.
* For more than 40 percent of older women living alone, Social Security is virtually all that they have. This group is four to five times more likely to be poor than married couples.
"Each stage of life holds events that can shape your financial needs and impact your ability to achieve long-term goals," says Katie Libbe, vice president of Marketing Solutions for Allianz Life. "Divorce and widowhood are two stages that have significant financial impact for women, so they need to learn how to take control of their financial futures."
Here are some tips to help begin the process of starting over.
Gather all the information you need to evaluate your current financial situation. These include:
* Checking and savings account statements
* Credit card information
* Tax returns
* Social Security records
* Investment information - stocks and bonds certificates, mutual fund statements
* Insurance policies - homeowner's, life, auto, health, long-term care
* Retirement assets - 401(k), pension, IRA, ROTH IRA, annuity statements
* Deeds
* Wills and powers of attorney
Evaluate how much money you will need for the next six to 12 months and keep that money in an easily accessible account in your own name.
* Pay Your Bills. Failure to pay your bills can result in bigger problems due to late payment fees, interest charges, and damage to your credit history.
* Take it Slow. Don't make any major purchases or changes right away. Give yourself time to heal emotionally before rushing into major decisions.
If you don't already have a financial advisor, it may be advisable to get one. "A professional financial planner can help you improve your current financial management and help you through these challenging changes," says Libbe. "Their expertise and objective perspective can save you time, and help you invest for your future."
To find a qualified financial advisor, you can ask trusted friends or professionals, such as lawyers and accountants, for references. You can also get references from professional associations such as the Financial Planning Association, the National Association of Personal Financial Advisors, or the American Institute of Certified Public Accountants.
Make sure that you have a support network made up of trusted family, friends and professionals who can give you feedback, go with you to meetings and help you follow up on the actions you need to take.
For more information on finding a financial advisor and to download free financial checklists for the widowed or divorced, visit allianzlife.com/WomenMoneyPower.
Illustration courtesy of Getty Images
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Check Out Our New Promotion
We have a special promotion that's perfect for our New York/New Jersey members or to send as a gift to a friend or relative in the New York area*.
Everyday Helper Solutions has created 3 special concierge packages: for the expectant mom, for the brand-new mom and for the working mom. Each package includes services tailored to a mom's needs. One winner will be chosen at random for each package.
Here's how to win:
1. If you're not yet a member, join MomTalk's social network at http://share.momtalk.com
2. Post a status update on your page there telling us that you'd love to win and which package
That's it!
The 3 winners will be chosen (at random, like we said,) on Monday, August 3.
So, what do you get?
The "Wow, I didn't realize I'd need so much stuff" package for the expectant mom
Let EHS go shopping for all those essentials you'll need right from the get-go. The list might include some of the following:
• Diapers
• Desitin
• Powder/Corn Starch
• Baby Oil
• Baby Wash
• Formula
• Baby Bottles
• Bottle Washer
• Pacifiers
• Baby wipes
The "I can't seem to get everything done" package for the new mom
• Express Grocery Shopping - 20 items or less
• Getting Organized - We'll assess your needs and goals and help you plan for this new phase of life.
The "I'm trying to do it all" package for the working mom
• 1 Hour Neighborhood Errands
• 1 Hour Concierge--which could include the following:
⁃ Scheduling appointments and reminders
⁃ Travel & Leisure Arrangements
⁃ Movie & Theatre Tickets
⁃ Meal Planning
⁃ Restaurant Reservations
⁃ Process Subscriptions and Annual Memberships
⁃ Phone calls
Any member of MomTalk's social network is eligible to win--either for yourself, if you're in the service area, or as a gift for a New York metro area friend. Enter now because time's flying.
PS: While this promotion is available only in the New York area specified below, Everyday Helper Solutions offers great virtual services nationwide. Check out their website and see what they can do for you.
*Services available to residents of NY, NJ and surrounding areas including Long Island.
