By Kim Kirmmse Toth

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I read a lot about the lives of women after 50, being one myself. And, even though I am a business coach, clearly there are other things going on for us.

One of them is our retirement. It’s frightening out there and most women do not feel confident.

How are you going to support yourself in your older years?

One very sad statistic is that 50% of women fear becoming  ‘bag ladies’. That’s half of all women!

And yet, another statistic says women control a larger share of personal wealth in the U.S. than ever before by 66%.

This worry of how to finance your retirement has gotten worse since the recession. Employer retirement plans have gone downhill and many employers have laid workers off to save their own bottom lines.

As women, older women, you are resilient, savvy and can accomplish many goals.

What can you do now to be rest assured you can support yourself in the years to come?

Many women have to catch up on retirement savings, if you have any, because you either stayed at home to raise children, have been care takers to parents, got divorced, became widowed or a myriad of other reasons that have left you without enough sacked away.

For some of you, the lack of planning and preparation has put you in a difficult situation.

Too many women will work into their 70’s so they can supplement their social security. It’s one thing to work because you want to, it’s another thing to work because you have to.

Another statistic: From the 2013 Women, Money & Power Study nearly half of all women have the fear of becoming a ‘bag lady’, even 27% who make over $200,00.00 per year.

This study also stated that the root of the problem is that most women don’t know where they honestly stand financially.

So, do you know where you stand? Are you brave enough to really take a good hard look at your numbers?

Your retirement depends on it. How late in life you work depends on it. How confident you feel depends on it.

In this day and age, you have more earning power than ever before.

Are you using it wisely? Are you really taking a good hard look and knowing where you stand?

This is not a time to put your head in the sand. I read articles all the time of the challenges and fears of older women in their retirement years. I don’t want to be a part of this statistic and I don’t want you to be either.

How are you going to take care of yourself? What is your plan?

Are you working now? For someone else or for yourself?

Be brave and look at your financials. If you are not ‘retirement ready’ now or in the next 10 years, what are you going to do about it? It may be time for plan, not a dream, a plan.

Action Plan: It’s time to take a look and take whatever action you need to take. Your future is at stake here. What do you need to do next to ensure yourself a financially safe future?

Being a ‘bag lady’ is not an option.