8 Tips To Protect Your Federal Retirement

Understanding your federal retirement benefits is essential if you’re a federal employee aged 55 years or older. Many of us anticipate our retirement, and it’s usually when we look forward to enjoying the fruits of our labor after years of hard work and dedication. Nonetheless, have you ensured that your retirement is well-protected and comfortable by taking the best measures? A pre-retirement analysis helps you review your benefits and informs you about taking the necessary steps if you’re 55 or older. Not thoroughly understanding these federal retirement benefits during retirement or working years could cost you thousands of dollars.

Here are the eight best tips to help protect your federal retirement

Carefully planning and adequately understanding the unique considerations and benefits relative to your position can help you protect your retirement as a United States federal employee. Below are eight essential tips to help you protect your retirement.

1. Understand your retirement benefits

There’s a lot to get your head around, and thoroughly understanding your retirement benefits can be a perfect start. It would help to familiarize yourself with various rules, including the Civil Service Retirement Plan (CSRP) and the Federal Employees Retirement System (FERS). Moreover, being more conversant with the Thrift Savings Plan (TSP) and being well-informed on the rules and options available can help you stay more vigilant about the laws and regulations around your retirement benefits.

2. Contribute to Your TSP Maximally

The Thrift Savings Plan is tax-advantaged, and this retirement plan can guarantee stability of retirement for federal employees. Therefore, it’d help to contribute the maximum amount through catch-up contributions. These contributions are an additional perk for individuals aged 50 and beyond to bulk up their retirement accounts, providing an avenue to making extra deposits and maximizing to build a more substantial nest egg. This advantage only applies to individuals aged 50 and above, so please leverage this perk.

3. Strategically Plan Your Retirement Date

Planning your retirement by deliberately selecting a date can enable you to maximize your defined pension benefits. Therefore, please assess the impact of various factors, including age and your high-three average salary. Moreover, your length of service can play a vital part in helping you determine an ideal range of retirement, which directly influences the amount you may receive from your pension. A longer tenure might help you bag the most pensions than a shorter one, so it’s always best to consider that before setting your retirement date. Picking a retirement date when your high-three average is at its peak can increase your pension.

4. Consider the FERS Supplement

You might be eligible for the FERS supplement—all it takes is to find out and understand how it works. You can also consider learning more about Social Security benefits and plan your retirement income accordingly. The FERS helps bridge the gap between federal retirement and social security benefits. That helps guarantee additional income before you become eligible for Social Security. There are eligibility criteria for FERS that you should be familiar with, and that can be a perfect start. You can, afterward, determine if the supplement complements your anticipated Social Security benefits. The FERS supplement clan will help you enhance your financial well-being in the early stages of your retirement.

5. Review and Optimize Your Investment Portfolio

Your retirement goals should be your priority, and ensuring they align with your risk tolerance can be prudent. Therefore, always review your investment portfolio and balance your TSP investments. Moreover, ensure that you diversify your investments to guarantee growth for the long haul. Diversification is a cornerstone of prudent investing. Spread your TSP investments across a range of asset classes to mitigate risks that market volatility might bring along. By diversifying, you enhance the potential for long-term growth while minimizing the impact of poor performance in any single investment.

6. Healthcare Planning

Having appropriate healthcare coverage for your retirement by understanding the Federal Employees Health Benefits (FEHB) program can be vital for your healthcare planning. Besides, staying informed about Medicare eligibility and its interaction with the FEHB can help you make more informed decisions regarding your healthcare needs. It’d also be wise to recognize the potential changes in healthcare needs that may arise as you age. These changes can revolve around prescription drug coverage supplementary plans that might enhance your overall healthcare protection.

7. Consider Long-Term Care Insurance

Long-term care can position you better to protect your assets and healthcare needs during retirement. Your financial security and peace of mind should always be a priority for this period. Long-term care insurance can help you support your independence, such as home care, and mitigate healthcare expenses like assisted living and nursing home care. Other healthcare expenses, whether at home care or in a facility, can incur substantial costs, quickly depleting your financial reserves if you don’t have long-term care insurance.

8. Leverage Help from Financial Professionals

A little advice can go a long way, and talking to a financial expert well-versed in federal employee retirement can significantly help. It can be a strategic move to receive personalized advice and optimize your financial plan as you transition to retirement. Their profound understanding of retirement plans and experience helping individuals prepare for retirement can help you better know your next move toward your retirement’s financial goals.

Bonus Tips for Protecting Your Federal Retirement

Staying more informed about the possible retirement plan changes can help make your federal retirement financial planning more effortless. You can attend your agency’s workshops and seminars and leverage retirement professionals for guidance. If possible, keep your beneficiary updated for your TSP and other accounts. That would ensure your retirement proceeds go to the intended recipients after passing.

