There is a coming crisis regarding womens issues on aging and their financial future. "Nations of the world face the challenges of helping aging women attain economic security and promoting the productive potential of woman as they grow old." An International Report Prepared for the United Nation Second World Assembly on Aging.
The purpose of this article is to explore some of the economic issues facing women as they age. Is there a solution to these issues?
What are the key points of concern for women of the baby boomer generation?
In 2004, the average income for a single woman age 65 and older was $9,430 a year. In the United States, approximately 70% of older households have annual incomes below $35,000. Almost 30% of those households have incomes between $10,000 and $20,000. The highest rates of poverty are found among older single women, a category that includes widows and divorced women as well as those who never married.
In 2003, 3.4 million AmericTiffany Atlas Ring ans age 65 and over live below the poverty level, 71% were women. About 3.6 million elderly persons (10.1%) were below the poverty level in 2005. This change in the poverty rate was not statistically different from the poverty rate in 2004. Another 2.3 million or 6.6% of the elderly were classified as "near-poor" (income between the poverty level and 125% of this level). Older men were much more , 72% of men, 42% of women in 2005. 43% of all older women in 2004 were widows.
For one out of four of these women, social security was their only source of income. As primary careTiffany Diamond Ring givers of the house, they contribute less to their social security, and are generally paid less when they do work. Many of the widest pay gaps occur in the best-paid jobs with the most highly educated workers. Among physicians and surgeons, the highest-paid occupation for men and women, women earned 63% of what men did. This was the same ratio for female and male CEOs. Female lawyers earned 74% of what male lawyers earned. 101 Facts on the Status of Workingwomen, Published July 2005.
Half of older women age 75 and older live alone. By 2020, this total will be 13.3 million and 45% of these women living alone are poor or near poor. (same article as aTiffany Celebration Rings bove). The number of childless women has grown to an alarming rate - there will be no one to care for these women in their old age. The average American life expectancy in 2003 was 77.6 years. (80.1 women and 74.8 men) Women live longer than men by an average of 5.3 years. This means that about 85% of women die alone - either unmarried, divorced, or widowed.
New vulnerabilities concerning standard of living in retirement: Declining stock prices after the crash of the high-tech sector in 2000 pushed many pension plans into deficit status and undermined the value of individual retirement savings.
For many women, facing the "golden" years is going to be difficult. Lack of planning and changing economic status will have them in a financial bind.
What are the Possibilities?
The number of women-owned businesses in this country grew at twice the rate of all firms between 1997 and 2002, jumping 14 percent to 6.2 million, according to the Center for Women's Business Research. Women-owned businesses account for 28 percent of all privately-owned businesses, and employ 9.2 million people. They contribute $2.38 trillion in revenue to the U.S. economy, according to the Small-Business Association. By Nancy Michaels As seen in the a special advertising section in of U.S. News & World Report
Nearly half of all small businesses are owned by women. (President Bush Discusses Jobs & Trade at Women's Entrepreneurship Forum, Cleveland Convention Center.) Another study found that the number of female entrepreneurs is growing at 3.3% annually which is greater than the number of men who are becoming entrepreneurs.
Aging baby boomers will lead a surge in start-ups that will accelerate the economys recovery. The number of self-employed 55 and older entrepreneurs has increased 18% from 1994 - December, 2003. These senior entrepreneurs now represent 28.7% of all self employed workers, the highest percentage among all age groups, according to the Bureau of Labor Statistics. These "seniorpreneurs" will be major employers of other aging boomers like themselves, ensuring that the unemployment rate among older workers will continue to remain the lowest of all age groups.
To a lot of boomers, retirement means continuing to work in their own way and reinventing themselves.
Is there a solution?
One solution for many motivated baby boomers has been network marketing or direct sales. According to Donald Trump:Marketing is a powerful tool, and network marketing can increase that power.
See a product and remove the advertising agency, You do the marketing and advertising
Network marketing has proven itself to be a viable and rewarding source of income
My advice about network marketing is to do your research, and put everything you've got into your product. Genuine enthusiasm is hard to beat.
So what is network marketing? There is no mystery to Network Marketing. It's just another form of sales and distribution. "Call it the age of direct selling. With its emphasis on personal, one-on-one relationships between distributor and consumer, convenience, and a high degree of consumer education, the industry may be tailor-made for today's consumer and company." Fortune, The Power Issue, vol. 148, No. 3
How do you pick a winning network marketing company? There are literally thousands of companies on the market today, all promising to get-rich-quick. There are 5 major factors to consider when selecting a company:
What is the reputation of the company? Remember that if it appears too good to be true, it probably is. Just as in a traditional business, you will have to put considerable effort into getting your business started. This effort can be done on a part-time basis, however, it is still effort.
What kind of support will I have to help me get started? Take a look at training provided by the company and by those who are presenting an opportunity to you. Are there training calls, both live and recorded to help you get started. Is there a specific business plan that outlines what it will take to be successful?
What is the initial cost of startup? Can I reasonably expect to recoup my startup costs in a short period of time? Can my startup costs be covered by the tax savings provided by establishing a home-based business?
Is the product or service I will represent something that I am passionate about? You don't want another job, make it fun.
Is the overhead low enough that it can be covered by my tax savings in the beginning? Avoid going into debt just to start a new business if possible.
Statistics show that approximately 8,000 new home-based businesses start daily in the U.S. alone. This means that a new home based business starts every 11 minutes! It is estimated that by 2010, a whopping 69% of all households will support themselves from some form of home-based business.
Direct Selling is an equal opportunity for financial and personal growth to women and men from every background. Direct selling helps minimize the risk involved in starting a business. "The beauty of direct selling it that it's all done for you, the only thing you need to do is find a reputable company, one that you can trust, that offers a product or service you believe in and can get passionate about." David Bach, Smart Women Finish Rich
"Direct selling provides an unparalleled opportunity for millions of people to take responsibility for their own economic wellness, create long-term financial stability, and realize significant wealth, even while enriching the lives of untold numbers of others." From:The Next Millionaires - Paul Zane Pilzer, has served as economic advisor to two U.S. Presidents and is world renowned as a leading predictor of economic catalysts and trends. He is author of five best-selling books, including Unlimited Wealth, The Next Trillion, and The Wellness Revolution; his books have been published in 24 languages. Pilzer has started several entrepreneurial businesses - earning his first $1 million before age 26 and his first $10 million before age 30.