Upload
marybissell
View
548
Download
3
Tags:
Embed Size (px)
DESCRIPTION
Draft of PPT for Vegas@50 Event
Citation preview
Financial Literacy in These Times
AARP Member Event: Vegas@50+Friday, October 23, 2009
DISCUSSION DRAFT 11-09
AARP Foundation 2
Welcome to Your Financial Future
Moderator: Mary Grate-Pylos add preferred title
Panelists: Rocky Egusquizaadd preferred title
Ouida Williams add preferred title
AARP Foundation 3
Where do I go from here?
AARP Foundation 4
How do I more than “just get by?”
AARP Foundation 5
How do I get out of debt?
AARP Foundation 6
Where can we find reliable information?
AARP Foundation 7
Where do I start?
Take control of your financial future…
AARP Foundation 9
How Much do you Know About Managing your Money?
AARP Foundation 10
True or False?
Question #1: The first step in good personal financial management is working out a budget.
AARP Foundation 11
False
Before you put together a budget, you first need to fully understand your financial situation and goals.
Starting the financial planning process with a budget is like starting a diet without adequate preparation and advice.
AARP Foundation 12
True or False?
Question #2: Social Security is able to provide most working women with enough money for a comfortable retirement.
AARP Foundation 13
False
Social Security was never intended to provide for all of your retirement needs. It must be supplemented with pensions, savings and investment funds.
AARP Foundation 14
True or False?
Question #3: The best way to generate sufficient long-term retirement funds is to focus on conservative investment risks such as bonds.
AARP Foundation 15
False
Focusing all of your investments in low-risk/low-return bonds is unlikely to generate sufficient funds for an adequate retirement nest egg.
The key is to buy a diversified range of stocks and bonds that will grow over time but also let you ride out the peaks and valleys of the stock market.
AARP Foundation 16
True or False?
Question #4: Compared with men, women face unique financial challenges.
AARP Foundation 17
TrueIn America today, women still: > Earn less than men> Live longer; must save more> More likely to be single parents
and live alone in adult years> More likely to have caregiving
responsibilities> Suffer disproportionate impact of
disabilities, job loss, divorce, widowhood and the recession
AARP Foundation 18
What does this mean for women?
> Less budget flexibility> Less money for savings and investments> Lower social security payments> Lower or no pension> Fewer investments in retirement plans> Targeted money management plan> Less financial security at all life stages
AARP Foundation 19
Growing Hispanic Community: New Financial Challenges
The time for action to improve financial security for Latina women is now:
> By 2050, the White, non-Hispanic population will fall just slightly below half of the U.S. overall population.
> The Hispanic 50+ population is expected to more than double from 8 percent to 19 percent.
AARP Foundation 20
Common Financial Misperceptions
> Approaching the wrong people for financial advice> Being embarrassed to ask questions> Financing items without understanding the implications> Co-signing loans for family members with bad credit> Believing that certain employer-sponsored investments (e.g.,
401K) means the company will take their money.
AARP Foundation 21
Other Challenges for the Latino Community
There are often structural barriers such as lack of bilingual, bicultural staff and appropriate materials at financial institutions that are relevant to the Latino community.
Brand to add graphic
AARP Foundation 22
Death of a Spouse?
How Do You Deal with . . .
AARP Foundation 23
High Health Care Expenses?
AARP Foundation 24
Credit Card Problems?
AARP Foundation 25
Unexpected Costs?
AARP Foundation 26
Hidden Debts?
AARP Foundation 27
Too Little Savings?
AARP Foundation 28
Too Little Time?
AARP Foundation 29
Financial Challenges for the African-American Community
> Let’s talk about on Monday – my concern here is that we appropriately focus in on the unique challenges for African-American population, but do not over-generalize. Would love input on how to structure this.
AARP Foundation 30
Financial Challenges for African-American Women
Add stats:
Why not get started today?
AARP Foundation 32
AARP Foundation has tools that can help.
AARP Foundation 33
10 Curriculum Subject Areas
> Managing Money> Credit Cards> Installment Loans and Mortgages> Retirement Planning> Investment Planning> Home and Auto Insurance> Health Insurance> Life Insurance> Achieving your Financial Goals> Estate Planning
AARP Foundation 34
1. Managing Your Money
> Money management basics> Understanding women’s unique
financial challenges> Measuring assets and net worth> Developing a cash-flow statement
AARP Foundation 35
2. Making Credit Cards Work for You
> Advantages and risks > Trouble warning signs> How credit cards work> How to manage credit cards effectively
AARP Foundation 36
3. Installment Loans and Mortgages
> Types of loans and mortgages> How they work> How to keep track of credit ratings> Steps in buying a home
AARP Foundation 37
4. Retirement Planning
> How much should you save?> Saving early vs. saving late> Social Security benefits> Types of savings plans> How to build your retirement nest egg
AARP Foundation 38
5. Investment Planning
> Power of compound interest> Stocks vs. bonds> Evaluating investment risks
AARP Foundation 39
6. Home and Auto Insurance
> What types of losses should be covered?
> Types of insurance policies> What you can do to save money
AARP Foundation 40
7. Health Insurance
> Types of health plans> Income lost due to illness or
accident> Medicare and Medicaid> Long-term care and disability
AARP Foundation 41
8. Life Insurance
> When do you need life insurance?
> How much is needed?> Types of life insurance policies
AARP Foundation 42
9. Achieving Financial Goals
> Where do you want to go?> Roadmap for reaching your goals> Practical thoughts about managing
money> Developing a cash-flow plan
AARP Foundation 43
10. Estate Planning
> Wills> Trusts> Probate> Power of Attorney
AARP Foundation 44
Tools that fit your life. . .
at your pace.
AARP Foundation 45
Get started now by:
> Taking Women’s Financial Basics for Life at your local community college;
> Sharing Women’s Financial Literacy Program information with friends and local community groups;
> Email us at [email protected]
AARP Foundation 46
Money Management Tools that Last a Lifetime
AARP Foundation 47
Invest in yourself and your financial future.