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Our seminar, Wine Tasting and Real Estate, is coming up on August 16th. Irene Smith, CDFA, will be hosting A Tale of Two Markets, accompanied by Dvir Levy, Regional Vice President of Wells Real Estate Funds. The presentation will start at 6:30 p.m., with wine tasting immediately following. Space is limited so reservations are required.
Click here to RSVP online, or call (818)884-4888.
Irene Smith is a Certified Divorce Financial Analyst™, Certified Financial Planner® and Certified Public Accountant with Smith Financial Management. We are proud to be hosting three of Irene’s excellent financial seminars this summer. For more information about Irene’s seminars, visit our events page at TheLawCollaborative.com/events.htm. These seminars are free but space is limited. Please RSVP if you wish to attend.
A WOMAN’S FINANCIAL REALITY: Your financial future is up to you … and no one else.
Presented by Irene Smith
Will this be your future? Did you know that Social Security income represents two-thirds of income for women 65 and older? Did you know that without Social Security, an estimated 58% of widows aged 65 and older would live in poverty? 1
These findings are from a 2010 U.S. Congress Joint Economic Committee report. As Rep. Carolyn Maloney (D-NY) put it, “Social Security is literally a lifeline for most elderly women.”
That lifeline is barely adequate. With inflation and other economic pressures, a mature woman relying on SSI may eventually have to choose between food or medicine, or rent or car repair, or contend with other stressful money dilemmas.
When these women were younger, did they envision such a meager future ahead of them? Probably not. More than a few probably wish they had understood money matters better or actively invested for retirement.
How much do you know about personal finance? The more knowledge you have, the more action you can take to define and pursue your financial goals and build retirement savings. You can also respond to a few financial realities common to women’s lives.
The average woman spends 12 years out of the working world. So finds WISER, the non-profit formally called Women’s Institute for a Secure Retirement. Typically some of this absence is for parenting, some of it for caregiving. This means the average woman has 12 fewer years to pour steady money into that 401(k), 403(b) or IRA.2
Women live longer. According to the latest estimates from the Centers for Disease Control and Prevention, female life expectancy is at roughly 80.5 years versus about 75.5 years for males. The reality unnoticed in these numbers is that many women will live on their own for a decade or more after being divorced or widowed.3
Women face an earnings gap. On the whole, women do not earn as much as men. In 2009, the Government Accountability Office noted that women earn $0.78 for every $1 that men earn. Some people question this statistic, arguing that it reflects gender inequality in career paths rather than distinct salary discrimination. Regardless, the gap exists – and it is even more pronounced for women of color.4
At work, many women are worth more than the salaries they receive. Some women are reluctant to negotiate a better salary for themselves. Will it upset the equilibrium at the office? Will it be seen as too aggressive? The answers here are probably “no” and “no”. It takes confidence (and it may take a little research) to affirm your professional worth in front of your boss – and it should be done.
A rich spouse does not equal a retirement strategy. It is nice to have a spouse whose wealth allows you freedom from financial worries. Yet even if you are blessed with a rich and attractive mate, there is no telling where that mate (and that money) might end up someday but for fate.
How do you plan to arrange a comfortable future for yourself? If you don’t want to end up dependent on Social Security, then see that you have the financial education that will let you make major money decisions with confidence. Study fundamentals of investing and read up on the basics of retirement and estate strategizing. Follow up by meeting with a financial representative who can help you put a strategy into action.
Irene Smith may be reached at 818 884 4888 or Irene.smith@investmentcenters.com.
www.smithfinancialmanagement.com
This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.
Citations.
1 – thehill.com/blogs/on-the-money/801-economy/126543-changes-to-social-security-could-negatively-affect-women [10/29/10]
2 – mainstreet.com/article/retirement/women-still-far-behind-retirement-plans [4/25/11]
3 – nytimes.com/2011/03/17/health/17brfs-ART-AMERICANLIFE_BRF.html [3/17/11]
4 – civilrights.org/archives/2009/04/291-equal-pay-day.html [4/29/09]
5 – montoyaregistry.com/Financial-Market.aspx?financial-market=money-and-happiness&category=29 [6/5/11]
Someone you know, someone you love, is in the crisis of divorce. They need to know the information that we offer in this workshop. Please forward this information to your friends, your family, or your professional colleagues who are in crisis.
The next Second Saturday Divorce Workshop is coming up August 13th. Speakers will include Attorney Robert Borsky, James Walton, Ph.D., and Pete Collins, CFP. Attendees will get their questions answered regarding child custody, the divorce process and fees, spousal and child custody guidelines, and how to protect themselves in court. Register online and get 50% off the registration fee by clicking here, or call us toll free at (888) 852-9961.
Have you heard Randy Morrow‘s wonderful podcast yet? If not, it can be found here.
Randy Morrow is a veteran Realtor® in the highly specialized field of Real Estate Divorce. Randy is trained in the legal and tax aspects of the divorce process as it relates to real estate. He researches obscure divorce-related legal rulings, regulations, and tax implications, and their application. This enables him to help his divorcing clients take advantage of tax laws that are specific to selling a house during a divorce. Randy wishes his specialty wasn’t needed, but with so many marriages ending in divorce, quite often the sale of real estate is involved.
To read more about Randy, click here.
Today’s guest post is by James E. Walton, Ph.D.
WHEN IS IT AN AFFAIR?
By James E. Walton, Ph.D.
For something to be called a sexual affair, it requires three conditions and all three must be present.
1. There’s more intimacy than in the primary relationship
2. There’s sex involved
3. It’s kept a secret
Men consider it an affair when sex is involved. An affair does not have to be physical for women to consider it cheating. It just has to be emotional.
The Internet has brought on a new issue for people who had no intention of cheating. They innocently cross the line as they divulge more and more of themselves to each other and find themselves involved in an emotional affair.
For an emotional affair, it requires all three conditions to be present:
1. Greater emotional intimacy than in the primary relationship,
2. Secrecy and deception from the spouse
3. Sexual chemistry
Emotional affairs can cause a good deal of marital strife. However, the affair that includes sexual intercourse typically does the most damage to the couple.
Affairs are an indication that there are problems in the dynamics of the marriage. And they bring with them an opportunity to rediscover the intimacy and closeness that was either lost or was never present in the primary relationship if the couple is willing to work through the violation.
How can you avoid all of this? Simply don’t have the affair. If you feel the temptation, get yourselves into couples counseling immediately. Open up to better communication skills and greater intimacy. The earlier you get yourself into counseling the better. Most people wait to enter into counseling until it’s too late. It’s much easier and more effective to deal with issues and have a great outcome when you enter into therapy at the very first sign of trouble. It’s economical too. After all, it’s a lot cheaper than a divorce.
Ultimately, affairs don’t cause divorces; poor communication and lack of intimacy within the couple do.
Dr. James E. Walton, Ph.D. is a licensed Marriage & Family Therapist with a private practice in Sherman Oaks. Log onto his website at LAtherapist.com or call 818-753-4865.
Photo credit: FoxBusiness.com
Why are so many Baby Boomers divorcing? An article by Casey Dowd for the column ‘The Boomer” interviews Karen Stewart, a divorce and relationship expert, on this topic. Stewart answers questions that cover, for example, the most common reasons for splits among the age group, how Baby Boomer’s can protect their wealth and children, and if she believes the trend will continue.
When there is a lot of money in marriage, divorce is a reasonably easy financial solution because when it comes to dividing the assets, there are enough for both parties. Marriages with not a lot of money tend to be more financially strained which can lead to stress and increase the risk of divorce. The baby boomer generation is hit most by those extremes.
To read the interview in its entirety, click here.
Last night’s seminar, A Woman’s Journey To Financial Independence, was a success. Thank you to those who attended and expressed their appreciation for the outstanding information. For those who were unable to attend, not to worry, we’re hosting another financial seminar on August 16th: Wine Tasting and Real Estate.
In this new podcast featuring Irene Smith, who presented last night and is co-hosting Wine Tasting and Real Estate next month, she and the partners have a lively discussion about what spouses should know about finances before and during a divorce case. In addition, Irene explains to Ron and Robert the advantages to working with a Certified Divorce Financial Analyst, including how a CDFA will save you time and money.
Click the play button to listen now.
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Arnold Schwarzenegger and Maria Shriver, in their tumultuous marriage’s end, seem to be leaning towards the option of Collaborative Divorce. Charles D. Jamieson goes over some of the advantages to Collaborative divorce for the ex-couple in his article titled “How Collaborative Divorce Can Help Arnold Schwarzenegger and Maria Shriver”.
Contracts signed by their attorneys and the parties in a Collaborative Divorce clearly indicate that this is a private process and is a confidential process. Consequently, the press would have no access to the meetings or the paperwork generated during the process. If Arnold and Maria engage in a litigated divorce in public court, their documents will be available for public review and all hearings would be open to the public and the press….
The piece in its entirety is available here.
Getty Images; Photo Illustration by Taylor Shute
What do you do when your former spouse misrepresents time spent with your children? Facebook photos have become a pool of frustration for some parents having to deal with this deception on a regular basis. An interesting article by Joanne Latimer interviewed ex-wives of some phony Facebook fathers, as well as interviewing a father with partial custody of his children who doesn’t post pictures with them online, among others.
“It’s very grating for the custodial parent, which is often the mother,” noted Deborah Brakeley, a clinical counsellor and collaborative divorce coach in Vancouver. “It’s well known that exes, particularly moms, become resentful when their partner suddenly becomes a more dutiful parent, or at least appears so. They ask, ‘Where were you?’ They feel deceived and angry.”
The full article is available here.
In their best podcast yet, Ron and Robert speak with Randy Morrow, a veteran Realtor in the highly specialized field of Divorce Real Estate. Randy is trained in the legal and tax aspects of the divorce process as it relates to real estate. He specializes in research of obscure divorce-related legal rulings and regulations, and their implications for divorce and taxes.
Like what you heard? Subscribe to Ron & Robert On Divorce on iTunes.
