Hello, My name is Sheneeza Alexander and I am a financial advisor with Ameriprise Financial. As a personal advisor, I am finding that women are not doing what they need to do to make sure they are financially secure now and in the future.Women face special challenges when planning for retirement. Because their careers are often interrupted to care for children or elderly parents, women may spend less time in the workforce and earn less money than men in the same age group. As a result, their retirement plan balances, Social Security benefits, and pension benefits are often lower. In addition to earning less, women generally live longer than men, and they face having to stretch limited retirement savings and benefits over many years.

To meet these financial challenges, you'll need to make retirement planning a priority. To maximize your chances of achieving a financially secure retirement, start with a realistic assessment of how much you'll need to save. If the figure is substantial, don't be discouraged--the most important thing is to begin saving now. Although it's never too late to save for retirement, the sooner you start, the more time your investments have to grow.

The chart below shows how just $2,000 invested annually at a
6% rate of return might grow over time:

Age you begin saving for retirement: Amount you'll have saved by age 65:

20 =$451,016
30 =$236,242
40 =$116,313
50 =$49,345
60 =$11,951

According to the U.S. Census Bureau, women own almost 30% of nonfarm businesses. If you're self-employed or own a small business, look
into retirement savings options tailored to your needs, including individual 401(k) plans, Keogh plans, SEP plans, and SIMPLE IRAs and 401(k)s. If your employer offers a retirement savings plan, such as a 401(k) or a 403(b), join it as soon as possible and contribute as much as you can. It's easy to save because your contributions are deducted directly from your pay, and some employers will even match a portion of what you contribute. If your employer offers a pension plan, find out how many years you'll need to work for the company before you're vested in, or own, your pension benefits. Women struggling to balance work and family
sometimes shortchange their retirement savings by leaving their jobs before they become vested in their pension benefits. Keep in mind, too, that because your pension benefits will be based on your earnings and on your years of service, the longer you stay with one employer, the higher your pension is likely to be.

Most employer-sponsored plans allow you to choose from several investment options (typically mutual funds). If you have many years to invest or you're trying to make up for lost time, give special consideration to growth-oriented investments such as stocks and stock funds. Historically, stocks have outperformed bonds and short-term instruments over time, although past performance is no guarantee of future results. However, along with potentially higher returns, stocks carry more risk
than less volatile investments. A good way to get detailed information
about a mutual fund you're considering is to read the fund's prospectus. It includes information about the fund's objectives, expenses, risks, and past
returns. A financial professional can also help you evaluate your retirement plan options.

Do you worry about outliving your retirement income? Unfortunately, that's a realistic concern for many women. At age 65, women can
expect to live, on average, an additional 19.8 years. In addition, many women will live into their 90s. This means that women should
generally plan for a long retirement that will last at least 20 to 30 years. Women should also consider the possibility of spending some of those years alone. According to recent statistics, 43% of older women are widowed, 11% are divorced, and approximately half of all women age 75 and older live alone. (U.S. Department of Health and Human Services
Administration on Aging, A Profile of Older Americans: 2005). For married women, the loss of a spouse can mean a significant decrease in retirement income from Social Security or pensions.

So what can you do to ensure you'll have enough income to last throughout retirement? Here are some tips:
• Estimate how much income you'll need. Use your current expenses as a starting point, but note that your expenses may change dramatically by the time you retire.
• Find out how much you can expect to receive from Social Security, pension plans, and other sources. What benefits will you receive should you become widowed or divorced?
• Set a retirement savings goal that you can work toward, and keep track of your progress.
• Save regularly, save as much as you can, and then look for ways to save more--dedicate a portion of every raise, bonus, cash gift, or tax refund to your retirement savings.
• Consider purchasing long-term care insurance to help protect your retirement savings and income from the high cost of nursing home care.

To all of my strong women out there I hope the information I provided was helpful. I will try to post information on a variety of subjects througout the upcoming months. If you have additional questions you can contact me at 678-627-0149 ext. 153.