Get Professional Federal Retirement Advice

Protecting your federal retirement is a long-term endeavor as a federal employee. Planning, making informed decisions, and staying constantly informed can guarantee a comfortable and stable financial retirement. With our the personalized and expert guidance we offer, you can align your financial goals for your retirement years. Don’t leave your retirement to chance. You can use our complimentary pre-retirement analysis to pave the way for a protected retirement.

Schedule Your Retirement Session Today!

Jen Trowbridge Flordia

Financial Planning For Federal Employees

Being a government employee implies a different financial landscape compared to those employed in the private industry, given their exclusive perks and retirement strategies. Therefore, it becomes essential to partner with financial consultants who are well-versed with benefits unique to government employees. These experts can assist civil servants to maximize their pension benefits and devise payout policies that cater to their partner’s financial requirements post-retirement. As a Federal employee, a financial consultant can help you carve out strategies that align with your financial goals and retirement plans.

The Importance of Tailored Financial Guidance for Federal Workers

Government employees are entitled to some of the most lucrative benefits in the country, albeit understanding these can be daunting. This often necessitates personalized financial advice during their service years and post-retirement. Such guidance is best sought from professionals adept at managing such intricate scenarios. Here are a few instances where such advice can be beneficial:

Sources of Financial Guidance for Federal Employees

Federal workforce members have various avenues to seek financial counsel within and outside the government sector. The goal is to identify a knowledgeable advisor who can effectively strategize to meet future financial needs. Here are some potential resources to consider.

Resources in the Private Sector

There’s a wide array of resources available in the private sector designed to assist federal employees with financial planning. Some of these include:

Resources in the Government Sector

Federal employees looking for financial advice have resources within the government sector as well:

Boosting Pension Revenue for Federal Employees

Retirement planning can be quite overwhelming, particularly for Federal employees due to specific benefits they have that are not available to private-sector employees. The CSRS benefits federal employees hired before 1983.

Significant differences exist between FERS and CSRS, with the most remarkable being that while CSRS is solely a pension program, FERS comprises three components. Other differences include Social Security contributions and benefits, with CSRS employees not participating or receiving benefits, unlike FERS employees. Additionally, CSRS recipients get cost of living adjustments (COLA) throughout their participation, whereas for FERS recipients, COLA starts at early retirement.

FERS Payout Strategies for Surviving Spouses

FERS offers a survivor benefit that varies depending on different situations. For instance, if a Federal Employee dies while in service, the surviving spouse is entitled to a lump sum payment plus the larger amount between ½ of the annual pay rate or ½ of their ‘high-three’ average, provided the deceased had a minimum of 18 months of service. Essentially, bereaved spouses receive 50% of the Federal employee’s salary plus a lump sum.

While this is generally what bereaved spouses receive, several exceptions exist, for instance, the bereaved spouse and the Federal worker must have been married for at least nine months or have a child together. Eligibility also applies if the death was accidental.

Financial advisors can help spouses understand all eligibility criteria and exceptions for obtaining benefits. Another key aspect to consider is that survivorship benefits are taxable income. Therefore, for tax planning, bereaved spouses need a strategy that considers their personal benefits, such as a pension or Social Security.

Final thoughts

Planning for retirement as a Federal employee can be quite complex, but with the right information and strategies, it can become a manageable task. Careful consideration needs to be given to benefits like FEGLI, TSP, and FERS as these can significantly impact financial security during retirement. Staying informed and seeking expert advice when necessary can lead to maximized benefits.

Recommendations for Retirement Planning

Jen Trowbridge Flordia


The financial world has seen a lot of change, with more women employed in male-dominated industries. This means that women are more independent today than ever before. Despite these achievements, women face many challenges as they approach retirement age.

Financial planning for women is essential as they approach retirement since retirement is when there is less income than spending. Therefore, proper planning should be considered.

Retirement planning is essential for women, and today, there are many ways in which women can invest and diversify their income to ensure that when they retire, they will still have a steady income. They won’t have to depend on their spouses or children for daily expenses.

There are many ways in which women can plan for their retirement. Here is a guide on retirement plans for women.

1. Save more.

As you approach retirement age, you must learn to save more. Women are known to spend more than men. We all know advertising has changed, and we can see it directed toward women. This increases shopping activities that are sometimes aimed at buying the most luxurious things.

Learning how to save more will be very beneficial. Take up the saving rule in which you should save at least 30% of your salary.

If you are used to spending too much on takeout, start preparing your food at home. Savings that do not yield anything are not good. Taking up a savings account with your bank where you can earn a certain amount of money for saving money in your bank account can be very beneficial instead of putting your money in a regular bank account.

When you start saving early, you will realize that by the time you retire, you will have enough money to start a business or enjoy your retirement. Women should consider saving in a savings bank account that yields interest which can increase their savings amount.

2. Emergency fund.

An emergency fund is an essential aspect that you should consider when planning for retirement. Emergency funds are aimed at securing you financially in case you lose a job or in your old age when you run out of cash and you have an emergency that you need to take care of immediately.

