Women Facing Financial Transition

Change is inevitable in all of our lives.

Career changes!

Relationship changes!

Changes in our lives are almost always accompanied with strong emotions and bring on feelings of insecurity and confusion, all of which are unavoidable and very normal.

Transitions in life become even more daunting when they are accompanied with major changes in our financial situation also.

When we find ourselves faced with these overwhelming situations, it can literally paralyze us with fear and this is when we are most likely to make the wrong decisions.

I know this from firsthand experience.

As I have faced my owner major transition in life.

For me my major transition was the death of my husband, for me this brought with it overwhelming emotions that I had never experienced before along with a huge amount of uncertainty in my financial situation.

For me a long this has been a journey which has brought me to where I am now!

Showing women how to identify some of the major life changing events in their lives.

From experience I have found that some of the most significant events in our lives can become the biggest challenges.

Some of which can be:

Divorce.

Divorce can be an emotional rollercoaster for both spouses.  The major changes in this stage of life cause a great deal of pain and stress.  It is like taking a leap into the unknown.  Some of the financial issues that come along and add to the already overwhelming burden are having to divide the marital assets, alimony, child support, changes in our tax situation, health and life insurance changes and even changes in our estate planning.  With so much pain and hurt ruling our emotions it can become extremely difficult to navigate through this transition.   

Retirement.

Looking forward to retirement can be an exciting time.  However along with the excitement can come feelings of fear and insecurity?  Feelings that we are not prepared to have and for many people this can make it difficult to focus on and identify how we are going to be able to achieve our retirement goals.   Are we going to meet our financial needs throughout our retirement giving us the comfortable retirement that we desire?   How are we going to deal with the other issues that we may face during our retirement years, like avoiding running out of money, especially as women because it is a known fact that we will probably spend more years in retirement than men as typically we live longer.  When will be the best time for us to start our Social Security benefits?  How are we going to be able to take care of our healthcare and long term care needs in retirement?  All of these factor in to making retirement another major financial transition in life that we are going to face. 

Widowhood.

When a woman loses her husband it is emotionally devastating.  This is the time when we need to reach out for help.   There are many stages of grieving all of which need to be processed and experienced before we can reach acceptance.  It is so very important to have a support team around us at this time, one which will help us make the right decisions.  One of the biggest mistakes that happen when we are faced with this type of major transition in our lives is that often we are lead to believe that decisions have to be made right away.  This is not the case it is the opposite in actual fact this is when we need to take time as more often than not the biggest mistakes are made when we are stressed and emotional.  So you need to give yourself time at least a year before making any major financial decisions.

It is important for women facing financial transitions in their lives to partner with someone who uses a caring and understanding approach, this can be the key to achieving financial security and personal success over their transition.

If you need a transition partner to help you embrace your current situation.  Call today and schedule a free consultation appointment with me today at 239-288-0977.

Is Life Insurance Right for everybody?

 Should everybody have life insurance?

Does everybody even need life insurance?

No.  Not everyone has a need or will even benefit from having life insurance?

But for others it is vital that they have it.

I know my reasons for having life insurance.

What about you do you know why life insurance might be important for you and your loved ones?

The number one reason for not having life insurance is procrastination?                                 

Statistics tell us that 93% of Americans think that they need life insurance but only 41% of them actually have it.

Don’t let this be your reason for not having life insurance.

I know what you are thinking.  Having to discuss the need for life insurance means that I have to think about dying one day and well I am just not really comfortable talking about that.

Am I right?

Sorry but no matter how uncomfortable this subject makes you feel it is one that cannot be avoided, and needs to be addressed sooner rather than later.

Here are some of the stages in life when having life insurance is vitally important to ensure the best protection for your loved ones.

Getting married or already married.

Nowadays most families depend on two incomes to run their household.  In the event that one spouse were to die suddenly,  more than likely the spouse who was left would not have enough money to cover funeral costs, debt or any outstanding loans.

About to be a parent or already a parent.

As joyful as being a parent can be, it is also one of the most expensive things.  So you will want to make sure that if you were to die tomorrow, your spouse and children would be taken care of financially in your absence.  Your spouse will still need to pay the bills and your kids will still need to go to college.

A homeowner.

If like most people, your home is one of your biggest financial assets.  Have you thought how your spouse will manage to pay the mortgage without your income if left on their own?

Business owner.

For a business owner life insurance is a must have.  It can prevent a business from financial loss and liabilities.  Quite simply it can be invaluable for maintaining the business that you have worked so hard to build in the event of your death.

Planning for retirement or already retired.

This is when most people think there is no longer any need for them to have life insurance.  Think about what might happen if your spouse outlives you by another 10 to 30 years.  Is it your desire that they live out the rest of their retirement years now with financial burdens.

Once you have established whether or not you fit into any of the above life stages and find that you do have a need for life insurance the next most important step is to determine how much life insurance you actually need.  Not everyone’s financial needs are the same.

Call and schedule a free consultation with me today at 239-288-0977 and I will be happy to help you determine your life insurance needs.

Advice to Help You Plan Well For Your Retirement

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Are you starting to think about their retirement? There are some factors that will infulence any plan you are thinking of implementing such as inflation, taxes, how long you may live after retirement and health care.

Karla White income planning specialist with Waterstone Financial discusses these factors and others so that you can better plan for your retirement.

How to plan Financial future for your family today? Financial specialist...

Karla specializes in giving financial advice to recently widowed persons, those facing terminal illness, as well as developing plans for a healthy financial future. As a widow, she fully understands the importance of having someone help those recently widowed walk through all the financial changes that they will face. Karla focuses on both immediate and long-term financial issues, helping people navigate through a most difficult journey.

