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Planning for Marriage: Financial Tips for Women

Planning for marriage should involve more than just picking out invitations and deciding whether you should serve chicken or fish at the reception. More importantly, you’ll want to take a look at how marriage will impact your financial situation.

And while there are a number of issues you’ll need to think about, careful planning can increase the likelihood that you’ll have financial success as you enter this new chapter in your life.

Consider a prenuptial agreement

If either you or your future spouse has or may inherit substantial assets, or if either of you has children from previous marriages, you may want to consider a prenuptial agreement.

A prenuptial agreement is a binding contract between future spouses that defines the rights, duties, and obligations of the parties during marriage and in the event of legal separation, annulment, divorce, or death.

A prenuptial agreement typically addresses the following areas:

  • Assets and liabilities–What assets will each of you bring into the marriage? What liabilities do each of you have (e.g., credit card/mortgage debt)?
  • Contributions of each partner–Will there be particular consideration given for special contributions that either of you make (e.g., one spouse limiting his or her career)?
  • Divorce–If you and your future spouse divorce, will there be alimony or a lump-sum payment? How will you divide assets purchased from joint funds?
  • Estate planning–Who gets what at the death of either spouse?

Discuss your financial history

Marriage is the union of two separate individuals … and their finances. While talking about money can be a stressful topic for many couples, you’ll want to sit down and discuss your financial history and your future spouse’s financial history before you merge your money.

Start out by taking stock of each of your respective financial situations. You should each make a list of your individual assets (e.g., investments, real estate) and any liabilities (e.g., student loans, credit card debt) you may have.

This is also the time to address items such as how much each of you earns and if either of you has additional sources of income (e.g., interest, dividends).

Agree on a system for budgeting/maintaining bank accounts

Right now, you are probably accustomed to managing your finances in a way that is comfortable for you and you alone. Once you are married, you and your spouse will have to agree on a system for budgeting your money and paying your bills together as a couple.

Either of you can agree to be in charge of managing the budget, or you can take turns keeping records and paying the bills.

If both of you are going to be involved in the budgeting process, make sure that you develop a record-keeping system that both of you understand and agree upon.


In addition, you’ll want to keep your records in a joint filing system so that both of you can easily locate important documents.


Once you agree on a budgeting system, you’ll be able to establish a budget. Begin by listing all of your income and expenses over a certain time period (for example, monthly).

Sources of income can include things such as salaries and wages, interest, and dividends. Expenses can be divided into two categories: fixed (e.g., housing, utilities, food) and discretionary (e.g., entertainment, vacations).

Be sure to include occasional expenses (e.g., car maintenance) as well. To help you and your future spouse stay on track with your budget:

  • Try to make budgeting part of your daily routine
  • Build occasional rewards into your budget (e.g., going to the movies)
  • Examine your budget regularly and adjust/make changes as needed

This might also be a good time to decide whether you and your future spouse will combine your bank accounts or keep them separate.

While maintaining a joint account does have its advantages (e.g., easier record keeping and lower maintenance fees), it is sometimes more difficult to keep track of the flow of money when two individuals have access to a single account.

If you do decide to combine your accounts, each spouse should be responsible for updating the checkbook ledger when he/she writes a check or withdraws funds.

If you decide to keep separate accounts, consider opening a joint checking account to pay for household expenses.

Map out your financial future together

An important part of financial planning as a couple is to map out your financial future together. Where do you see yourself next year? What about five years from now? Do you want to buy a home together?

If you decide to start a family, would one of you stay at home while the other focuses more on his or her career?

Together you should make a list of short-term financial goals (e.g., paying off wedding debt, saving for graduate school) and long-term financial goals (e.g., retirement).

Once you have decided on your financial goals, you can prioritize them by determining which ones are most important to each of you. After you’ve identified which goals are a priority, you can set your sights on working to achieve them together.

Resolve any outstanding credit/debt issues

Since having good credit is an important part of any sound financial plan, you’ll want to identify any potential credit/debt problems either you or your future spouse may have and try to resolve them now rather than later.

You should each order copies of your credit reports and review them together. You are entitled to a free copy of your credit report from each of the three major credit reporting agencies once every 12 months (go to www.annualcreditreport.com for more information).

For the most part, you are not responsible for your future spouse’s past credit problems, but they can prevent you from getting credit together as a couple after you are married.

Even if you’ve always had spotless credit, you may be turned down for credit cards or loans that you apply for together if your future spouse has a bad track record with creditors.

As a result, if you find that either one of you does have credit issues, you might want to consider keeping your credit separate until you or your future spouse’s credit record improves.

Consider integrating employee and retirement benefits

If you and your future spouse have separate health insurance coverage, you’ll want to do a cost/benefit analysis of each plan to see if you should continue to keep your health coverage separate.

If your future spouse’s health plan has a higher deductible and/or co-payment or fewer benefits than those offered by
your plan, he or she may want to join your health plan instead. You’ll also want to compare the premium for one family plan against the cost of two single plans.

In addition, if both you and your future spouse participate in an employer-sponsored retirement plan, you should be aware of each plan’s characteristics.

