A Publication of the Roman Catholic Diocese of Oakland
Catholic Voice Online Edition
Front Page In this Issue Around the Diocese Forum News in Brief Calendar Commentary
   
Mission Statement
Contact Us
advertise
Circulation
Publication Dates
Back Issues


Roman Catholic Diocese of Oakland



Movie Reviews

Mass Times



Web
Catholic Voice
placeholder
articles list
placeholder Support for families who suffered
violence

Dominican friars
to leave St. Mary Magdalen Parish

'Fences' actor got
his career started
at Berkeley
Catholic school

40 groups receive
Rice Bowl grants
to feed to the hungry

Bowerman focuses
on ministry when honored for achievement

2016 Rice Bowl
grants

Third-graders use
Rice Bowl grant
to feed the hungry

World Day
of the Sick Mass
set Feb. 11


Obituary

Sister Ruth Raftery, SNJM


Senior Living
& Resources

These authors got
their start in their 80s

Activist's real-life experience provides grist for novel

New transport option begins for seniors

Prepare for Medicare Part A and B price changes in 2017

3 things women
should know

Leader seeks
salvation by connecting with
poor people

Senior Profile
'Ed' Bautista

Just for Seniors
Calendar

placeholder
placeholder January 9, 2017   •   VOL. 55, NO. 1   •   Oakland, CA
Senior Living & Resources

3 things women should know

The importance of women taking an active role in a couple's financial planning represents more than just jockeying over who gets to control the checking account.

"Women on average live longer than men, which means they are going to need more money in retirement or else risk outliving their savings," says Cristina Acosta, co-owner with Nancy Fromm of Money Wise (www.moneywiseaz.com), a financial planning firm.

"That means they have a lot at stake. And women — men, too, for that matter — often don't realize just how long retirement might last. If you retire around age 65, it's possible your retirement is going to last 25 or 30 years."

The death of a spouse can pose numerous financial difficulties. First, the survivor has to deal with the emotional issues associated with grieving, which means some financial decisions may be put on hold.

"That's not necessarily a bad thing," Fromm says. "You don't want to rush into any decisions you don't have to make immediately."

But it won't take long to start experiencing some of the financial consequences. If both spouses were drawing Social Security, one of those monthly checks is about to disappear. If the spouse had a pension, the amount of the check may be reduced for the survivor, or it could be eliminated.

Acosta and Fromm have made improving the retirement outlook for women a significant part of their work. They just recently launched a division of their company called Woman's Worth (www.womans-worth.com/scottsdale) designed to focus on not only a woman's finances, but also her physical and mental health and her total well-being.

Acosta and Fromm say there are plenty of things worth knowing about finances before and after a spouse dies, from long-term care planning to tax minimization planning. Here are just three that women should keep in mind:

• Seek professional advice. This is especially important for women who left finances up to their husbands. A financial professional can help you get a better handle on the options for making retirement more secure.

• Understand the importance of life planning. For women, it's more than the money. It's about understanding the emotional and even physical health issues that women face when dealing with finances.

• Protect your assets. If you're nearing retirement or already in retirement, it's critical to protect the assets you already have. Review how much risk you have in your investments and decide whether you need to reduce that risk, and more importantly, validate whether your assets are laying the foundation toward a clear journey to achieving your dream-retirement lifestyle.

"It's vital that women appropriately manage what they have," Fromm says. "It needs to last and provide the retirement lifestyle they're after."

 
back to topup arrow

home

 
Copyright © 2017 The Catholic Voice, All Rights Reserved. Site design by Sarah Kalmon-Bauer.