Women congratulate yourselves! You are a significant economic force, contributing employment as well as revenue to our nation's growth. According to the Center for Women's Business Research, in 1995 there were 3.5 million home-based women-owned businesses in the US providing full or part-time employment for approximately 14 million people. Between 1997 and 2002 the number of women-owned firms increased by 14% nationwide, that is twice the rate of all firms.

Despite these great strides toward financial independence, 51% of women-owned firms do not have any retirement plan in place. The Women's Institute for a Secure Retirement cites five common savings mistakes made by working women:

• Letting savings lapse
• Counting on a pension or social security for most of their retirement income
• Counting on a husband
• Using your retirement savings as the family piggy bank, and
• Ignoring the financial perils of divorce

• Of all post-industrial nations, the US has the highest poverty rate of older women
• Social Security is the only source of income for 25% of elderly non-married women (widowed, divorced, separated, or never married)
• Elderly widows receive an average of $5,964 per year in Social Security benefits
• In 2000, only 18% of retired women received income from pensions compared to 31% of men
• In 1940, the life expectancy of a 65-year-old was 12 years, now it is 17 years

Congratulations to the 49% of you who have a solid retirement plan in place. For the other 51% of you, it's time to get started. Value yourself and your employees and plan for a comfortable retirement!

Dawn M. Webster