Emergency funds should be kept separately from your savings account and used only to handle emergencies that cannot wait. Contributing a certain amount of your income to your emergency fund is very important and should be handled with a lot of discipline. Economists say you should save at least 6 to 18 months’ worth of living expenses in an emergency fund account to cater for emergencies.

You can create an emergency fund bank account that allows you to divert a certain amount of your earnings and use it whenever needed. This will give you a more accessible and more peaceful time since you won’t stress if you are low on funds during retirement.

3. Invest in stocks.

Investing is the best way to prepare for retirement since it will help you make more money even when you are retired. There are many ways of investing. You can invest in stocks earning dividends in which you will be able to earn dividends when the company you have invested in makes profits at the end of the year. There are many companies that offer stocks to the public to buy.

Stocks are sold at the security exchange market. Here you can buy stock when they are low and sell when they are high, or you can decide to wait to earn dividends at the end of the year. Stocks are the most common form of investment that even billionaires use to earn income. Investing in stock is considered to be a low-risk investment since it’s scarce that companies make losses.

The stock investment will ensure that you generate regular income, which is considered passive income. This passive income type is very profitable, and you are assured that the money will keep coming in regularly. Buying stocks before retiring is very beneficial since even as you retire, you will be assured that there will be a steady income.

4. Annuity.

An annuity is an insurance contract in which it’s issued to pay the investor a fixed income in the future of the invested money by the insured. Financial institutions like insurance companies mainly issue annuities. You pay a certain amount of money in terms of premiums or lump sums, and upon retirement, you will earn a specified amount for a certain period for the remainder of your life. Annuities are mainly preferred for retirement since they are less risky, and you are assured of a good life after retirement.

Retirement planning for women is essential. Annuities are one of the best retirement plans for women since annuities will sustain their living expenses and guarantee a steady flow of income. Taxes are associated with annuities that people seeking to get allowances should consider. Getting in touch with a financial institution offering grants for advice on subsidies can benefit you. 

5. Real estate investment.

Real estate investment is the most common option many people are now diving into more than ever. With a high rate of inflation and increased demand for suitable housing, investing in real estate can be very profitable, especially if you want a permanent house in which you can live forever. You can also decide to build your own home and become a landlord in which tenants pay rent. This way, you will have an income stream every month.

Suppose you can’t afford to buy a house or build one. In that case, you can invest in real estate companies where different investors come together and own real estate properties. The profit earned is divided equally among the investors when they sell the property. Women planning to retire should consider this form of investment since it’s very profitable and you are assured of a steady income.


The retirement plan for women is essential, and women should plan their retirement even before they get into retirement age by saving, buying stocks, and investing in real estate and annuities. Join the financial retirement club for empowered women and plan your retirement better today.


jennifer trowbridge miami florida

Everything You Need To Know About Income Planning for Retirement

Income planning for retirement sounds intuitive. Yet many Americans go without a solid plan.
One-third of Americans have no plan of any kind, and only one-third of Americans who do plan have more than 100,000 dollars saved.

If you haven’t, you should start making monthly retirement savings. But don’t just set some money aside in a bank account.

Get a detailed plan in place. Consider your various options to save money so you can spend decades in retirement. Here is your quick guide.

A Plan for Retirement

You should set a goal for when and how you want to retire. Many people want to work beyond 65, the standard retirement age.

If you’re comfortable doing that, you should. This will give you more time to save money and decide what you want to do after you leave work.

To start planning for retirement, you should look into what employer-sponsored plans you can place your money into. A 401(k) account is the most common option.

But you also choose a 403(b) or 457(b) plan. A 403(b) plan is for employees of tax-exempt organizations, with employers matching their employee’s contributions. A 457(b) plan is for local and state government employees, and it involves contributions taken from pre-tax income.

Start saving money as soon as you can. One common fear that people have is outliving their savings. By saving money early on, you can ensure that you will have resources well into your nineties.

Diversify your investment portfolio. Combine your employer-sponsored plan with IRAs and brokerage accounts. You can maintain some hard assets, but make sure you also have cash in savings accounts.

There is no set rule for how much of your income you should save every year. Talk to your financial advisor about what seems reasonable.

In general, you want to have your retirement income at 80 percent of your pre-retirement salary. If you make 80,000 dollars a year, you want to have 64,000 in retirement. If you plan on traveling or moving abroad, you should have even more money.

Try putting aside 20 percent of your post-tax paycheck into retirement savings. Adjust as you make more money and investments.

Indexed Annuity

An indexed annuity is an annuity that is tied to a stock index. It is distinct from a fixed annuity, which has a constant and unchanging interest rate. The interest rate of an indexed annuity goes up and down depending on stock performance.

This means that an annuity provides more money when times are good. Even when times are bad, an indexed annuity allows for more savings than a variable annuity.

Index annuities do have a guaranteed minimum return. Your contract will specify a certain amount of your principal that you will get back. To determine the interest, you can select several different types of indexed annuities.

