A study conducted by the Women’s Institute for a Secure Retirement (WISER) indicates that women have financial disadvantages in retirement. Part of the reason for this, according to the study, is that women spend 13 fewer years in the workforce than men. Fewer years of employment lead to lower Social Security benefits. Worse still, the average woman who reaches age 65 can expect to live to age 85, about 4 years longer than a man.

We must contribute the maximum amount allowable to our IRA or 401(k) plan, whichever you are eligible for. Remember, if you are a woman outside of the work force you may be eligible for a spousal IRA which can be funded by a working husband.

Next you need to thoroughly understand how to accumulate wealth in this account. By educating yourself on your investment options with your IRA or 401(k), what you can and cannot do within the plan, and knowing how much money you need to save for your retirement will get you started in the right direction.

Consider having some of these dollars invested in a truly self-directed IRA where you select the investment and have options in your control. Entrust can help you if you elect to diversify into a self-directed retirement account. www.theentrustgroup.com contains plenty of information to help you get started.

No matter which way you invest, you have to realize getting to easy street is no easy matter. Take control of your financial future now while you still have options.

Did you know that at least 40% of seats on company boards in Norway must be held by women? Corporations there are embracing women! In 1993, this number was at 3%. Sweden is number 2 with 21.3%, Britain is number 3 with 15.2% and then the U.S. is 4th with 14.8%. Most of us who sit on boards of companies or associations have had to fight our way up the ladder. With the mandate in Norway, companies actually recruit, train and put future professional and entrepreneurial women through the company culture to where they can eventually end up as CEO. Interesting isn’t it?

Over the weekend I decided I needed to treat myself to something special. I was tired from traveling and needed a pick me up. I scheduled myself for a facial. I love facials! If I could afford them I would have one every week, nice music playing, soft hands applying lotions and potions to my face, ahhhh.

I scheduled the appointment with a day spa I had not visited before. I arrived on time for my appointment, got changed into the nice soft robe and sat in the waiting room waiting for my therapist.

My name was called. As I stood up to meet the person who would be treating me for the next 60 minutes, I assumed it would be a she. Imagine my shock when it turned out to be a he—Joe from Brooklyn NY was going to do my facial. I thought I would walk out right there and then. I have never had a male facial. A massage I could understand, but a facial? Don’t people go through cosmetology school for this? My mind was racing. Ok, hair dressers are men as are some massage therapists. I even had my nails done by a man once, but a facial?

I followed Joe back into the treatment room. I explained I never had a male facial. He laughed and said he gets the same response every time he treats someone new. He went on to say it will be an experience I will never forget.

So for the next hour, I let him apply the lotions and potions, scrub my face, apply the steam, the mask and the eye gel, with a bit of apprehensiveness. We talked a bit about real estate investing and what his objectives were. It was not at all relaxing.

When we were through I looked at my face; it looked dewy and relaxed. But I did not feel that way. Maybe I am a bit prejudiced here but I do feel more relaxed having a facial from a woman. I am not a chauvinist. I believe in equality. I just could not relax having a man touch my face no matter how hard I tried.

So now I have learned in the future when I want a facial to request a female therapist. Hope you are enjoying some time for you on this Memorial Day! Lisa

Doesn’t 2010 seem like a long way off? It’s not if you are a wise woman planning your tax strategy. 2010 is the year of the Roth for all.

Under current tax rules, you can convert a traditional IRA (tax deferred) to a Roth IRA (tax-free IRA) only if your modified adjusted gross income is no more than $100,000 a year. However, starting in 2010, there is no income limit for conversions of your traditional IRA into a Roth. And, you get to spread your tax payments over two years. By converting your traditional retirement funds to a Roth gives you the ability to make contributions in the future that will grow tax free. Any profits coming back into the Roth from your savvy, self-directed investments comes back tax free as well!

Plan now to take advantage of the 2010 provision and Grow Rich tax free! For more information on the 2010 Roth Provision, visit www.theentrustgroup.com.

The job interview is generally considered to be the moment of truth, for both the applicant and the employer. In reality, it’s often the least honest, (I have a graduate degree from Harvard) least realistic, (I can see myself making you tons of money) or revealing (My biggest weakness? I work too hard) conversation you will ever have at work. After going through several business development employees in order to find the right one, I have discovered two ways to help determine the right fit for the position and for the company.

1. Take them to lunch and observe. From their eating habits, to the questions they ask could help determine if the applicant is the right fit. Did they do their homework (look at your company web site for example) before meeting you? How they conduct themselves around you could be an indicator as to how they will conduct themselves with prospects and clients. Be observant.