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Kids That Go Bump in the Night
By Aviva Patz
You've survived the up-every-two-hours newborn period, and you're finally slumbering peacefully through the night. Out of nowhere, your toddler starts showing up like an uninvited guest at all hours. "I lost my blankie," she says. "I'm thirsty." "I wanted to give you one more hug." There's a million reasons your merry wanderer may give for crawling out of bed, but there's only one thing you need to know at that time of night: It's critical to get your child back to sleep for the full 12 or so hours she needs.
Families need to make sleep a priority because it affects every aspect of a child's well being -- health, behavior, development and the ability to learn," ...
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Nature's Gym
By Eric Butterman
You know staying fit is important, especially if you want to manage your heartburn. But who wants to exercise indoors when it's sunny and warm outside? Fortunately, you don't have to! It's time to try nature's gym for a workout that's just as good, if not better!
1. Instead of a calf machine Hit the hills. With just a slight incline, your calves will get a workout mere calf raises can never match. There's no substitute for outdoor terrain, says Kelli Calabrese, a Texas-based trainer and co-author of Feminine, Firm & Fit (Great Atlantic Publishing Group 2004).
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Summer Fun with Science
Kids love summer vacation, but parents often find it difficult to keep them engaged in productive activities. And most kids experience a summer learning slump during their time away from school. According to the National Summer Learning Association, at best, students show little or no academic growth over the summer, and at worst they lose one to three months of learning.
It's possible to give kids a fun way to keep up with learning by providing engaging books that feature hands-on activities. Three new books from DK Publishing will help kids of all ages fill their summer with science fun.
"One Million Things: Space" (July 2010). Perfect for backyard sleepovers and camping trips, this book serves up imagery and information about all things cosmic: from planets, moons, and comets, to black holes, nebulae, distant solar systems and more. Young readers won't be able to wait until sunset to start exploring. Elementary-aged kids will:
* Learn about spherical and irregular asteroids by playing a computer game.
* Find out about volcanoes in the solar system by comparing them to firecrackers.
* Explore the universe with stunning photographic galleries.
 "I'm a Scientist: Backyard" (July 2010). Part of a new series for younger readers, this book introduces kids to the world of science with a wealth of outdoor experiments. With clear, step-by-step instructions, the book is full of bite-sized experiments that help children absorb science easily. Preschoolers and early elementary students will learn how to:
* Make a sun dial and tell time using the position of the sun.
* Find out a tree's age and then measure its height with just a stick and a piece of string.
* Learn about centrifugal force with a simple bucket of water.
 "Big Idea Science Book" (July 2010). A comprehensive guide to key topics in science with a unique difference - an online component with 200 specially created digital assets that provide the opportunity for dynamic, hands-on, interactive learning. Older children can learn from video clips and interactive animations that take them:
* Inside plants.
* Around the human body.
* Deep below the surface of the earth.
Help kids flex their mental muscles during the summer with exciting projects and experiments that make learning fun. For more on these and other summer learning books, visit DK.com.
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Major Cable Network Seeks Single Moms and Dads
If you think your family could have their own series, this may be your chance. Documentary style show looking for some of the most dynamic, funny and interesting families in Americas, are you one of them? Give us your story. Please include your name, where you live (city/state), type of business-be descriptive, tell us about the members of your family what a typical day is like and how it came to be that you are working a raising a family on your own.
Do you feel like the hardest working Parent in America?
Are you a mom or dad who works in a family business, has a hectic schedule, and an interesting story to tell? Then we want to hear from you! A new series on a MAJOR Cable Network wants to spend some time walking in the shoes of the hardest working moms in America and it just might be you! This opportunity could lead to a series of your own!
Perhaps you own and operate a family BAKERY with four kids.... or maybe you run a DOG BREEDING business with triplets on the way... or maybe you're a woman working in a male dominated field like construction or or steelworker who's adopted 10 special needs children. The tougher the job and the more interesting family the better.
If you'd like to share your story, please email raptis.michael@gmail.com and tell them a little about yourself. Please include the names and ages of all of the members of your family and contact information, as well as photos of you at work and at home. Please provide contact info and family pics along with your story.
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Moms Dissing Moms
Do you sometimes feel that moms can be critical and judgmental about other women's parenting style and choices? Do you feel pressured to be the perfect mom? See what Liz Szabo, writing in USA Today, says about 'competitive parenting.'
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