An annual reset package looks at the change in the stock index from January to December. It ignores declines, providing interest based on overall increases.

A high watermark annuity examines the stock values at various points in the year. It takes the highest value, then compares it to the one when the annuity contract started. The increase in values determines the interest rate.

A point-to-point annuity is similar to a high watermark one. It examines the change at two preselected points in time, which could be over several years. Most contracts have a term, so a point-to-point annuity will use the start and end of the term.

Index averaging looks at the value of the index every day or month, then average certain values together.

Many people are worried about outliving their income. An indexed annuity provides a protected monthly income, which decreases the risk of outliving.

Social Security

Another resource at your disposal for income planning is Social Security. You can qualify for Social Security at 62. This makes it a desirable source of income for people who want to leave work a little early.

But you need to be strategic with Social Security. If you retire later, you can receive more benefits.

You pay taxes into Social Security while you work. According to the Social Security Administration (SSA), beneficiaries receive 40 percent of their pre-retirement income. This is a good foundation to build upon, but it is not enough for many Americans to retire.

Keep in mind your Social Security payments while you are planning for retirement. But don’t weaken your portfolio or employer-sponsored account. Save up the majority of your money through those programs, then use Social Security as a safety net.

You can use your Social Security money for anything you’d like. If you’re comfortable, consider making investments with the funds. This will give you opportunities to earn money while you are retired.

You can only qualify for Social Security once you’ve earned 40 credits. You can earn up to four per year. You earn one credit for 1,470 dollars in earnings.

If you become disabled and unable to work, you can use your benefits. But the SSA only grants disability benefits under rare circumstances. You should incorporate contingencies into any financial plans you make.

Get Smart When Income Planning for Retirement

Income planning for retirement is straightforward yet profound. Think of when you want to retire, then find a good employer-sponsored account. Put some money into that account and different investments.

An indexed annuity can give you savings over a long period of time. Consider your different options to guarantee yourself a monthly income.

Leverage your Social Security payments. Use them to make investments while you are retired. Weigh the options of retiring early or working later.

Work with experts on securing a stable retirement. Contact us today.

jennifer trowbridge miami florida

A Beginner’s Guide to Income Planning

Does the thought of retiring make you nervous or excited? If you have a strong income plan, retirement can be one of the most exciting and moments of your life.

You can retire with the knowledge that you will be able to continue living your life the way you want to live it. If you don’t start income planning, however, retirement can be downright scary.

Developing an income plan for retirement starts with understanding the different income streams available to retirees. You’ll have to get familiar with terms like indexed annuities, guaranteed income, and many more financial terms that can serve you well when you’re done working.

The better you understand your options for retirement income, the easier it will be to plan for your future.

In the article below, you can learn all about the different options available to you in terms of retirement income. You’ll also learn how to start saving now so that you’ll be set up for a long, relaxing retirement. Read on to make sure you’re ready to retire comfortably when the time comes.

What are Indexed Annuities?

One of the best ways to ensure you’ll have a comfortable life as a retiree is to purchase an indexed annuity as soon as possible. This is a contract between you and an annuity provider that works similarly to insurance.

You’ll give the provider a one-time payment, monthly payments, or annual payments in exchange for a contract that promises to provide you with regular payments when you reach retirement age.

With indexed annuities, the amount of these retirement payments depends on the performance of certain index funds. The S&P 500 and Wilshire 5000 Total Market Index are good examples of the types of index funds that are generally used for indexed annuities to provide guaranteed income.

Purchasing an indexed annuity contract now will set you up for regular income to use when you’re retired.

How Can You Get Access to Tax-Free Income?

The taxes that you pay while you’re working can take a lot of money out of every paycheck. That’s why many people want to know how to avoid paying taxes on the income they get when they’re retired. One option for tax-free income is a Roth IRA.

If you start contributing to a Roth IRA when you’re young, you’ll have plenty of time to let the money grow as the IRA investments increase in value. No matter how much your Roth IRA grows as a result of investments, the extra money in the account won’t be taxed.

Plus, you can take the money out of the Roth IRA when you do retire and it won’t be taxed then either. The only time this money is taxed is when you first receive it as income; before you ever put it into a Roth IRA. You’ll also have to pay taxes on this money if you pull it out of the Roth IRA before you reach retirement age.

How Do Social Security Payments Work?

For however long you’ve been working in the United States, you’ve been giving part of your paycheck to Social Security. When you retire, you can finally get some of that money back in the form of social security payments. How much you get paid from social security depends on how much you made during your life and what age you are when you retire.

If you’re planning to rely heavily on Social Security in retirement, you should know your full retirement age.

If you choose to retire at age 62 and you have not yet reached your full retirement age, you will not receive your full social security payments each month. However, if you choose to delay your retirement by a few years, you can actually receive a larger social security check each month than you would have if you’d retired at your full retirement age.

When Should You Start Planning for Retirement?

