Money Monday: Financial solutions for Women-unique challenges - New York News

Money Monday: Financial solutions for Women-unique challenges

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Damon R. Dyas, CFP, CLU, CRPC Financial Advisor, Certified Financial Planner with Ameriprise Financial Services, Inc.talks about the unique challenges facing women and how they can maximize their financial portfolio.

Financial  solutions for Women-unique challenges:
Lower wages
Fewer assets saved
Usually live longer
In and out of work due to care giver responsibilities
In many cases Mr. handled the finances

Damon advises :

 - Establish a Spousal IRA to help save for retirement (A way to save even if you are not working i.e. stay at home mom or caring for aging relative)
 - Make ongoing financial education a must and if married attend financial meetings with your spouse (create a budget, have clear goals, be a knowledgeable investor, seek professional advise when needed)
 - Research average wages between men and women in your field (Women on average earn 81% of what men earn-understand the implications of this)
 - Turn a hobby or educational and work experience into a business (consulting, hairdresser, nails, etc)
 - Have a strategy to handle potential long term care cost.

Ameriprise Financial Services, Inc.
26777 Central Park Boulevard, Suite 350
Southfield, MI 48076
O: 248.827.1230 x 283

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