Plans may differ as to matching contributions, investment options, and loan provisions. Review each plan together carefully and determine which plan provides the better benefits.

If you can afford to, you should each participate to the maximum in your own plan.

Assess your insurance coverage needs

While you might not have felt the need for life and disability insurance when you were single, once you are married you may find that you and your future spouse are financially dependent on each other.

If you don’t have life or disability insurance, you will want to have policies in place in order to make sure that your future spouse’s financial needs will be taken care of if you should die prematurely or become disabled.

If you already have life and disability insurance, you should reevaluate the adequacy of your existing coverage and be sure to update any beneficiary designations as well.

You should also take a look at your auto insurance coverage. Check your policy limits and consider pooling your auto insurance policies with one company (your insurance company may give you a discount if you insure more than one car with them). As for renters/homeowners insurance, you’ll want to make sure your personal property and possessions are adequately covered.

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Counting on Your Husband’s Retirement Income? Three Things Women Should Know

Women face special challenges when planning for retirement. Women are more likely than men to work in part-time jobs that don’t qualify for a retirement plan. And women are more likely to interrupt their careers (or stay out of the workforce altogether) to raise children or take care of other family members.

As a result, women generally work fewer years and save less, leaving many to rely on their husbands’ savings and benefits to carry them both through retirement.1

But this reliance creates risk–risk of divorce, risk that retirement funds won’t be adequate to last two lifetimes (a risk that falls disproportionately on women, who outlive men on average by almost five years),2 and risk of bad retirement payout decisions.

Here are three things you should know if you’re relying on your husband’s savings to carry you through retirement.

Qualified joint and survivor annuities

If your husband is covered by a traditional pension plan at work, one of the most important retirement decisions the two of you may make is whether to receive his pension benefit as a “qualified joint and survivor annuity” (QJSA).

While the term sounds complicated, the concept is simple: should you elect a benefit that pays a higher amount while you’re both alive and ends when your husband dies (a single life annuity), or a benefit that pays a smaller amount during your joint lives but continues (in whole or in part) to you if your husband dies first (a QJSA)?


In order to fully understand your choices, it may help to first go over how a traditional pension plan works. Typically, you’re entitled to a “normal benefit,” payable for your lifetime and equal to a percent of your final pay, if you work for a certain number of years and retire at a certain date.


A plan might say that you’ll get 50% of your final pay for life if you work 30 years and retire at age 65. If you work fewer years, your benefit will be less. If you retire earlier than age 65, your benefit will also be less, because it’s paid for a longer period of time.

For example, assume Joe is covered by a pension plan at work, and his plan contains the exact formula described above. Joe retires at age 65. He’s worked 30 years, and his final pay was $100,000.

He’s entitled to a normal benefit of $50,000 per year, payable over his lifetime and ending at his death (a single life annuity).

But in order to protect spouses, federal law generally provides that if Joe is married, the plan can’t pay this benefit to Joe as a single life annuity unless his spouse, Mary, agrees.

Instead, the benefit must be paid over Joe and Mary’s joint lives, with at least 50% of that benefit continuing to Mary for her remaining lifetime if she survives Joe.

(That’s why it’s called a “joint and survivor annuity;” and it’s “qualified” because it meets the requirements of federal law — “QJSA” for short.)

Now, here’s where it gets a little complicated. Because the QJSA benefit is potentially paid for a longer period of time–over two lifetimes instead of one — Joe’s “normal benefit” will typically be reduced.

Actuaries determine the exact amount of the reduction based on your life expectancies, but let’s assume that Joe’s benefit, if paid as a QJSA with 50% continuing to Mary after Joe’s death, is reduced to $45,000.

This amount will be paid until Joe dies. And if Mary survives Joe, then $22,500 per year is paid to her until she dies. But if Mary dies first, the pension ends at Joe’s death, and nothing further is paid.

The plan will usually offer the option to have more than 50% continue to you after your spouse dies. For example, you may be able to elect a 75% or 100% QJSA. However, the larger the survivor annuity you select, the smaller the benefit you’ll receive during your joint lives.

So, for example, if 100% continues after Joe’s death, then the payment to Joe might now be reduced to $40,000 (but $40,000 will continue to be paid after Joe’s death to Mary if she survives him)

You can rest assured that the QJSA option will be at least as valuable as any other optional form of benefit available to you — this is required by federal law.


In some cases, it will be even more valuable than the other options, as employers often “subsidize” the QJSA. “Subsidizing” occurs when the plan doesn’t reduce the benefit payable during your joint lives (or reduces it less than actuarially allowed).


For example, a plan might provide that Joe’s $50,000 normal benefit won’t be reduced at all if he and Mary elect the 50% QJSA option, and that she’ll receive the full $25,000 following Joe’s death.

It’s important for you to know whether your spouse’s plan subsidizes the QJSA so that you can make an informed decision about which option to select.

Other factors to consider are the health of you and your spouse, who’s likely to live longer, and how much other income you expect to have available if you survive your spouse.

You’ll receive an explanation of the QJSA from the plan prior to your spouse’s retirement, which should include a discussion of the relative values of each available payment option.

Carefully read all materials the plan sends you. A QJSA may help assure that you don’t outlive your retirement income — don’t waive your rights unless you fully understand the consequences.

And don’t be afraid to seek qualified professional advice, as this could be one of the most important retirement decisions you’ll make.

Qualified domestic relations orders

While we all hope our marriages will last forever, unfortunately that’s not always the case. And since men generally have larger retirement plan balances,1 the issue of how these benefits will be handled in the event of a divorce is especially critical for women who may have little or no retirement savings of their own.

Under federal law, employer retirement plan benefits generally can’t be assigned to someone else. However, one important exception to this rule is for “qualified domestic relations orders,” commonly known as QDROs.

If you and your spouse divorce, you can seek a state court order awarding you all or part of your spouse’s retirement plan benefit. Your spouse’s plan is required to follow the terms of any order that meets the federal QDRO requirements.

For example, you could be awarded all or part of your spouse’s 401(k) plan benefit as of a certain date, or all or part of your spouse’s pension plan benefit.

There are several ways to divide benefits, so it’s very important to hire an attorney who has experience negotiating and drafting QDROs — especially for defined benefit plans where the QDRO may need to address such items as survivor benefits, benefits earned after the divorce, plan subsidies, COLAs, and other complex issues.

(For example, a QDRO may provide that you will be treated as the surviving spouse for QJSA purposes, even if your spouse subsequently remarries.) The key takeaway here is that these rules exist for your benefit. Be sure your divorce attorney is aware of them.

You can have your own IRA

While it’s obviously important for women to try to contribute towards their own retirement, if you’re a nonworking spouse, your options are limited. But there is one tool you should know about. The “spousal IRA” rules may let you fund an individual retirement account even if you aren’t working and have no earnings.

A spousal IRA is your own account, in your own name–one that could become an important source of retirement income with regular contributions over time.

How does it work? Normally, to contribute to an IRA, you must have compensation at least equal to your contribution.

But if you’re married, file a joint federal income tax return, and earn less than your spouse (or nothing at all), the amount you can contribute to your own IRA isn’t based on your individual income, it’s based instead on the combined compensation of you and your spouse.

For example, Mary (age 50) and Joe (age 45) are married and file a joint federal income tax return for 2017. Joe earned $100,000 in 2017 and Mary, at home taking care of ill parents, earned nothing for the year. Joe contributes $5,500 to his IRA for 2017.

Even though Mary has no compensation, she can contribute up to $6,500 to an IRA for 2017 (that includes a $1,000 “catch-up” contribution), because Joe and Mary’s combined compensation is at least equal to their total contributions ($12,000).

The spousal IRA rules only determine how much you can contribute to your IRA; it doesn’t matter where the money you use to fund your IRA actually comes from — you’re not required to track the source of your contributions. And you don’t need your spouse’s consent to establish or fund your spousal IRA.

(The spousal IRA rules don’t change any of the other rules that generally apply to IRAs. You can contribute to a traditional IRA, a Roth IRA, or both. But you can’t make regular contributions to a traditional IRA after you turn 70½.

And your ability to make annual contributions to a Roth IRA may be limited depending on the amount of your combined income.)

 

Important Disclosure

Women are more likely than men to work in part-time jobs that don’t qualify for a retirement plan. And women are more likely to interrupt their careers (or stay out of the workforce altogether) to raise children or take care of other family members. As a result, women generally work fewer years and save less, leaving many to rely on their husbands’ savings and benefits to carry them both through retirement.1
Sources
1U.S. Department of Labor, “Women and Retirement Savings,” www.dol.gov (accessed November 2016)
2NCHS Data Brief, Number 229, December 2015

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Women: Moving Forward Financially after the Loss of a Spouse

The loss of a spouse can be a devastating, life-changing event. Due to longer life expectancies, women are more likely to face this situation. According to the U.S. Census Bureau’s 2015 Current Population Survey, approximately 34% of women age 65 and older are widows compared to approximately 12% of men.

Becoming a widow at any age can be one of the most difficult challenges a woman must face. Not only is there the emotional loss of a spouse, but also the task of handling everything–including all the finances–without the help of a spouse.

Even if you’ve always handled your family’s finances, the number of financial and legal matters that have to be settled in the weeks and months following your loved one’s death can be overwhelming.

Sadly, for many women, becoming a widow is a first step toward economic hardship. That’s why it’s critical for you to organize your finances after your spouse’s death and take ongoing steps to secure your financial future and that of your family.

First, take a deep breath

Before you start handling the financial end of things, though, make sure to consider your own needs. The period following the death of a spouse can be a blur of emotions–shock, sadness, despair, anger, denial. It’s important to allow yourself the freedom to feel however you want to feel. You don’t owe it to anyone to feel or act in a certain way.

Facing your loss can ultimately help you as you work to adapt to the new conditions of your life, so that in time you can create something new. This period of adjustment, which can last for several years, is often a time of profound self-discovery for women, who may find themselves examining issues of identity, life meaning, and aging.

During this time, it’s important to surround yourself with people you trust–family, friends, support groups, professionals–who can offer support and advice that’s in your best interest.

The short term: steps to take

There are several financial tasks that must be done in the weeks and months after a spouse’s death. If some matters are too overwhelming to tackle alone, don’t hesitate to ask family or friends for help.

Locate important documents and financial records.

In order to settle your spouse’s estate, you’ll need to locate a number of important documents. These include your spouse’s will and other estate planning documents (e.g., trust), insurance policies, bank and brokerage statements, stock and bond certificates, deeds, Social Security number, birth and marriage certificates, and certified copies of the death certificate.

Set up a communications tracking and filing system.

To help keep track of all the details, set up a system to record incoming and outgoing calls and mail. For phone calls, keep a notebook handy where you can write down the caller’s name, date, and subject of the call. For mail, keep track of what you receive and whether a response is required by a certain date.

Make a list of the names and phone numbers of the people and organizations you’re dealing with and post it in a central location. Finally, create a filing system for important documents and correspondence with separate folders for different topics–i.e., insurance, government benefits, tax information, bank records, estate records, and so on.

Seek professional advice to settle the estate and file tax returns.

Getting expert help from an attorney, accountant, and/or financial and tax professional can be invaluable during this stressful time. Consider bringing a family member or friend with you to meetings so you will have an extra pair of eyes and ears to process information.


An attorney can help you review your spouse’s will and other estate planning documents and start estate settlement procedures. If you are named executor in the will (or if you are appointed as the personal representative), you will be responsible for carrying out the terms of the will and settling the estate


Settling the estate means following certain legal and administrative procedures to make sure that all debts of the estate are paid and that all assets are distributed to the rightful persons. An attorney can tell you what procedures to follow. A tax professional can help you file certain federal and state tax returns that may be due.

A financial professional can help you by conducting a comprehensive review of your financial situation and identifying any retirement and survivor’s benefits that may be available to you.

 

Apply for benefits. You’ll need to contact several institutions for information on how you can file for benefits.

  • Life insurance–Life insurance benefits are not automatic; you have to file a claim for them. This should be one of the first things you do. Ask your insurance agent to begin filing a claim (if you don’t have an agent, contact the company directly). Most claims take only a few days to process.
  • Social Security Administration (SSA)–Contact the SSA to see if you and/or your dependent children are eligible to file a claim for retirement, survivor, or death benefits.
  • Employers–Contact your spouse’s most recent and past employers to find out if you are eligible for any company benefits. If your spouse was a federal, state, or local employee or in the military, you may be eligible for government-sponsored survivor’s benefits.

Update account names.

You may need to contact financial institutions to change account names and/or update contact information.

Evaluate short-term expenses.

You may have immediate expenses to take care of, such as funeral costs or outstanding debts your spouse may have incurred. If you’re waiting for insurance proceeds or estate settlement money, you can use credit cards for certain expenses or you can try to negotiate with creditors to allow you to postpone payment for 30 days or more, if necessary.

Make sure you have one or more credit cards in your name, and when you can, order a free copy of your credit report and review it for accuracy.

Avoid hasty decisions.

For discretionary financial decisions, go at your own pace, not someone else’s. For example, don’t commit to move from your current home until you can make a decision based on reason instead of emotion.

Don’t spend money impulsively. Don’t cave in to pressure to sell or give away your spouse’s possessions. Find out where you stand financially before you make any large purchases, sell property, or loan money to others.

Moving ahead: the big picture

After the initial legal and financial matters related to your spouse’s death are taken care of, you’ll enter a transition phase when you’ll be adjusting to your new financial circumstances. As you navigate this terrain, you might find it helpful to work with a financial professional who can help you by:

  • Suggesting ways to invest any life insurance proceeds or estate settlement money you receive
  • Calculating your net worth by identifying your assets and liabilities, giving you an understanding of how you’ll meet your short- and long-term spending needs
  • Establishing a budget by looking at your monthly income and routine living expenses, and making adjustments as needed
  • Helping you update beneficiary designations on your life insurance, retirement plan, IRA, employee benefits, annuity, and so on
  • Reviewing your investment portfolio at least annually
  • Updating your estate planning documents (e.g., will, trust, health-care directives, power of attorney) to reflect your circumstances and your wishes for disposition of the marital estate (e.g., gifts to children, grandchildren, charities)
  • Updating your insurance coverage to reflect your new circumstances

Generally speaking, women may have a different set of expectations and requirements from their financial professional than men. As you work with a financial professional, make sure he or she is responsive to what you say you need, not what your advisor thinks you want. Don’t be afraid to ask questions, and make sure you understand all your options before making important decisions.

We understand the unique needs and challenges women face. Click here to learn more information from our affiliate company PLJ Advisors

 

As you move forward with your life, remember that at times it may be two steps forward and one step back. Take comfort in the fact that you are doing the best you can to make the best decisions–financial and otherwise–for yourself and your family.

 

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Women: Living in the Sandwich Generation

At a time when your career is reaching a peak and you are looking ahead to your own retirement, you may find yourself in the position of having to help your children with college expenses or the financial challenges of young adulthood while at the same time looking after the needs of your aging parents.

