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:

• Grow wealth
• Manage  liability exposure
• Devise strategies to pass their wealth on to heirs

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:

• Investing advice and planning
• Complete financial planning
• Tax planning
• Estate planning
• Legal service as it relates to finances
• Retirement planning

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.

Children

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?

Invest

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.

Save

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.

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.

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.

401(k)

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.

FERS

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.

IRA

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.

HSA

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.