2. Put them on a trial run before hiring them. Ask if they would be willing to make a brief presentation to other employees in the company about your company and its services. It does not need to be a rocket science presentation. What you are looking for here is if they can communicate in front of an audience. Is there passion or enthusiasm when they speak? Do they know enough about you and the company to make them credible to the employees listening? This also encourages employee feedback, team building and an easier welcome to a new employee from those already in the organization.

Wouldn’t it be nice if we lived in a free and clear home? If you do not have the additional funds to make principal payments, an easy answer to this would be to make your mortgage payments biweekly. By sending in half of your monthly mortgage payment every two weeks, you make the equivalent of one extra payment a year. Following this schedule on a $300,000, 30 year loan, you would save $77,000 over the life of the loan and pay it off much faster!

I sit on a national “professional” board. We meet three times a year. These meetings are supposed to help grow the association, among other things. I just came back from a board meeting which was painful to sit through. It was completely disorganized, and communications became brutal.

If you find yourself in a position where you must conduct meetings with more than just a couple of people, please utilize the following 4 tips to help you stay focused and be productive. Your participants will appreciate it.

1. Have a complete agenda with starting and ending times. This will keep everyone on track.

2. Send the agenda in advance of the meeting and ask for any additions or corrections.

3. Control the trouble makers or the big talkers—it is your responsibility as the leader to stay on track.

4. End on time.

These may seem like simple, common sense tips. However, after spending two days listening to ramblings and fights, I cannot stress enough the importance of staying focused and communicating a positive outcome.

1. Won’t be able to maintain standard of living
2. Will outlive money after retirement
3. House will lose value (for many, this is their only asset)
4. Won’t be able to pay medical or health care costs
5. Concerned they or a spouse will lose their job over the next 12 months

What can you do to insulate yourself from these worries? Open an IRA or a 401(k) today. Put as much away as you can afford, and invest the money, don’t just leave it sitting there in an account. For more information on alternative ways to invest your IRA or 401(k), log onto www.theentrustgroup.com. As the nations largest third party administrator, Entrust can help you manage your financial future with investments you understand and control.

From Women’s Institute for a Secure Retirement
May 09, 2008

A woman retiree in the U.S. is far more likely than a man to face economic hardship, or even poverty, says a new study written by Cindy Hounsell, president of the Women’s Institute for Secure Retirement (WISER) in Washington, D.C.

The study, “The Female Factor 2008: Why Women are at Greater Financial Risk in Retirement,” posits that women face unique challenges that could jeopardize the economic security of their retirement years. Among them is that women on average spend fewer years in the workforce than men, and earn $0.77 for every $1 earned by men––the median salary for women working full-time in 2006 was $32,515 versus $42,261 for men. African-American women earned a median salary of $27,535 and Hispanic women earned just $22,285.

Only 22% of women over the age of 65 received income from an employer-sponsored retirement plan in 2004 (the year used in the study), compared to 29% of men who received such payments. The median annual benefit for these women was $4,488 annually, less than half of what men received. Similarly, the average Social Security benefit for women is $800 a month, compared to $1,177 for men.

Compounding the income disparity problem is that women typically live five years longer than men, meaning they have to make their retirement money last longer. And older women living alone face higher poverty rates than men—according to the study, about 20% of unmarried elderly women are considered poor.

The long-term trend isn’t particularly encouraging. The study says that a 25-year-old college-educated woman today can expect to make $523,000 less than a 25-year-old college-educated man over a lifetime, which means less savings going into retirement.

Hounsell’s report says lifetime annuities can be an important retirement tool for women by providing a steady income stream and making it easier to manage a nest egg. Her organization is part of an effort to back proposed legislation that would eliminate half of the taxes on income payouts of lifetime annuities, up to $20,000 a year.

WISER is a nonprofit group that provides basic financial information to low- and moderate-income women ages 18 to 65 to help them be more financially independent.

Recently, United Airlines began to charge customers $25 for an extra bag on their domestic flights. Rental car companies are charging a concession fee if the lot is conveniently located near an airport. Along with a gas tax, city occupancy, etc., some hotels are charging customers for any item taken out of the minibar for more than 60 seconds, even if it is not consumed. Gift cards have shorter expiration dates. Many banks have eliminated free ATM usage, adding to other “service charges” you may or may not know about.

We consumers are getting stuck with higher fees so companies can make more money. Watch service fees on your credit and debit cards, pack light and shop for value. These fees can add up!