Squeezed in the middle, you’re in the “sandwich generation”–a group loosely defined as people in their 40s to 60s who are “sandwiched” between caring for children and aging parents.

The fact is, women are the ones who most often step into the caregiving role.* As more women have children later in life and more parents live longer lives, the ranks of the sandwich generation are likely to grow in the years ahead.

If you find yourself sandwiched between caregiving demands, here are some strategies to navigate this life phase.

Setting priorities

The day-to-day demands of caring for both an aging parent and children can put a tremendous strain–both emotional and financial–on the primary caregiver.

This is especially true when adult siblings or family members don’t agree on the best course of action for elder care, don’t pitch in to do their share, or don’t contribute enough financially to the cost of that care.


The first thing to do is get yourself in the proper mindset. This life phase could last one or two years, or it could last many more. In any case, try to treat this stage as a marathon and pace yourself; you don’t want to start sprinting right out of the gate and burn out too soon.


Encourage open communication with your family to figure out ways to share the financial, emotional, and time burdens. Hold regular meetings to discuss issues, set priorities, and delegate tasks.

Women are often conditioned to believe they have to “do it all,” but there is no reason why adult siblings (if you have any) can’t share at least some of the workload.

It’s important for caregivers to get their own financial house in order. Ironically, at the very time you need to do this, the demands of caregiving may cause you to lose income because you have to step back at work–through reduced hours, unpaid time off, or turning down a promotion. Here are some tips to get your finances on track:

  • Establish a budget and stick to it
  • Keep your debt under control. Consumer debt (i.e., car payments, credit cards) should account for no more than 20% of your take-home pay.
  • Invest in your own future by putting as much as you can into your retirement plan, and avoid raiding it to pay for your parent’s care or your child’s college education.
  • Don’t quit your job before exploring other arrangements. If you need more time at home than vacation or personal days can provide, ask your employer if you can telecommute, flex your hours, reduce your hours temporarily, or take unpaid leave.Another option is to enroll your parent in an adult day-care program or hire a home health aide to fill the gaps. Some employers offer elder-care resource locators or other caregiving support as an employee benefit, so make sure to check.Permanently leaving your job should be a last resort–time out of the workforce will reduce not only your earnings but possibly your Social Security benefit at retirement as well.

Caring for your parents

Talk to your parents about their financial resources. Do they have retirement income? Long-term care insurance? Do they own their home? Learn the whereabouts of all their documents and accounts, as well as the financial professionals and friends they rely on for advice and support.

Much depends on whether your parent is living with you or out of town. If your parent lives a distance away, you’ll have to monitor his or her welfare from afar–a challenging task.


Though caregiving can be a major stress on anyone, distance can magnify it–daily phone calls or video chats might not be enough, and traveling to your parent’s home can be expensive and difficult to manage with your work and family responsibilities.


If your parent’s needs are great enough, you may want to consider hiring a geriatric care manager, who can help oversee your parent’s care and direct you to the right community resources, and/or a home health aide, who can check in on your parent during the week.

Here are some things you should do:

  • Take inventory of your parent’s assets and consolidate his or her financial accounts.
  • Get a current list of the medicines your parent takes and the doctors he or she sees.
  • Have your parent establish a durable power of attorney and health-care directive, which gives you legal authority to handle financial and health-care decisions if your parent becomes incapacitated. And make sure your parent has a will.
  • Consider consulting a tax professional to see if you might be entitled to potential tax benefits as a result of your caregiving; for example, you might be able to claim your parent as a dependent.
  • If your parent’s needs are great enough, you might need to go a step further and explore assisted-living options or nursing homes.

Eventually, you might decide that your parent needs to move in with you.

In that case, here are some suggestions to make that transition:

  • Talk with your parent in advance about both of your expectations and concerns.
  • If possible, set up a separate room and phone for your parent for some space and privacy.
  • Research local programs to see what resources are offered for seniors; for example, the senior center may offer social gatherings or adult day care that can give you a much needed break.
  • Ask and expect adult siblings to help out. Siblings who may live far away and can’t help out physically on a regular basis, for example, can make a financial contribution that can help you hire assistance. They can also research assisted-living or nursing home options. Don’t try to do everything yourself.
  • Keep the lines of communication open, which can go a long way to the smooth running of your multigenerational family.

Meeting the needs of your children

Your children may be feeling the effect of your situation more than you think, especially if they are teenagers.

At a time when they still need your patience and attention, you may be preoccupied with your parent’s care, meeting your work deadlines, and juggling your financial obligations.

Here are some things to keep in mind as you try to balance your family’s needs:

  • Explain what changes may come about as you begin caring for your parent. Talk honestly about the pros and cons of having a grandparent in the house, and be sympathetic and supportive of your children (and your spouse) as they try to adjust. Ask them to take responsibility for certain chores, but don’t expect them to be the main caregivers.
  • Discuss college plans. Encourage realistic expectations about the college they may be able to attend. Your kids may have to settle for less than they wanted, or at least get a job to help meet costs.
  • Teach your kids how to spend wisely and set financial priorities
  • Try to build in some special time with your children doing an activity they enjoy.
  • If you have “boomerang children” who’ve returned home, make sure to share your expectations with them, too. Expect help with chores (above and beyond their own laundry and meal prep), occasional simple caregiving, and a financial contribution to monthly household expenses.