When it comes to financial planning for retirement, you should start as early in life as possible. However, it’s never too late to start looking at your options for retirement income. If you do a little bit of income planning today, you can rest easy in the future knowing that you’ve already taken care of your retirement income streams.

Why is it important to start saving for retirement early on in life? It’s important because of compound interest. As your money grows in a retirement account, the previous year’s gains of the previous year can grow on top of the money you initially put in the account. The more years you have between your initial savings deposit and your retirement date, the more compound interest will impact your account.

Start Income Planning Today and Enjoy Your Retirement

The more you plan for retirement today, the easier it will be to relax when the day comes that you finally do retire. People who do a lot of income planning before retirement can also retire earlier than people who don’t.

Instead of having to work longer and save more for retirement, people who are smart about income planning can stop working once they reach retirement age. If you’re interested in learning more about income planning and retirement, get in touch with our retirement planning experts.

jennifer trowbridge miami florida

Outliving Your Income

Considering retirement? Most people fear the very real possibility of outliving the money they’ve worked so hard to save.

Making sure your money lasts throughout your life is one of the main concerns when planning retirement. After all, you worked hard and saved your entire life. You shouldn’t have to worry about reducing your lifestyle.

Keeping your retirement properly funded remains an ongoing challenge. This holds true with the market volatility, economic uncertainty, and other concerns. On top of that, we’re living longer than we used to.

Pension Plans

Company pension plans provide a steady income for life countered some of those risks. But, only a few are lucky to have one.

Today, pensions are disappearing from the American landscape. Only 26% of American workers have access to a defined-benefit pension plan, according to a Bureau of Labor Statistics survey in 2018.

How Annuities Give You Protected Monthly Income

But, there’s some good news. Even with the risks, concerns, and in the absence of a pension, you can get that kind of protected monthly income. You can get it by investing in an annuity.

“An annuity is the only financial product that can generate income that will last as long as someone may live, whether that is to age 80, 90, 100, or 110,” explains Frank O’Connor, vice president of research and outreach at the Insured Retirement Institute.

Annuities are long-term investments offered by insurance companies. They can provide this lifetime guarantee because they’re able to pool the risk among a wide range of individuals.

<h2″>Other Annuity Benefits

“Setting aside part of your retirement savings into an annuity also helps you avoid a second issue associated with working with lump-sum investments,” says William G. Gale at the Brookings Institution think tank in Washington, D.C. He serves as the Arjay and Frances Miller Chair in Federal Economic Policy and Director of the Retirement Security Project.

Gale says, “If you drawdown your lump-sum savings too and live longer than you expected, you might have to rely on less in your later years.” Keep in mind, if you also drawdown your savings and pass away earlier than you expected, your thrift will have been unnecessary. You won’t have enjoyed your retirement years as much as you could have.

“Having part of your retirement assets in an annuity reduces these two risks,” Gale says. You can have a standard of living that’s higher than in the conservative drawdown case and rest assured your protected lifetime income will last as long as you do.

O’Connor believes that the temptation to overspend is greater when you see your savings as a lump sum. “Retirement savings will seem like a financial windfall at first,” says O’Connor. He states “using that ‘pot of gold’ without a plan creates a high likelihood of depleting those savings while you still need them.”

How to Plan Ahead with an Annuity

Annuities can also protect you from outliving your income in retirement. It decreases your need to make financial decisions late in life. “We’re all vulnerable to the challenges of old age,” says Jack Dolan, vice president of the American Council of Life Insurers.

Remember—not all annuities are alike. For example, some annuities provide a family benefit, beyond one person’s life. This could be a joint benefit or a death benefit.

Plus, your need for an annuity also depends on your other sources of retirement income, like Social Security or required minimum distributions from retirement plans. So check with a financial professional before investing in an annuity.

Ultimate Retirement Planning Goal

Whatever your asset mix is, all retirement planning comes down to one thing: being more secure. The protected lifetime income of an annuity can free you to focus less on financial concerns and more on enjoying your golden years to the fullest.

Important info

Annuities are long-term investments designed for retirement purposes. The value of variable annuities is subject to market risk and will fluctuate. Product guarantees are subject to the claims-paying ability of the issuing insurance company.

Earnings, when withdrawn, are subject to federal and/or state income tax, including a 10% tax penalty for withdrawals before age 59½. Some income guarantees offered with annuities take the form of optional riders and carry charges in addition to the fees and charges associated with annuity products.

There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Investments in annuity contracts may not be suitable for all investors.

© 2021 Alliance For Lifetime Income. All rights reserved.

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License #: 5143072 / Reprint Licensee: Jennifer Trowbridge

Wealth Management Advice That All Women Need to Hear

Did you know that 57.4% of the workforce in the US is made up of women. If you looked back even a decade or two ago, that number would be significantly lower. Women’s roles are changing. More women are not only in the workplace but are working at gaining equity in pay and leadership roles. As women take on different societal roles, they also need to learn to manage and grow their money for the future. So, what wealth management advice should all women have? Read on to learn some important wealth management tips for women.

