More Possibilities, No Matter Where You Are or Where You’re Going
Successful businesswoman, entrepreneur, artist, mother, wife, mentor, leader, community activist: whether it was for your education, career, or family, you more than likely had a plan to help you reach your goals.
And as a woman, you have likely faced unique financial challenges, circumstances that make proactive planning and investing all the more important.
By working with a trusted financial advisor, you can access the resources and support you need to develop a personalized plan to prepare for all life has to offer
Framing Your Goals for the Future
Financial planning is more than saving for retirement or paying for a child’s education – it is about you. This is your life, your goals, your dreams. You deserve to have a trusted guide in your financial advisor who will design a personalized strategy that empowers you to preserve the resources you want to accomplish your goals and still enjoy life’s great moments..
It starts with knowing where you want to go, then figuring out how to get there. Whether you are just starting to save or ready to retire, your advisor will begin with a conversation to get to know who you are and your vision for your life. Like most people, you may need to balance needs with wants and prioritize long-term goals over near-term desires. Whatever your objectives may be, by collaborating with your advisor, you can be confident that every scenario presented has been strategically addressed by a professional who has a thorough understanding of your needs and a steadfast commitment to your best interest.
Staying in Touch
Planning for your financial future is an ongoing process. While retirement is frequently the focal point of financial plans, you should also consider the many exciting events you’ll experience on life’s journey. Weddings, births, graduations, family vacations, buying a new home, and leaving a legacy should all be included in your long-term plan (as should the other less predictable “detours”). So it’s important that you and your advisor spend time monitoring your progress and make thoughtful adjustments along the way.
More Collaboration to Guide Your Financial Plan
Whether or not your financial plan will involve coordination with a spouse or family member, we believe our partnership with you is essential to implementing a financial strategy that will support you and your loved ones..
Your financial advisor is prepared to serve as a sounding board, collaborating to create and maintain a tailored financial plan that can help you plan for more – more control, more possibility, and more of what matters most to you.
Some Quick Statistics
- On average, women live 4.9 years longer than men. 1
- In their later years, 80% of women will be single, resulting in increased financial responsibility and the stresses that come with it – and a need to manage their funds independently. 2
- 2:1 is the ratio of women to men who are age 85 and older. 3
- Source: CDC National Vital Statistics Reports, 2015
- Source: Pershing, a BNY Mellon company
- Source: Wells Fargo Asset Management
Helpful Retirement Strategies for Women
Preparing for retirement can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men, meaning they accumulate less income and benefits due to their time absent from the workforce. Research shows that 39% of women took a significant amount of time off work to care for loved ones, compared to only 24% of men.1
Women who are working also tend to put less money aside for retirement, saving just 7% of their paychecks on average, while men save closer to 10%.2
With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put you ahead of the curve.
- Talk about money. It’s crucial to take control of your financial future and it starts with a conversation. If you’re single, consider writing down your retirement goals and keep them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals.3,4 The more openly you talk about your future, the more confident you may be to make important decisions when they arise.
- Be proactive about your retirement. Do you have clear, defined goals for what you want your retirement to look like? Do you know where your retirement accounts stand today? Being proactive with your retirement accounts allows you to create a goal-oriented roadmap. It may also help you adapt when necessary and continue your journey regardless of life’s detours, like relationship status or market fluctuations.2
- Make room for your future in your budget. Adjust your budget to allow for retirement savings just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a consistent basis to make sure you’re on track.3
Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.
- Pew Research, 2019
- Money Talks News, 2019
- Forbes, 2019
- MarketWatch, 2019
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.
Sources: kitces.com; forbes.com; cnbc.com; ournextlife.com; smartaboutmoney.org; thestreet.com; kiplinger.com; myirionline.org
Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional.