August 26th is Women's Equality Day

Hi my name is Rhonda Washington and on August 6, 2012 I became a part-time Retirement Specialist with ValuTeachers. I continue to work full-time at a Technical College in Columbia, SC. In addition, I moonlight as a filmmaker/videographer. I have an undergraduate degree in Business Management from Clemson University, Master's degree in Sport Management from Georgia Southern University, and in 2010 an MBA from Webster University.

Picture from catalisthealth.com

I recently read a National Life Group (which ValuTeachers is associated with) article that August 26th was officially declared Women's Equality Day by President Obama last year. On that date in 1920, the 19th Amendment to the U.S. Constitution was signed, giving women the right to vote.

In terms of finance this date reminds me that women need to be educated on their finances. Specifically, investing, whom they leave up to their husband. What if you get a divorce? Your husband dies unexpectedly? What if you remain single and never marry?

Read More Women's Financial Responsibility Grows Faster Than Knowledge

Women are the least likely to save for their own retirement, instead focusing on their kids, husband, and parents need. I encourage women to prepare for your future security by participating fully in the retirement plans by your employer. Not convinced. This year, the Council of Women and Girls released Women in America: Social and Economic Indicators, the most comprehensive report in 50 years on the status of women in our country. The report sheds light on issues women face in employment, crime, health, and family life.

What does equality mean for women who participate in retirement plans? 
Women earn less and participate for fewer years in the workplace than men, resulting in lower retirement benefits. If you work in the field of education or non-profit organization, you can contribute for 2012 up to $17,000 to your 403(b) plans. If eligible for the catch up amounts, you can contribute an additional $5,500 for those 50 or older.

Continue reading my future blogs as I post about how I became financial savvy and can help you as well.

Rhonda W.