As a woman, you have financial needs that are unique to your situation in life. Perhaps you would like to buy your first home. Maybe you need to start saving for your child's college education. Or you might be concerned about planning for retirement. Whatever your circumstances may be it is important to have a clear understanding of your overall financial position.
We can help you construct and implement a plan. With a financial plan in place, you'll be better able to focus on your financial goals and understand what it will take to reach them.
On the path to financial security, it is important for women to understand what they might be up against, financially speaking. Some key differences for women are:
- Women have longer life expectancies
- Women generally earn less and have fewer savings
- Women are more likely to be caregivers
- Women are more likely to be living on their own
- Women need to protect their assets
Our team can help you take the necessary steps to save, invest and plan for the future in a way that is unique to your situation. We will help guide you through various actions to ensure you overcome these obstacles.
Steps Women Can Take:
Take control of your money – Create a budget, manage debt and credit wisely, set and prioritize financial goals and implement a savings and investment strategy to meet those goals.
Become a knowledgeable investor – Learn basic investing concepts, such as asset classes, risk tolerance, time horizon, diversification, inflation, the role of various financial vehicles like 401(k)s and IRAs, and the role of income, growth and safety investments in a portfolio. Look for investing opportunities in the purchasing decisions you make every day. Have patience, be willing to ask questions, admit mistakes and seek help when necessary.
Plan for retirement – Save as much as you can for retirement. Estimate how much money you'll need in retirement and how much you can expect from your savings, Social Security, and/or an employer pension. Understand how your Social Security benefit amount will change depending on the age you retire and also how years spent out of the workforce might affect the amount you receive. At retirement, make sure you understand your retirement plan distribution options and review your portfolio regularly. Also, factor the cost of health care (including long-term care) into your retirement planning and understand the basic rules of Medicare.
Advocate for yourself in the workplace – Have confidence in your work ability and advocate for your worth in the workplace by researching salary ranges, negotiating your starting salary, seeking highly visible job assignments, networking and asking for raises and promotions. In addition, keep an eye out for new career opportunities, entrepreneurial ventures and/or ways to grow your business.
Seek help to balance work and family – If you have children and work outside the home, investigate and negotiate flexible work arrangements that may allow you to keep working, and make sure your spouse is equally invested in household and child-related responsibilities. If you stay at home to care for children, keep your skills up-to-date to the extent possible in case you return to the workforce and stay involved in household financial decision making. If you are caring for aging parents, ask adult siblings or family members for help, and seek outside services and support groups that can offer you a respite and help you cope with stress.
Protect your assets – Identify potential risk exposure and implement strategies to reduce that exposure. For example, life and disability insurance is vital to protect your ability to earn an income and/or care for your family in the event of disability or death. In some cases, more sophisticated strategies, such as other legal entities or trusts, may be needed.
Create an estate plan – To ensure that your personal and financial wishes will be carried out in the event of your incapacity or death, consider executing basic estate planning documents, such as a will, trust, durable power of attorney and health-care proxy.
