I recently spoke to a woman who is very concerned about having enough money in her old age. She mentioned that she had fears of becoming homeless or a bag lady. The pressure in her situation is real.
My father taught me that you need an income during retirement. He pointed out to me that net worth is not income. This is so important. I have talked with women who tell me, “God is my security.” This is not a viable plan. We have to take action. They could consider using their talents in a job that may be simple but helpful. Even working as a cashier or at the front desk at say, The Senior Center can provide cash for groceries, utilities, and auto needs.
In my case, dividend paying stocks give me the money I need to stay on my budget and to continue investing. Your money has to grow and last, or it will deplete and disappear. Some women don’t face this fact. It is a hard truth. Caretaking and being domestic will not pay the bills. These are very valuable activities, but unfortunately, oftentimes they are just expected, for free.
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