LOS ANGELES, CA--(Marketwired - Dec 17, 2014) - Financial expert Donna M. Phelan provides surprising new strategies for women's retirement in her new book, "Women, Money and Prosperity: A Sister's Perspective on How to Retire Well" (www.donnamphelan.com).
Although it is improving, there is an economic cost to being a woman that reverberates into retirement. This is due to a lifetime of lower earnings, fewer promotions and perks, leaving the workforce for childcare, and working in jobs without retirement plans.
Phelan says women need to create Stackable Income Streams to Empower Retirement Security (SISTERS). Some income streams, such as Social Security, may last a lifetime. Other income streams, such as alimony, child support or a primary earner's income may disappear. Women need lifelong income streams they can stack up to reach their monthly spending needs.
Told from the perspective of the Strong sisters -- one married, one divorced, one widowed, and one who never married -- the book tells the financial narrative of each woman's journey to retirement security.
One important strategy for women is to start SISTERS clubs. "Women may feel quietly ashamed or fearful about their finances, so they don't talk about it," Phelan says. SISTERS clubs are like book or craft clubs, but their purpose is to create a safe environment where women can brainstorm and implement ideas to create income for life. For example, women could rent out empty bedrooms in their home (often their largest asset) and use that income stream to make investments. Or they could monetize their hobbies by developing small businesses.
Phelan's passion is to start a nationwide conversation about women and retirement.
About Donna M. Phelan
Donna M. Phelan has spent more than 18 years at some of Wall Street's most prestigious investment firms. She holds an MBA in finance, from the University of Connecticut, and provides financial advice to clients coast to coast. The author of "Women, Money and Prosperity: A Sister's Perspective on How to Retire Well," she has lectured at conferences nationwide and published numerous articles on a broad range of financial topics. She is the Producer of Perspective, an award-winning TV show. Phelan was formerly president of the American Association of Individual Investors (AAII) Connecticut state chapter and was active in the Financial Women's Association (FWA) in New York.