Karla knows that everything can change in an instant when coping with a terminal illness or death of a spouse. She understands that financial matters are the last thing on your mind. If you want to ensure that your loved ones and hard earned assets are protected, then plan now when you are still healthy and insurable. Karla can help you sort through your financial and retirement savings accounts and other assets to ensure that you have a healthy financial future for your loved ones.

Why Don’t More Women Use a Financial Advisor?

Okay so I know what you are thinking! 

That this might sound a little biased coming from me!

However I do think that this is a very important subject that needs to be discussed.

Did you know that only 20% of female investors work with a Financial Adviser even though 70% of women would like to work with one?

The question is, if so many women want to work with a Financial Adviser why aren’t they?

Okay so maybe this is where my biased opinion comes in!

Could part of the problem be that only 1 out of 3 Financial Advisers are women! Just a thought!

I do however have to ask myself if the majority of women out there want to work with a Financial Adviser but aren’t.  

What is the reason behind this?

Could the answer be simply they have not yet met the right person that they can connect with?

Quite possibly! Okay biased again! 

Think about it, traditionally Financial Services are geared towards men, with investment advertising geared towards men, insurance advertising also geared towards men and protecting their families.

Do I think that if you are a women that you need to work with a female Financial Adviser?

Well of course not.

I do however think that women want to be noticed, and quite rightly so. Women these day’s have successful careers and are often the breadwinners in their families. Right now working women in America currently earn more than $1 trillion a year. There is currently over 9 million female business owners in America, generating more than $3.6 trillion in annual revenues.

So that said why are so few women working with a Financial Adviser?

I believe from working with some of my female clients there is a real lack of communication with what women really look for in a Financial Adviser. As women we view our money, businesses and our family’s needs differently than men, and that is not what we are getting from the Financial Industry. 

Why not?

I believe women deserve the best service either from me or someone else in the Financial Industry, someone committed to knowing what they are looking for.

So that brings up the question of what is it that women are looking for from a Financial Advisor?

In my opinion women are looking for:

~ Less Stress

~ Freedom

~ Simplicity

~ Clarity

~ Peace of Mind

~ An Adviser who Listen’s and understands

~ A Values based Financial Plan

~ To be able to take care of our Families

Would you agree that these are some of the things that you as a woman are looking for from a Financial Adviser?

 

The good news is that the Financial Industry is starting to realize that and is moving towards better communication with female clients.

If you have not met a Financial Adviser or even if you are currently working with one but are not 100% comfortable with the relationship, now might be a good time to look for someone more focused on your needs. The more women demand from the Financial Industry the more likely changes that need to be made will happen for the better to serve you as a woman.

I offer an Opportunity Meeting to anyone who wants to meet with me and find out if I might be a good fit as their Financial Adviser.  You have nothing to lose and everything to gain. I will even give you a gift certificate to La Te Da Salon and Spa for your valuable Time. 

Contact me at 239-288-0977 to schedule your Opportunity Meeting!

239-288-0977

A Roadmap to your Retirement

 Does planning for your retirement seem like a daunting task?

That’s because it can be!

Would a roadmap to your retirement planning help?

Of course, if it is the right roadmap!

We all know we can use a roadmap, but if it’s not the right roadmap, to where we need to be then it is not going to get us to our desired destination.

It’s the same when it comes to our retirement, if you don’t have the right retirement map, you are not going to have the retirement you dreamed of.

So now you may be asking yourself, what should MY retirement roadmap look like?         

Here are a few essential guide lines for avoiding any wrong turns!

The number one thing to remember is you need to change road.

The types of investments that have served you well through your working years may not be suitable for you heading into your retirement years.  You now need investments that will give you wealth preservation and income rather than growth and income. Taking too much risk in your retirement years can be devastating and you may not be able to recover.

Remember the journey may be long.

We cannot forget about longevity, this is a huge concern for retirees nowadays.  Did you know that if you are in decent health by age 65 you can probably expect that your money is going to have to last you for about 25 years. Statistics show us that living to age ninety is very realistic nowadays!

Watch out for bumps on the road.

 Unplanned healthcare costs can have devastating effects on your retirement plan.  Even planned healthcare is a financial challenge on your retirement plans, as studies show that the average 65 year old couple need around $283,000 for medical expenses in their retirement AND that’s before even taking into consideration  EVEN needing long term care.

Be aware of any unseen obstacles that may in the road.

Something that can be so easily overlooked in your retirement years is inflation.  Why?  Well most likely throughout your working years your wages have risen as the cost of services and goods have risen, so you have never really had to think about it too much. But in retirement when it comes to living of your savings if you haven’t planned for it, inflation can literally ROB you of your income.

 

Look out for changes in the road ahead.

Taxes most people are expecting this change to be a positive one.  But this is not necessarily the case.  You see to maintain the same standard of living (as I am sure you desire) you need to maintain the same income.  But what we often forget is that we also no longer have those deductions that we once had, like kids, mortgage etc. This usually then leads to your tax bill going up rather than down.  So you need to find other ways to now be more tax efficient to protect your nest egg.

Lastly don’t forget to look out for others along the road.

And to do this you must not forget the importance of Estate Planning within your retirement plan.  By doing this you are ensuring your assets go where you want to them to.  Making sure that your loved ones avoid probate and having to pay any unnecessary taxes that may occur when you pass on.

 Karla White Income Planning Strategist - Waterstone Financial Services  

karla@waterstonefs.com

239-288-0977

288-0977

288-0977