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LJ seminar stresses importance of investing
Published July 13, 2009
LAKE JACKSON — Too many women are cutting themselves short compared to men when it comes to a comfortable life in their later years, area financial advisers say.
“Men go to school, graduate and work until they retire. Very few women follow this pattern,” TDECU Financial Adviser Lydia Mobley said. “They go to school, graduate, work, have children, stay home and may at some point go back to work, but during that time they aren’t earning money or investing it.”
Even while working, many women aren’t putting money away for later. Only half of women in a recent survey said they already were investing.
“All women should be investing in some form or fashion,” TDECU Assistant Financial Advisor Bethany Davis said. “I think the reason many aren’t is because they’re either living for the now, don’t think they can financially afford it or they just see bigger needs.”
About 80 to 90 percent of women will be responsible for their own finances at some point in life, and with the average woman’s life expectancy projected to exceed the average man’s by about eight years, investing is something all women need to be thinking about, Mobley said.
Rebecca Mims, 57, has been investing since 1989, and she takes advantage of CDs, Roth IRA, stocks and mutual funds.
“I had cash I didn’t know what to do with, and I knew in the future I didn’t want to lose it, so I put it in a savings account,” Mims said. “I’m not going to gamble my money away, I’m happy with slow gains. But I wish I’d started investing earlier; I’d be retired by now.”
At a quarterly seminar recently offered by TDECU Investment, “Straight Talk About Women and Investing: Steering Toward Retirement,” Mobley stressed the importance of savings to an audience of about 70 retirement-aged women.
For Lake Jackson resident Nancy Smith, 88, it was a “reinforcement of things I already knew,” but according to Mobley’s statistics, 25 percent of women are without retirement or other savings.
But it’s never too late to start building a nest egg, financial experts say, and how to go about it depends on a person’s circumstances.
With the average person retiring at about age 65, combined with heightened life expectancy, many people will have to save for about 30 years of retirement.
Every woman has different investment needs based on age group, assets, income, budget and goals, TDECU Senior Financial Advisor Wes Garner said.
Wells Fargo financial consultant and planner Giovanna Swisher also takes into account an individual’s retirement goals, dreams and expectations.
“It all goes back to really sitting down and learning what it is that the client wants to do in retirement,” she said.
The “rules of the game,” Mobley said, are about making a plan, building a portfolio, seeking out tax advantage and, above all, remaining calm.
Swisher suggests younger women start contributing to a 401k retirement plan early in their career, putting in at least what the company will match.
“Then you can get up to 10 percent and increase each year as you feel comfortable,” she said.
While every woman has a different investing strategy, whether it’s taking a risk in the stock market or putting away a little bit here and there in a savings account, the main goal is to save and avoid debt.
“Getting an early start is huge,” Mobley said. “But if you’re not investing now, it’s never too late to start.”
Michele Reilly is a reporter for The Facts. Contact her at (979) 237-0153.
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