Women and Their Role With Wealth

Until recently, the idea of seeking wealth was dominated by men. As more and more women join the workforce and take on different roles, they need to pay attention to wealth management and how to invest and grow their money. The statistics show that women are expected to control up to $30 trillion of assets by 2030, roughly a $20 trillion increase from 2016. As women earn more and control more assets, they also need wealth management skills.

What Is Wealth Management?

Let’s start with a basic understanding of wealth management. When a female seeks wealth management services, their goal would be to:

A wealth management plan should be a comprehensive look at finances, tax planning, and planning for the future.

Wealth Management Objectives for Women

So what objectives should women have when they seek wealth management services? Wealth management for women should include:

You want to find a wealth manager to help you set financial goals and refine the strategies needed to meet those goals. Ultimately, wealth management is a plan to maximize a woman’s wealth.

How Much Money Do You Need to Seek Wealth Management Services?

While some might set a hard number on wealth management services, your goal should be to have control of your assets. It doesn’t make sense to seek wealth management services, for example, if you have lots of debt. You want your wealth management plan to include ways to grow your money. If the services cost more than you’ll potentially make in growth, you might not be ready. For the most part, though, getting control of your finances is the first step, and a wealth manager can help you do just that.

Reasons Women Need to Pay Attention to Wealth

While women are gaining a changing role with earnings, there is still room for change. As women enter this arena with some deficits, it’s all the more reason to pay attention to their wealth.

Female Income

The simple fact is that women still earn 82.3% of men’s income. It’s important that women pay attention to their income and make the most of it as they continue to strive for equal pay.


Having children can impact women’s wealth. It also adds to the importance of seeking wealth management services. Women who have children often see a wage drop compared to men. In fact, women make .71 cents compared to fathers, who make a dollar.

Female Lifespan

Lifespan is an important consideration for women too. The data shows that women live longer than men. They need to have a handle on their finances for the long haul. It’s also likely they will receive wealth as their spouses die before them.

Financial Literacy

Because of traditional roles of the past, women have not had the same financial literacy exposure as their male counterparts. Being aware of this and working to change it is the first step in a wealth management plan.

Gaining Financial Independence as a Woman

So what finance tips for women are there? What should all women be doing as they work towards seeking a wealth management plan?


Women need to have an investment strategy. Take advantage of workplace investing if it’s available to you. This might include a work 401k or pension plan. Investing can be the beginning of a wealth management plan and protect against potential inflation or life changes in the future.

Monitor Spending and Stick to a Budget

More women than men handle the household money. It’s important to understand your spending. Do you have a good idea of where your money goes? Take the time to create a budget where you can account for every penny of your money. Then stick to that budget like glue.


An important part of your budget will be the saving component. You want to have an emergency fund set up with several months of expenses. Once you’re prepared with an emergency fund, you can use savings for investing and growing your wealth.

Plan for Retirement

As more and more women take on an important role in the workplace, they also need to prepare for the day when they leave the workforce too. Do your homework and consider the best retirement plans for you and your family.

Get Help From an Experienced Wealth Manager

It can be overwhelming to know where to begin, even if you have some financial literacy. There are many options for investing, retirement planning, and estate planning. The key to a quality wealth management plan is getting help from an experienced wealth manager. Use this person’s knowledge to develop a wealth management plan that fits your unique needs. You should select a wealth manager who will work to get to know you and help you develop a plan that fits your financial picture.

Wealth Management Advice All Women Should Use

The best wealth management advice for women might be not to avoid getting started. It can be overwhelming and even intimidating. It can also be empowering to take control of your finances. If you’re looking for someone to help you build a solid financial plan, we can help.  Join our ”
Retirement Challenge” For Women
today so we can get started planning a robust financial future for you.

What Financially Savvy Women Know About Retirement

Did you know that 70% of retirees wish they had started saving sooner? This is especially true for women who often face more financial challenges and employment gaps than men on the way to retirement.

Financial independence for women should be a priority. Women should feel empowered to take charge of their financial futures.

How well are you managing your finances and planning for retirement? If you could use a little help, you’re not alone.

Here’s some financially savvy advice for women retiring.

Change the Way You Invest as You Age

You probably don’t do things the same way you did in your 20s anymore. So why should you handle your money the same way?

Consider your investments and whether they reflect your current needs and risk tolerance. Ask yourself whether your investments will provide the income you need for retirement.

These questions are crucial whether you’re single or married. If you’re married, consider whether you could take care of yourself and maintain your lifestyle on your own.

If you haven’t taken the time to review your savings, investments, or retirement portfolio over the years, now is the time to start. Consider enlisting the help of a wealth management professional to help you do so.

They can help you determine whether your investments meet your current needs and align with your long-term financial goals. A financial professional can walk you through a risk assessment and determine which investments fit your needs and lifestyle.

