Did You Know Series? Part 2 Answers

Good evening Beautiful Women,

Happy Monday to you all.  I hope you had a great weekend!  I spent the past 5 days nursing the flu!!!  Who gets the flu in the Summer?  Me, that’s who!  I am glad to say I’m feeling better, thank God.  I will say when I have quiet time to myself, I normally do a lot of reflecting on my seen and unseen blessings.  I always believe that when God sidelines me, he wants to tell me something, so I listen intently 🙂  Even though I missed 3 events this past weekend, I always push myself to look at the glass half full as opposed to half empty.  It is a much better feeling when you do this mental shift.

Last week, I posted the Questionnaire for the “Did You Know Series”, Part 2 questions to survey your knowledge on Financial Literacy

The answers are in red:

1. Women working full time in the U.S. averaged $0.80 for every dollar their male counterparts earned in 2015.

2. What percent of working women are impacted by the gender income gap?  50% to 75%

3. Given the gender income gap, how much longer must women work to achieve accumulated income parity? More than 10 years

4. How does the median retirement savings of women compare to that of men?  Women save less than men.

5. What percent of the nearly 12 million single-parent households in the U.S. are headed by a woman? More than 75%

6. What is the poverty rate among children living with a single mother in the U.S.? Between 25% and 50%

7. The average annual child support payment received by a custodial parent is Less than $5,000

8. Women are more likely to need long-term care (some level of medical or non-medical assistance)

9. Women are more likely to provide long-term care

10. A 65-year-old woman has a 50% chance of living until age 91.12 True 

What your score means
For more information on life insurance and financial strategies, contact:
1–3 right. Time to check your finances. Call your insurance agent today.
4–6 right. It wouldn’t hurt to reevaluate your insurance needs. Contact your insurance agent today.
7–9 right. Knowledge is great, but action is power! Set an appointment with your insurance agent today.
All 10 right. Become even more knowledgeable about insurance and financial products.

Data Resources

1.“The Simple Truth About the Gender Pay Gap, Spring 2017 Edition,” AAUW, 2017.

2. “Gender Pay Inequality: Consequences for Women, Families and the Economy,” Joint Economic Committee, United States Congress, 2016.

3. “The Gender Pay Gap Haunts Women in Retirement Too”. Time.com/Money, 2016.

4. “Seventeen Facts about Women’s Retirement Outlook,” Transamerica Center for Retirement Studies, March 2017.

5. “America’s Families and Living Arrangements: 2016” (Table FG10. Family Groups: 2016). U.S. Census Bureau. “Single Mother Statistics”. SingleMotherGuide.com. September 29, 2017.

6. “Table 8C – Poverty Status, Food Stamp Receipt, and Public Assistance for Children Under 18 Years by Selected Characteristics: 2016.” U.S. Census Bureau.

7. ”Custodial Mothers and Fathers and Their Child Support: 2013,” U.S. Census Bureau, January 2016.

8.“Fact Sheet: Long-Term Support and Services” AARP, 2017.

9. “Women and Long-Term Care: A Decade of Reports” NYLTCB/NLTCB, Retrieved 2017. Boston College, Center for Retirement Research, 2016.

10. True Annuity 2012 IAR Mortality Tables.

Next Up: Did you know….Retirement

As always, if you have any questions, please feel free to reach out here on the post or via email at: thefinancialcomforter@gmail.com

Thank you for reading!

Have a beautiful and blessed week!
Marsha

Changing the lives in our community….one family at a time

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