Considering your needs

This stage of your life could last many years, or just a few. Try to pace yourself so you can make it for the long haul.

As much as you can, try to get adequate sleep, eat nutritiously, and exercise–all things that will increase your ability to cope. Don’t feel guilty about taking time for yourself when you need it, whether it’s a couple of hours holed up with a book or out to the movies, or a longer weekend getaway.

The day-to-day demands of caring for an aging parent and children can put a tremendous strain–both emotional and financial–on the primary caregiver. Be sure to set priorities and encourage open communication with your entire family to figure out ways to share the burdens.


According to the Alzheimer’s Association report, 2016 Alzheimer’s Disease Facts and Figures, approximately two-thirds of caregivers are women.


When you put your own needs first occasionally and look after yourself, you’ll be in a better position to care for those around you.

*Alzheimer’s Association report, 2016 Alzheimer’s Disease Facts and Figures

 

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Money Confidence Podcast Episode 9: The Blunt Truth About Financial Compatibility Before Marriage

Personal Money Trainer, author and speaker, Crystal Oculee, empowers women to get money confident with tips, advice, stories and special guest interviews. From the basics of budgeting to getting to the bottom of retirement vehicles – you’ll get insightful information you can turn into major savings and smart investments!

LISTEN  ON ITUNES: https://itunes.apple.com/us/podcast/episode-9-blunt-truth-about-financial-compatibility/id1208123298?i=1000384439560

IN THIS EPISODE, YOU’LL LEARN:

  • Ways To Have The “Money Talk” With Your Significant Other (Without It Turning Into A Fight)
  • One Common Mistake Couples Make
  • Why Having The Money Dialogue Can Avoid Other Painful “Talks” In The Future
  • Reasons Why You Shouldn’t Avoid Talking About Money
  • How To Identify Financial Red Flags Before Marriage
  • Financial Questions To Ask Your Partner In Any Stage Of Your Relationship
  • Bonus: The Budget Game (A Fun Way To Start The Dialogue)

Don’t Stop Here – Check Out These FREE Tools!  

LINKS AND RESOURCES MENTIONED IN THIS EPISODE:

Money Issues That Concern Married Couples
http://www.pljincome.com/money-issues-that-concern-married-couples/

Top 5 Financial FAQ for Married Women
http://www.pljincome.com/top-5-faq-married-women/

Merging Your Money When You Marry
http://www.pljincome.com/merging-money-marry/

What To Do When a Saver Marries a Spender
http://www.pljincome.com/what-to-do-when-a-saver-marries-a-spender/

 

Get to Know Crystal – and Email Her With Questions! (She might answer it on the podcast.)

AskCrystal@PLJincome.com

http://www.pljincome.com/crystal-oculee/

 

If you like our Money Confidence Podcast, be sure to leave a review on iTunes!

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Four Things Women Need to Know about Social Security

Ever since a legal secretary named Ida May Fuller received the first retirement benefit check in 1940, women have been counting on Social Security to provide much-needed retirement income.

Social Security provides other important benefits too, including disability and survivor’s benefits, that can help women of all ages and their family members.

1. How does Social Security protect you and your family?

When you work and pay Social Security taxes, you’re paying for three types of benefits: retirement, disability, and survivor’s benefits.

Retirement benefits

Retirement benefits are the cornerstone of the Social Security program. According to the Social Security Administration (SSA), because women are less often covered by retirement plans and live longer on average than men, they are typically more dependent on Social Security retirement benefits.*

Even if other sources of retirement income are exhausted, Social Security retirement benefits can’t be outlived. Many women qualify for benefits based on their own work record, but if you’re married, you may also qualify based on your spouse’s work record.

Disability benefits

During your working years, you may suffer a serious illness or injury that prevents you from earning a living, potentially putting you and your family at financial risk. But if you qualify for Social Security on your earnings record, you may be able to get monthly disability benefits.

You must have worked long enough in recent years, have a disability that is expected to last at least a year or result in death, and meet other requirements. If you’re receiving disability benefits, certain family members (such as your dependent children) may also be able to collect benefits based on your work record.

Because eligibility requirements are strict, Social Security is not a substitute for other types of disability insurance, but it can provide basic income protection.

Survivor’s benefits

You probably know the value of having life insurance to financially protect your family, but did you know that Social Security offers valuable income protection as well?

If you’re qualified for Social Security at your death, your surviving spouse (or ex-spouse), your unmarried dependent children, or your dependent parents may be eligible for benefits based on your earnings record.

You also have survivor protection if you’re married and your covered spouse dies and you’re at least age 60 (or at least age 50 if you’re disabled), or at any age if you’re caring for your covered child who is younger than age 16 or disabled.

2. How do you qualify for benefits?

When you work in a job where you pay Social Security taxes or self-employment taxes, you earn credits (up to four per year, depending on your earnings) that enable you to qualify for Social Security benefits.

In 2017, you earn one credit for each $1,300 of wages or self-employment income. The number of credits you need to qualify depends on your age and the benefit type.