Don’t Settle for a Traditional IRA Only

You may have saved for years or even decades in your employer’s 401k. That’s fantastic! But, just remember that all of those savings are not yours alone.

You will owe income tax on any amount of money you withdraw from your 401k or IRA. These are great investments for your retirement, but you shouldn’t stop there.

Remember that ordinary income is taxed at a greater rate than capital gains income. Taxes on retirement investments are complex.

It’s in your best financial interests to consult a wealth planner and tax expert to help you develop the best strategies for saving for retirement.

Take Advantage of Roth Conversions

When you retire, your income level may drop. Any drop in income is an opportunity to take advantage of a Roth conversion.

You can convert part of your Traditional IRA to a Roth IRA. You will pay taxes the year of the conversion, but once the money is in the Roth IRA, it will grow tax-free.

All withdrawals will be tax-free as well if you meet IRS guidelines for withdrawal. One of the best times to do a Roth conversion is after you retire but before you take social security.

This is a great time because you’ll be in a lower marginal tax bracket. Speak to a financial expert about the benefits of Roth conversions.

Consider Your Social Security Strategy

Although you’re eligible to receive social security when you’re 62, it’s not the best choice for everyone. The longer you wait to begin receiving social security, the more money you will receive.

If you take social security before your full retirement age (FRA), you will see a 25% reduction in your benefits. If you wait until you’re 70 years old, your benefit increases to 132% of the FRA benefit.

There are additional options for married couples to help maximize combined benefits. To find out the best social security strategy for you, talk to a financial expert.

With the right guidance, you can be sure you’re making smart choices to maximize your benefits to fit your financial needs.

Plan for Life Changes

When you’re young, you may have a plan for the way you want your life to be. As you get older, you learn that life seldom goes as planned, and it’s important to prepare for those uncertainties.

When life throws a curveball, such as losing a spouse or facing divorce, you want to be in control of your current and future financial situation. It’s important to have a “what if” plan which can be a comfort during difficult phases of life.

It’s not just about how much money you make. It’s about having the knowledge and ability to make smart financial decisions as a woman.

Plan for happy days but keep a realistic outlook regarding your investments and financial viability.

Advice for Women Retiring

Women often put the needs of everyone else above themselves. But when it comes to your financial future, it’s okay to look out for yourself.

Know your options and take control of your financial destiny. The goal is to save as much as you can while enjoying the journey.

Retirement can be a long process for women. Women live longer than men generally, so you want to prepare for a sound financial future for many years to come.

Talk to a financial professional about financial advice for women, retirement investments, and diversifying your portfolio.

Financially Savvy Women and Retirement

Today’s women are more successful than ever before. As a woman, it’s important to be financially savvy and ensure you’re prepared for a healthy and successful retirement.

Don’t make the mistake so many women do and regret not preparing for your retirement years. Instead, talk with a financial expert to plan for a bright financial future.

We offer more than just investment advice. We strive to help women build confidence in their abilities to build a strong and secure financial future.

Payoff: The Most Common Types of Retirement Plans

Around 28.6 million Americans are currently in the retirement phase of life. It’s an exciting time full of a lot of possibilities and room to explore new hobbies and spend more time with loved ones.

But it also comes with some worry and stress about being able to make ends meet. There’s no set plan in place to guarantee you’ll have the money you need. Instead, it’s up to you to determine which of the types of retirement plans available will work best for you and get those set in place.

When it comes to retirement planning, the sooner you start the better off you’ll be. So take a look at these retirement plan options to see which will be your best fit.


If you’ve done any kind of income planning, chances are you’ve heard of 401(k)s, they’re the most common retirement plan option. This is mainly because it’s offered through your employer.

A certain part of your paycheck is taken and put into a kind of savings account or investment of your choice. From there, your employer can match a certain percentage of those funds to give you even more retirement funds. It’s an easy way to grow your investment without much effort on your part.


TSP, or Thrift Savings Plan, is a common choice for retirement plans for government employees. These plans are like 401(k)s since they’re run by your employer and you can also match funds. Federal benefits are often much better than those in private businesses though.

When you’re eligible to use these funds depends on your age and also how long you have been a federal employee.


Anyone with an income source can start an individual retirement account (IRA). There are a few different types of IRAs that you can open depending on your specific situation, some include Roth IRA, SIMPLE IRA, or the traditional IRA.

Putting money away in this way has some tax advantages but it’s important to work with a financial advisor to understand all the intricacies.


One of the biggest concerns for those in the retirement age is health and being able to afford the medical care you need. This is why a health savings account (HSA) is also a popular option.

This account is a part of your healthcare coverage and funds can be used tax-free on approved medical expenses.

All Types of Retirement Plans to Get You Covered

After looking through these types of retirement plans, it’s a good idea to speak to a professional who can walk you through the details. They’ll be able to apply your specific situation to a plan and help you determine the best choice.

This is especially true when you’re looking for retirement plans for government employees who have a different set of benefits.

