TAKING CONTROL

WHEN IT COMES TO LONG-TERM FINANCIAL PLANNING, WOMEN SHOULD STRIVE TO SEE THE BIG PICTURE

Women are making important gains in education, health, business, and leadership. They are increasingly present at the highest levels of government and business and make up nearly half of American workers. Despite these important advances, women face some special challenges to long-term financial success that make financial planning critical.

For example, women often earn less than men. Recent data shows women typically earn between 77 and 82 percent of what their male counterparts make, and they generally suffer a greater loss of income following divorce. They also take time away from the workforce to care for family more frequently.

Though some estimates suggest nearly 90 percent of women will eventually become solely responsible for their finances, research shows many women don’t actively take part in their family finances, frequently giving their husbands sole responsibility for investing and planning for the future. Many women don’t seek financial advice until death of their spouse or divorce forces them to take an active role in planning their future.

We have found that taking the following steps can help prepare you for the future and build increased confidence in your financial knowledge.

Become actively involved in your finances

Wives: If you have not taken much interest in your family’s financial affairs, or are content to allow your spouse to make decisions, it’s time to change that dynamic. Ask for your husband’s help in understanding your financial accounts and work together to make important financial decisions. If you work with advisers, accountants, or attorneys, ask to participate in meetings and form relationships with these important professionals.

Husbands: Take a moment to think about how you can help your wife participate fully in your financial lives. Even if you’re accustomed to shouldering the burden of your family’s finances, make sure your wife has the skills needed to take over if something should happen to you.

Don’t be afraid to ask questions

Many women worry about appearing uninformed when discussing investments and finances. Don’t let these worries dissuade you from active participation. And don’t be afraid to ask questions. Competent advisers will welcome you warmly and be happy to answer all questions. Many offer seminars and materials to educate you about basic topics.

Develop a plan for the future

Many women have not taken the important step of planning to meet their future financial obligations. A 2011 report showed just 24 percent of women in their 50s had a financial plan in place. Financial planning helps you evaluate your finances, plan for the future, and answer important questions, such as: How long will my retirement savings last? Are my investments appropriate for my needs? How can I fund my future medical expenses?

Build an emergency fund

The foundation of a good financial plan is having enough money to cover you in the event of a financial emergency. A financial crisis can take many forms, such as the loss of a job, an expensive car or home repair, or a sudden illness. Keeping enough cash on hand to pay for these emergencies prevents you from having to liquidate investments or take out a loan. While every household has different needs, we generally recommend having three to eight months’ worth of living expenses saved for emergencies.

Build a support network

Many women are turning to support groups to help them tackle their finances, share ideas, and build their skills. You may find an existing support network in your area by searching online or by contacting a local financial adviser. Alternately, you may be able to start your own support network with women who you already know. Working together with friends, family, and loved ones can give you the support you need to take control of your financial future.

Consult an experienced financial adviser

If you are daunted by the idea of taking on new responsibilities or developing a financial plan on your own, a financial adviser can help. Remember, you are not alone. Financial advisers have years of experience providing advice and guidance to clients just like you. There are many women who find themselves in similar circumstances.

If you have questions about your current financial circumstances or would like help developing a plan for the future, find the financial adviser who is right for you.

SOURCES: Women in the Labor Force. U.S. Department of Labor. www.dol.gov/wb/stats/facts_over_time.htm#wilf; Women in the Labor Force. Bureau of Labor Statistics. www.bls.gov/cps/wlf-databook-2012.pdf; Income, Poverty, and Health Insurance Coverage in the United States 2012. U.S. Census Bureau. www.census.gov/prod/2013pubs/p60-245.pdf; “The Economic Consequences of Divorce: The Role of Child Support, Labor Force Participation and Means Tested Transfers over Time,” by Kristin Reilly. dspace.library.cornell.edu/bitstream/1813/14235/2/KristenReillyFinalThesis1.pdf; Selected Caregiver Statistics. National Center on Caregiving. caregiver.org/selected-caregiver-statistics; “Women’s financial power grows faster than savvy.” USA Today. usatoday30.usatoday.com/money/perfi/basics/story/2012-08-16/womens-financial-literacy-confidence/57104200/1; The Future of Retirement: The Power of Planning. HSBC. www.hsbc.com/(tilde)/ media/HSBC-com/about-hsbc/structure-and-network/pdfs/110520-for6-spread.pdf.ashx (Accessed April 1, 2014)

Mount Dora Paddle Fest (May 2–4)

The inaugural Mount Dora Paddle Fest is a great event for serious racers, as well as casual paddlers. There will be races, eco-tours, kayak/canoe instruction, boat dealers, and equipment vendors. Event starts at 10a.m. at Lakeside Inn in Mount Dora. Cost varies.

