How is a Woman’s Retirement Plan Like a Smartphone?

Lawndale News Chicago's Bilingual Newspaper - Business

Financial strategist Donna M. Phelan, author of “Women, Money and Prosperity: A Sister’s Perspective on How to Retire Well,” ( relates the story of Wanda Strong – one of four sisters – one married, one widowed, one divorced and one who never married. Finding herself suddenly single with two kids to support and less than 15 years to retirement, Wanda had to make a choice: she could either succumb to the numbing fear about her financial future, or she could embrace new strategies for prosperity. She chose the latter. Phelan provides “ahs” – awareness, hope and strategies: awareness of women’s own financial situation, hope that it’s never too late (or too early) to start planning, and real life strategies that are easy and practical for women of any age or current financial situation.

Create Stackable Income Streams to Empower Retirement Security (SISTERS).
Women need to stack several income streams to cover their retirement spending needs because one, such as Social Security, may not be enough. And others, such as alimony, child support or a primary earner’s income, may disappear.

Get as inspired to learn about money as you are about your new smartphone!
“Women often say that they can’t understand money concepts because they are too complex to learn,” Phelan says. “But they want to learn about their smartphone — by far, a much more complex, highly advanced piece of technology that is constantly changing –- because they want to stay in touch with their kids.”

Lawndale News Chicago's Bilingual Newspaper - Business

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Wanda calls her three sisters and a few friends together to brainstorm new retirement strategies for stackable income streams. They could:

• Meet with a financial advisor and develop a written plan.
• Learn how to create income from investments.
• Embrace non-traditional living arrangements, such as renting out empty bedrooms, or getting a roommate.

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