  • For retirement benefits, you generally need to have earned at least 40 credits (10 years of work). However, you may also qualify for spousal benefits based on your spouse’s work history if you haven’t worked long enough to qualify on your own, or if the spousal benefit is greater than the benefit you’ve earned on your own work record.
  • For disability benefits (if you’re disabled at age 31 or older), you must have earned at least 20 credits in the 10 years just before you became disabled (different rules apply if you’re younger).
  • For survivor’s benefits for your family members, you need up to 40 credits (10 years of work), but under a special rule, if you’ve worked for only one and one-half years in the three years just before your death, benefits can be paid to your children and your spouse who is caring for them.

Whether you work full-time, part-time, or are a stay-at-home spouse, parent, or caregiver, it’s important to be aware of these rules and to understand how time spent in and out of the workforce might affect your entitlement to Social Security.

3. What will your retirement benefit be?

Your Social Security retirement benefit is based on the number of years you’ve worked and the amount you’ve earned. Your benefit is calculated using a formula that takes into account your 35 highest earnings years.

If you earned little or nothing in several of those years, it may be to your advantage to work as long as possible, because you may have the opportunity to replace a year of lower earnings with a year of higher earnings, potentially resulting in a higher retirement benefit.


Your benefit will also be affected by your age at the time you begin receiving benefits. If you were born in 1943 or later, full retirement age ranges from 66 to 67, depending on the year you were born. Your full retirement age is the age at which you can apply for an unreduced retirement benefit.


However, you can choose to receive benefits as early as age 62, if you’re willing to receive a reduced benefit. At age 62, your benefit will be 25% to 30% less than at full retirement age (this reduction is permanent).

On the other hand, you can get a higher payout by delaying retirement past your full retirement age, up to age 70. If you were born in 1943 or later, your benefit will increase by 8% for each year you delay retirement.

For example, the following chart shows how much an estimated monthly benefit at a full retirement age (FRA) of 66 would be worth if you started benefits 4 years early at age 62 (your monthly benefit is reduced by 25%), and how much it would be worth if you waited until age 70–4 years past full retirement age (your monthly benefit is increased by 32%).

Benefit at FRA Benefit at age 62 Benefit at age 70
$1,000 $750 $1,320
$1,200 $900 $1,584
$1,400 $1,050 $1,888
$1,600 $1,200 $2,112
$1,800 $1,350 $2,376

What if you’re married and qualify for spousal retirement benefits based on your spouse’s earnings record? In this case, your benefit at full retirement age will generally be equal to 50% of his benefit at full retirement age (subject to adjustments for early and late retirement). If you’re eligible for benefits on both your record and your spouse’s, you’ll generally receive the higher benefit amount.

One easy way to estimate your benefit based on your earnings record is to use the Retirement Estimator available on the SSA website. You can also visit the SSA website to sign up for a my Social Security account so that you can view your personalized Social Security Statement.

This statement gives you access to detailed information about your earnings history and estimates for disability, survivor’s, and retirement benefits.

4. When should you begin receiving retirement benefits?

Should you begin receiving benefits early and receive smaller payments over a longer period of time, or wait until your full retirement age or later and receive larger benefits over a shorter period of time? There’s no “right” answer..

It’s an individual decision that must be based on many factors, including other sources of retirement income, your marital status, whether you plan to continue working, your life expectancy, and your tax picture.


As a woman, you should pay close attention to how much retirement income Social Security will provide, because you may need to make your retirement dollars stretch over a long period of time.


If there’s a large gap between your projected expenses and your anticipated income, waiting a few years to retire and start collecting a larger Social Security benefit may improve your financial outlook. What’s more, the longer you stay in the workforce, the greater the amount of money you will earn and have available to put into your overall retirement savings.

Another plus is that Social Security’s annual cost-of-living increases are calculated using your initial year’s benefits as a base–the higher the base, the greater your annual increase, something that can help you maintain your standard of living throughout many years of retirement.

This is just an overview of Social Security. There’s a lot to learn about this program, and each person’s situation is unique. Contact a Social Security representative if you have questions.

Do you want to learn how to maximize your Social Security benefits?

We can help. Set up a call by clicking here or calling (310) 824-1000.

 

 

Important Disclosure

*Social Security Administration Publication–What Every Woman Should Know, Updated August 2016

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The #1 Concern for Retirees – And Why They’re Getting It Wrong

One of the big eye-openers of adulthood is when roles reverse and the child must care for the parent. It’s one of the toughest problems we face as we get older – especially when our parents don’t have any long-term care plans or money set aside.

A Painful Balancing Act: Long-Term Care Choice and Budget

Finding the balance between securing safe, comfortable care for elderly parents and paying for it can be almost impossible. Many people are surprised to discover that Medicare doesn’t cover long-term care costs, also known as custodial care.

This type of service includes daily living assistance such as:

  • Bathing
  • Eating
  • Chores and housework
  • Going to the bathroom
  • Moving around

If you’re working full-time, raising children and responsible for your parents’ daily needs, this can be an overwhelming load. Now imagine you’re the parent – and your children have to make these decisions for you.