Information: mountdorapaddlefest.com

Women’s Health & Fitness Festival (May 10–11)

This festival at Clermont’s Waterfront Park will focus on women’s health and fitness and will feature a 5K run/ walk, women’s paddleboard events, rowing, triathlons, health screenings, keynote speakers, and entertainment.

Information: sommersports.webconnex.com/WOMENSTRI

Ask the Experts: Stroke (May 15)

A stroke is a life-altering event that begins when the flow of blood and oxygen to the brain is impaired and results in the rapid loss of brain function. Learn more about your risk factors, as well as signs, symptoms, and recovery options from guest speaker Dr. Alexander Smirnoff. From 3–4p.m. at Comfort Suites Inn, 1202 Avenida Central, in The Villages. Information: 352.751.8000

Breast Cancer Support Group (May 15)

The diagnosis of breast cancer can be a journey that is both physically and emotionally challenging. Join other breast cancer patients and survivors for a monthly support group where you can receive encouragement and support to ease your struggles. Each meeting features a different speaker, open discussion, and light refreshments. From 1–2:30p.m. at Florida Hospital Waterman Cancer Institute, Waterman Way, Tavares.

Information: 352.253.3605

American Heart Association BLS (CPR) for New Healthcare Providers (May 15)

This introductory Basic Life Skills for Healthcare Providers through the American Heart Association offers individuals new to the health care field knowledge and skills for emergency life-saving techniques involving infants, children, and adults. Students receive an American Heart Association two-year certification upon completion of the CPR/ AED course. From 4 to 8.pm. at Southern Technical Institute, 1300 South Duncan Drive, Tavares. Cost: $45 per person.

Information: 352.508.5560 or creed@southerntechnicalinstitute.com

Nature Fest (May 17)

The Friends of Lake Louisa State Park invite you to attend the annual Nature Fest at Lake Louisa State Park. From 10a.m. to 2p.m., the fest will include a variety of exhibitors, demonstrations, displays, and activities for guests of all ages, plus guided nature hikes that focus on getting outside and safely enjoying natural Florida. Food will be available for purchase. Nature Fest is included in the regular park admission fee of $5 per car or $2 per pedestrian/bicycle.

Information: 352.394.3969 or friendsoflakelouisastatepark.org

Stand Up Paddleboard Crooked River Tour (May 18)

Enjoy the vista of the crooked river from a different perspective: a stand up paddleboard. No experience necessary; cost is $45, which includes paddleboard and paddle. Starts at 10am. at Hull Road Boat Ramp, 12325 Hull Road, Clermont.

Information: 352.406.0904 or mary@floridafromakayak.com.

Run for the Playground Family Fun 5K (May 24)

Runners and walkers will enjoy this beautiful USATF certified 5K (3.1-mile) course through a tree-lined and paved course at Lake Louisa State Park. At the halfway marker, be prepared for the infamous Tortoise Mound, and remember that wildlife have the right of way. Cost: $20, through May 19; $25, May 20–24; and $30 on race day. Starts at 7:30a.m at Lake Louisa State Park, 7305 U.S. Highway 27, Clermont. Information: friendsoflakelouisastatepark.org

Wounded Warriors Project Box Car Race (May 24–25)

Clermont/Minneola Box Car Racing will host its first national derby rallies event with proceeds benefiting the Wounded Warriors Project. Open to ages 7–21. The registration fee for each sanctioned race event is $100 per child, which includes four races.

From 7a.m. to 6p.m. on Scrub Jay Lane in Minneola. Information: www.cmboxcarracing.com

The Yum-Yum Club (May 27)

A professional chef and a registered dietician lead the cooking demonstrations. Each class features an easy to prepare recipe for a different course. The first class is scheduled for May 27 in the Conry CREATION Health Center at Florida Hospital Waterman, 1000 Waterman Way, Tavares from 6–8p.m. The cost is $30 per class.

Information: 352.253.3685 or visit ConryCREATIONHealth.com

We here at Lake OMS practice a full scope of oral and maxillofacial surgery that includes expertise in the areas of corrective jaw surgery, wisdom teeth removal, diagnosis and treatment of facial injuries, as well as bone-grafting procedures

Drs. Azizi and Figueroa employ the most recent advances in dental implant technology by utilizing CT-guided system for minimally-invasive implant surgery. With this technology, we can evaluate the bone ahead of time and place implants precisely in an ideal functional and esthetic position. We are committed to provide the highest quality treatment so our patients can smile and function with confidence.

Tired of just making a living?

MOVIN’ ON UP

The Villages Regional Hospital Auxiliary Foundation recently hosted its Hearts for Our Hospital Gala at the Savannah Center. Proceeds from the event went toward the hospital’s planned expansion, which includes new emergency department rooms, 62 new beds, and five large operating suites for complex procedures. This year’s theme was “Up, Up, and Away!” Attendees enjoyed a silent auction, open bar, live entertainment, and dinner catered by Orlando-based Puff ‘n Stuff.