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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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"Bag Lady" Nightmares Haunt Even the Most Successful Women: Report

Majorities of women who have become involved in managing their finances state that it has made “a real difference in the quality of my life."

| BY Donald Liebenson

Almost half of women fear ending up broke and homeless, a report released Monday finds.

Fears of becoming a “bag lady” persist across all wealth and success levels. After the fear of losing a spouse, the thought of running out of money in retirement keeps a majority (57 percent) of women up at night, according to the“2013 Allianz Women, Money & Power” study.

Single women are most worried (56 percent) about an uncertain financial future, followed by women who are divorced (54 percent) or widowed (47 percent). Forty-three percent of married women confessed a fear of becoming homeless. But the “bag lady” nightmare is also felt by wealthy and successful women. Almost half (46 percent) of “women of influence” and 27 percent of those with an annual household income of at least $200,000 share this fear.

This no doubt accounts for the study’s finding that almost two-thirds of women (62 percent) express strong interest in learning more about finances and retirement planning. Majorities of women who have become involved in managing their finances state that it has made “a real difference in the quality of my life," including women of influence (90 percent), single women (71 percent), divorced women (70 percent), widowed and same-ex couples (67 percent each) and married women (63 percent).

The primary topics that women most want to learn about are how to maintain or achieve their preferred lifestyle in retirement, how to guarantee income for life, and how to invest or plan for retirement on a modest income. But women feel that the demands of children and families are leaving them with little time to address financial planning strategies, the report concludes.

Related story: Men vs. women: What are the benefits of working with a financial advisor? Click here to read more.

Women’s fears of a destitute financial future persist against a trend that finds a majority of women (57 percent) reporting they have more earning power than ever before, the report finds. Sixty percent of women said they are the primary breadwinners in their households. A majority (57 percent) of respondents said they primarily handle major investment decisions and retirement planning themselves. Almost as many (55 percent) report they are the ones to research new investing or retirement ideas.

About the Author

Donald Liebenson

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.