You are here: Home / Archives for Risk / Longevity Risk

What are you waiting for?

December 8, 2014 by

Procrastination. It is soooo human. It is sooo seductive. If we  just put something off, we feel like we don’t have to stress about it. But, if we delay, dawdle, postpone, ignore, we actually deceive ourselves.

Why? Procrastination is magic. It is based on illusion. 

Illusion?

Yes. Because  you think that it costs you nothing to drag your feet.

But procrastination is amazingly costly!!!!!!

The longer you wait, the more you lose. The longer you dawdle, the more you squander your self respect.

This is especially true if you put off focusing on your money and its role in your future. The longer you wait to take steps to improve your finances, the more money you lose.

Good news. If you stop procrastinating, you could have your money working for you. Your Hot Flash Stash of Cash could be building up for you.

Bad news. If you continue procrastinating, for instance ignoring your credit card debt, you will squander amazing amounts of your money on interest payments and fees.

Sooooooo………….Stop procrastinating. Start to take control.

If you, yourself,  can’t get past the seduction of delay, (and can’t DIY within a month of reading this), consult a professional.

Conferring with a professional should not be a strange idea. After all, you turn to a professional to cut and style your hair, or paint your toenails. You go to  a professional to take care of your teeth…….So, if you don’t floss daily, that dental professional can help you, no matter how challenging the problem.

Your money challenges, right there on your procrastination list, can be deftly handled by a trained, experienced professional.  S/he can clarify what you need to do, give you a set of steps to take, and support you while you get you get your finances under control. And s/he can help you with that huge challenge– having enough money to pay for everything you need for the rest of your very long life. If you want the dignity and self respect that financial security brings, it is time to consult a professional.

So what are you waiting for?

 

Filed Under: debt reduction, Divorce and its risks, Hot Flash Stash, Longevity Risk, Motivate you to ACT!, Vulnerability, Widows, women and money Tagged With: , , , , , ,

New Years Resolution

December 29, 2012 by

Here at Hot Flash, we love New Years Resolutions.

Allow us to suggest one for 2013- Live within your means.

Or, since we are entering a year that ends in unlucky 13, we can rephrase this resolution in terms of luck.

It is  unlucky to live above your means. (So every time your write the numbers 13, you have a reminder, nudge, or prompt to remember your resolution to live within, or even below, your means.)

So what does that really imply?

Your “take home pay” is the focus. It is your limit, your “means.” So you can spend only the amount of money that you bring “home” in your paycheck. Not a dime more. (And you can NOT cheat by charging something on your credit card(s). Unless, of course, you pay off the total balance due when the  bill comes.)

You must be thinking…… that is so………….un-American…..so impossible.

But is it?

Hmmm. It is tough for Baby Boomers to hear this, but……………your parents probably lived within their means. (And they probably saved some money while they were doing it……. Just sayin’)

Why would you do this?

If you start to develop the skill of living within your means, you will have a more sustainable life style.

That is probably not such a bad idea, given the fact that you are likely to live longer than your parents.

So how about it?  Resolve to live “within your means.” Test yourself, and see how you do.

Here’s a short take home quiz. Find it if you can you live within your means, at least as long as you followed your diet last year? Or as long as you committed yourself to exercise every day?

Now, this in Hot Flash Financial talking to you. S0 if you try, and find out that you are not exactly perfect, use laughter as a weapon. Tell us your funny story. Share it with us at [email protected].

That way you can join us–Hot Flash Mamas–as we imperfectly march toward the next phase in our lives.

Filed Under: Budget, Income, Longevity Risk, middle age, Motivate you to ACT!, New Year's Resolution

Social Security and you

August 15, 2012 by

You are probably going to  hear  a lot about Social Security in the run-up to the next election. Each party will be talking about what are sometimes called “Entitlements.”  It is important for you, as a woman “of a certain age and distinction,” to know who really supports specific programs, especially Social Security.

Why? Because Social Security is one of the most important sources of money for women after age 65.

Really? Yes. Because women live so much longer than men. So we rely on Social Security (and Medicare) for a greater number of years and a greater number of dollars.  As we women age, a bigger and bigger portion of our monthly income comes from Social Security!

How much do we rely on Social Security? Well, we have some figures for you. Women are who 65 and older, get more than half (or  58%) of their income from Social Security. And, as we get older, and spend down the money we had saved for retirement, we increasingly rely on Social Security for all or nearly all (90%) of the money we use to buy food, pay for housing, etc. By the time you pass your 80th birthday, many  (38% ) of you will be completely or nearly completely (90%) reliant on Social Security.

So now you have to know the facts about Social Security.  You have to know if Social Security will be there for you, your sisters, and your children. So start here, and then click on this link Social Security.

Remember, you have to think long and hard about a candidate and his stand on Social Security and other “Entitlements” So when you decide to vote for your representative in Congress, in the Senate, and for the President, make sure you vote for someone who will continue to support Social Security and so older women. Cut through the “stuff ” on those political commercials. Make sure you check out the truth about past voting behavior, key proposals (like budget proposals) made by each candidate, and cross-check with an independent fact checker.

Why? If you, or your sister or best friend, is one of the women who will rely on Social Security for 58% of her income from age 65 on through the rest of your life, you need to vote to make sure every candidate who has your backing will support Social Security.

 

footnote: I am drawing my facts based on 2010 statistics and analyzed by the  National Women’s Law Center “Women and Social Security: Key Facts” May 20, 2011. Here is the link. http://www.nwlc.org/resource/women-and-social-security-key-facts)

 

Filed Under: Income, Income, Longevity Risk, middle age, Motivate you to ACT!, Social Security, women and money Tagged With: , , , , , , , ,