Should You and Your Spouse File Taxes Jointly or Separately?

The 2021 tax season is now here and Americans are excited to maximize their refund. Last year, the average tax refund was nearly $3,000.

Due to the Covid-19 pandemic, Congress passed additional tax relief legislation to help American families. There were major changes in 2021 including popular provisions like the Child Tax Credit (CTC).

Many married couples face a predicament about whether to file separately or jointly. Read on to learn whether you and your spouse should file taxes jointly. Explore the pros and cons so that you can make an informed decision about filing taxes.

What Do the Tax Brackets Look Like?

When debating to file taxes separately or jointly, the first question to answer is what are the different tax brackets? The Internal Revenue Service (IRS) publishes tax brackets for each filing category before returns are accepted.

This way, tax filers have adequate time to prepare and have insight on how much to withhold from their pay. Continue reading for a breakout of the tax brackets for married vs single:

Single and Married Filing Separately

For the most part, the tax brackets for single and married filing separately are the same. There is only one difference in the tax brackets between the two filing categories.

Those earning $10,275 or less pay 10% taxes in both filing categories. The same is true for the 24%, 32%, and 35% tax brackets. The income thresholds for these brackets are $89,075, $170,050, and $215,950 respectively.

The only observed difference is in the 37% tax bracket. Single filers who earn $539,900 or more pay this tax rate.

For married filing separately, the income figure drops down to $323,925. This is often referred to as the marriage penalty. A person earning $400,000 pays higher taxes if married than if he or she remained single.

Married Filing Jointly

Now, it is time to discuss the tax brackets for married filing jointly. The relationship between married filing jointly vs. separately is simple. Typically, the income thresholds double from the single or married filing separately category.

Of note, the income threshold for single filers in the 37% tax bracket does not double. In this case, it only doubles from the married filing separately figure.

Bottom Line

At first glance, there is not much difference in the tax brackets for married filing separately vs. jointly. The income levels are simply doubled for joint filers.

There may be unique situations where a couple wants to ensure that one spouse’s income falls below a certain threshold. Perhaps they claim all the deductions and tax credits to achieve a desired rate. However, these cases are rare and require a tax professional to crunch the numbers.

What Is the Standard Deduction?

The standard deduction is a mechanism used in tax filings to reduce your taxable income. While many people itemize their deductions, the vast majority claim a standard deduction.

The Trump Administration’s Tax Cuts and Jobs Act doubled the standard deduction to increase its popularity and usage. In fact,90% of Americans now claim the standard deduction on their tax returns.

The standard deduction varies depending on your filing status. For married couples filing separately, the standard deduction is $12,950. This figure doubles to $25,900 for those who are married filing jointly.

Again, the bottom line is that married filing jointly does not benefit you for the standard deduction. Each spouse is going to receive the same share of the standard deduction regardless of your filing category.

What about Tax Deductions and Credits?

Tax deductions and credits is where married couples filing jointly finally get ahead. The IRS does not allow married couples filing separately to claim a number of popular deductions and credits.

The Earned Income Tax Credit (EITC) is one of the big losses for separate filers. Married couples filing separately are not allowed to claim EITC.

Students and recently-graduated filers are also at a disadvantage if they do not file jointly. Married couples filing separately are not permitted to claim the student loan interest deduction.

They also lose access to the American Opportunity Credit and the Lifetime Learning Credit. These are two popular programs designed to help Americans pay for their education expenses. Barring a few exceptions, separate filers cannot claim adoption or dependent care tax assistance as well.

An additional benefit for married couples filing jointly is Roth IRA contributions. Joint filers can contribute to a Roth IRA up to $214,000.

This is not true for single filers. Only filers with an income less than $10,000 are able to contribute to a Roth IRA.

Are There Cases Where Filing Separately Is Better?

There are instances in which filing separately maximizes your total tax refund. One common situation involves deducting medical bills. The IRS allows tax filers to deduct medical bills that surpass 7.5% of your adjusted gross income.

If you file jointly, this 7.5% threshold is more difficult to reach. This is especially true if your spouse was in good health and did not see a doctor often. Another contributing factor is if your spouse has significant income and makes it harder to reach 7.5% of AGI.

Student loans are another reason why you may not file jointly. Ironically enough, we listed losing the student loan interest deduction as fallout of filing separately.

However, many Americans are on income-based repayment plans. If you add your spouse’s income to your tax status, it may increase your monthly student loan payment.

There are a few other reasons why a spouse may not want to file jointly. For instance, one example is if their spouse has made tax errors in the past and owes back taxes. The other spouse may not want to expose their assets to seizure.

Should You and Your Spouse File Taxes Jointly or Separately?

The answer to this question really depends on your financial situation. Each couple has different circumstances and should make the decision that benefits them the most.

The best solution is to run your taxes both ways and see which one yields the lowest tax. If you enjoyed this article about whether you should file taxes jointly, check out our blog for more great financial advice.