Retirement Roadmap for Women

 Is retirement planning different for women than it is for men?

Should women be thinking about using their own retirement roadmap when it comes to doing their retirement planning?

Women tend to live longer than men.  Which in turn means they will, more than likely spend more years in retirement than men?

All joking aside as to why women may live longer than men, can this really affect women’s retirement planning?

Are there other factors that require women to use a different Retirement Roadmap?

Here are a few essential things that women should keep in mind to help them avoid making any wrong turns with their retirement journey.

Women Live Longer.

As I already mentioned women tend to live longer than men, on average it can be as much as 7 years longer, which means that women need their retirement income to last 7 more years.  For a women retiring at age 65, this means that the investments where she is getting her income from will need to last her until she is about 97 years old.

Women Still Tend to Earn Less.

Even today with the equal pay law, women are usually still paid less on average than men.  This does therefore make it harder for women to save for their retirement.  With this lower income also comes the knock on effect of the negative benefits that it has on a woman’s social security benefits.

Women Spend Less Time in the Workforce.

Women typically spend on average about 12 years not working, usually when they take time out to be caregivers, raising their children and sometimes to take care of elderly parents.  This time out of the work force subsequently means reduced retirement savings which can affect the amount women are able to invest into their retirement plans and again into social security.  This can even lead to women having to delay their retirement.

Women Tend to Invest to Conservatively.

Statistics show that women tend to invest a lot more conservatively than men; more often than not women tend to choose “safe” rather than “risky” investments, which in turn can mean that their investments will not grow enough to support them through their retirement years.

Take Control to Avoid Bumps in the Road.

Women need to think about the future despite these obstacles that they are faced with.  Women can take control and plan for a safe and comfortable retirement.  By educating themselves to be able to understanding each individual obstacle that they face, this will allow them to plan and take control of their retirement.

Is it time for you to make retirement planning a top priority, if so contact me at 239-288-0977 to get the education that you need to give you the retirement roadmap that you need to make sure your retirement journey is safe and comfortable.

For the Love of Money!

Do you love money?

What does it mean to love money?

Do you love to spend money?

Do you love to save money?

Maybe you even love to give it away.

Do you think there is even a difference between loving money and spending money?

I am not talking about having an obsession with money.

I am talking about the relationship that you have with your money.

I think it is important for you to understand the relationship that you have with money.  If you want to be successful with your money you need to come to terms with what it really means to love money.

You see along with money always comes the emotional feelings either positive or negative.

You will either love money or you will hate it.  When you think about money it will either bring you feelings of joy and excitement, making you happy and calm or it will bring you feelings of worry and fear, making you stressed and anxious.

I think for you to be able to reach your financial dreams and goals in life you need to be able to move away from the stress that your money brings you and be able to look at your money in a whole new way.   You need to know how to love your money and how to treat and manage your money in a way that is going to serve you better.  You need to have a better understanding of your finances in order to gain the positive outcome that you are looking for in your financial life.  For most this means you being able to partner with a specialist who will provide you with the right tools to enable you to manage your money better, which in turn will lead you to positive feelings towards your money, helping you let go of your negative experiences and lead you to a stress free financial relationship with your money.

If you feel like you need to partner with a specialist on how to love your money in a more positive way call my office today and schedule a free consultation appointment with me at 239 288 0977. 

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