By Irene Hannagan
September 14, 2006 | It's the same at 19 as it
is at 50. Prepare now. Save now.
USU Professor Jean Lown, Ph.D., led the monthly
Financial Planning for Women workshop at 7 p.m.
Wednesday, focusing on investing in preparation
Workshops are designed for women who are 10 years
away from retirement, but younger women, Dr. Lown
said, need to start saving now so 10 years before
retirement they will have the education and foundation
to fund it.
"I want to stress that young people should
be thinking about and planning this," she
Dr. Lown began the Financial Planning for Women
workshops 10 years ago to reach out to women because
they statistically lacked financial knowledge,
explained graduate student, Tiffany Smith. She
is working on her master's degree in commercial
science and led part of the discussion Wednesday
The workshop began with congratulations to women
who are taking steps to control their finances.
"One woman at [the earlier workshop] said
she cut up all her credit cards but one,"
Dr. Lown said. "My husband and I put new
insulation in our house, the gas costs went down."
Dr. Lown's key points
to remember when saving for retirement
Be aware of inflation rates, generally around
3 percent per year, which greatly affect the actual
value of the money you receive from an investment.
Put your savings in various places. Having all
your savings in one place leaves it at a high
risk for loss. (Enron, etc.)
Don't worry about having money in several accounts
with one company such as Vanguard or Fidelity.
Check budget and savings every year to stay up-to-date
on inflation, and additions to savings during
the previous year.
Remember when investing in the stock market, within
a span of any 15years you will never be left in
There are pro's and con's to working until 62
and 65. Research them and your own medical history
before you decide to retire. Social Security will
be around; changes introduced in 1983 are being
Don't get annuities that you have to buy into.
Always consider taxes, they are getting higher
all the time and depending on investment types,
when you cash in, you may have to pay a big chunk
to the government.