Get the Facts About Women and Finance

As a woman living in 2006, you are a part of a harnessing of talents and an acceptance of challenges that no other group of women before has ever experienced. As business, political and civic leaders, women are shaping our world, providing solutions and finding new ways to overcome obstacles.

But for many women, financial security, especially in the area of retirement, is an obstacle they have yet to overcome.

According to the U.S. Library of Medicine¹, on average, women in the United States live five years longer than men, and an estimated six out of ten women will be living on their own by the time they are 85. Lynne Ford, Senior Vice President and Director of Sales and Distribution for Wachovia's Retirement and Investment Products Group states. “It's surprising how few of us take this into consideration when planning for our financial future.”

To work towards financial security throughout your life, it's important to start now and learn how to best chart your course. And if you already have a plan in place, it's a good idea to continue monitoring your progress and making adjustments as your life continues to change.

How To Begin

Take Responsibility

The first step in managing money and preparing for your financial future is knowing where you are and where you want to go. Then you can put a plan in place that takes into account your personalized goals and your vision for the future. As you work through this process, you may want to include a financial advisor in your planning mix to offer professional guidance on a range of investment topics. Whether you are financially savvy or would like to learn more, an advisor may add value to your planning process.

Knowledge is Power

The more you know about money and investing, the more confident and comfortable you may feel as you work on your lifelong financial plan. There are a variety of educational opportunities available, so take advantage of women-focused seminars on finances, financial and investment focused books, and sign up for Wachovia's complimentary Women and Retirement email series.

Put away the credit cards and set up a workable household budget. You'll be able to realistically assess how much you need to live on, what you can invest for the future and get better control of your money management. You can utilize the convenience of Online Banking with BillPay and keep track of your expenses by viewing up-to-date balances and activity on your account, transfer funds or set up free Wachovia Balance Alerts (a secure way to maintain control of your finances).

Plan Today for a Better Tomorrow

No matter how you visualize your retirement and the financial goals you have set for yourself, the best way to reach them is through consistent planning and saving. Two ways to save for retirement are by setting aside funds in an Individual Retirement Account and taking advantage of your company's 401(k) plan if you are employed outside the home. Set aside a portion of your income for the future.

Looking for a good way to ensure you save? When you pay your monthly bills, remember to pay yourself. If you have direct deposit available for your checking account, use this feature to automatically divert a percentage of your paycheck straight to your savings account on a recurring basis, or transfer funds between eligible accounts as you have extra money available.

Seek Professional Help

Whether you're a 36-year-old well on her way to building a million dollar retirement or a 60-year-old wondering whether she's financially ready to live on what she's accumulated, you don't have to go it alone. There are qualified professionals who can provide information and recommendations, determine your risk tolerance, and help you work towards achieving your objectives. No matter your starting point, Wachovia can help you discover which planning approach makes the most sense for you and your retirement goals. Visit our Retirement Center for access to tools that can help you get a better idea of what your needs are. Then let us know how we can help you turn your possibilities into realities.