Yes they do. Women should follow the general principles of financial planning, but they do face unique challenges that mean their financial needs differ. First, women live longer than men(7 years is the average) so they need 20%more retirement. Women also tend to take time off to raise children; approximately 11 years more. That means they save less for retirement.

After earning lower salaries for fewer years women’s social security benefits are about half of men’s . Women had CD’s(Certificates of Deposit) in their retirement savings account when a more aggressive approach would have been beneficial.

Here are some more startling statistics to ponder:

• 1 in 4 women go broke just two months after their husband’s death. 75% of women are widowed . The average age it happens is 56. 87% of poverty stricken elderly are women.
• The facts are surprising, but it points out the need to take control of your financial future. More women are becoming informed, but many still leave it to the men or ignore it all together. Now is not the time to stand on the sidelines. Follow these steps to make sure your financial future looks brighter.
• Determine where you are financially before you make any decisions. You can’t embark on an ambitious investing plan if the funds are not available or you’re in debt.
• Organize all your financial records and statements before you embark on a financial plan. This includes :checking, savings, joint and non joint, non retirement,(other investments) retirement,(401k) credit cards including gas and store credit cards. Insurance statements, tax returns and the kids’ accounts and retirement as well. If you don’t have one already, set up a filing system. Usually a separate folder for reach account works best. Most institutions issue an annual statement, once you receive it discard your monthly ones. Keep your tax returns, state and federal, and supporting documentation for 7 years.

Track your spending for several weeks. Record every dime you spend. How much and on what. Don’t just record the withdrawals record what you spent it on. What are your monthly expenses fixed and variable? This list should include; housing, food utilities, car, insurance, personal care, education. Once your current financial picture is clear, it will be easier to set short term and long term financial goals with a financial advisor. Take charge it’s your financial health.

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This is a guest post written by Carol Traulsen, a student of MakeMoneyFromWriting.com.  Carol is learning how to turn her writing skills into a freelance writing business.