The #1 Concern: What Will Happen When I Can’t Care For Myself?

According to a recent survey by the Society of Actuaries, long-term care is tied for first place as the number one concern of retirees. The other concern is inflation.1

It’s not a big surprise that most people rank this as their chief worry. If you have had to make long-term care plans for a loved one, then you know how expensive it can be. Not to mention, the better facilities cost more money.

This comes with another set of questions: Will my loved one be properly cared for? Will my mother be neglected? Will my dad be happy and stimulated? What will their quality of life be like?

These questions are naturally applied to ourselves, too. We want to receive great care when we can no longer care for ourselves. We recognize that just because our bodies aren’t working optimally, our minds still crave stimulation and engagement. We want to retain as much control over our lives as possible.

The reverse is also true. How will we be cared for if we are unable to make decisions? These are not things we want to think about – especially while we’re young, healthy and active… but that’s precisely when we should be thinking about them.

For Women, Planning Is Particularly Important

Women more than men should consider preparing for long-term care. A gender gap in health means that figuring out how to pay for custodial and medical services is especially important for females. There are three major reasons for this:

➢ Women live, on average, 5 percent longer than men.2
➢ Because women outlive men, widowed women can’t depend on spouses to care for them.
➢ Women suffer from chronic diseases more than men do.3

The Worry Is There, But Not the Preparation

The staggering result of all this worry is that most people do little to nothing to prepare. In addition to not preparing, the Actuary survey showed that pre-retirees underestimate life expectancy. In 2015, the median of pre-retirees stated that they will live until 85, despite the fact that 55 percent of those reported at least one family member living past 90.

As far as a financial strategy for long-term health care, only 33 percent of those surveyed purchased a guaranteed lifetime income product.

“In terms of a planning horizon, 17 percent of pre-retirees plan for five to nine years, and 19 percent plan for ten to 14 years. By comparison, 38 percent of pre-retirees have either not thought about their planning horizon or do not plan ahead.”
– 2015 Risks and Process of Retirement Survey

More Expensive Than a Mortgage

In 2016, the average cost of a private room in a nursing home was $7,698.4 This is almost six times the amount of the average monthly mortgage payment.5

Although assisted living facilities are about half as much as a nursing home, they’re still expensive at $3,628 per month, especially if you’re on a fixed income.

Will You Need Long-Term Care?

There are no guarantees when it comes to health – which means you should plan on needing it and try to live a healthy lifestyle so that you don’t.

The numbers, however, point to the fact that more than half of us will need some form of assistance as we get older.

➢ In 2012, nine million Americans over the age of 65 required long-term care. That number is projected to jump to 12 million by 2020. 6

Considering Your Options

1. Long-term Care Insurance

Long-term Care Insurance is one of the most popular options as it drastically reduces the cost of care if you need it.

The American Association for Long-Term Care Insurance reports that the average married couple, age 55, would pay $1,816 per year for a policy with $162,000 in coverage for each. A 3-percent inflation protection rider is also available for about $1900 more per year.7

The earlier you lock in a rate, the better. A good time to invest in this insurance is around age 52.

2. Life Insurance With a Long-term Care Rider

This might be a good option as there are a couple more benefits with this option than a traditional long-term care insurance policy. Basically, you will get the death benefits that come with a life insurance policy, you will pay about the same – or less – in monthly payments – and enjoy approximately the same coverage you would receive with long-term care insurance through the rider.

3. Fixed Index Annuity

A fixed index annuity with a single premium is yet another route to take on your way to long-term care preparation. Some annuities offer a long-term care doubler benefit which pays twice as much per month as it would if you were not in long-term care. This is an amazing perk and one that could save you tons of money down the road.

Bottom Line

Don’t wait to get ready for long-term care. Even if you are running marathons in your 60s, the time might come when you need some form of assistance. It’s better to have a plan in place now than to rely on your children or social services to help you later.

If you need help deciding if long term care is for you or your parents, we are here to help. Click here to request a call or call us at 310-824-1000 and ask for Caroline. She’ll be happy to set up a time in our calendar.

 

1https://www.soa.org/press-releases/2016/survey-examines-retirement-concerns/
2http://www.bbc.com/future/story/20151001-why-women-live-longer-than-men
3http://www.cwhn.ca/en/resources/primers/chronicdisease
4https://www.genworth.com/about-us/industry-expertise/cost-of-care.html
5http://themortgagereports.com/20589/freddie-mac-mortgage-payments-homeownership-costs-may-2016
6http://www.forbes.com/sites/jrose/2016/03/22/long-term-care-insurance-alternatives/#1af57501a192
7http://www.cnbc.com/2016/03/15/long-term-care-coverage-peace-of-mind-at-a-price.html

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Getting Divorced Checklist

General information Yes No N/A
1. Has relevant personal information been gathered?
• Each spouse’s name, date of birth, and Social Security number
• Names and birth dates of children
• Date and place of marriage and length of time in present state
• Information about prior marriages and children
• Date of separation and grounds for divorce
• Current occupation of spouses and name/address of employers
• Education and degrees of each spouse
• Name, address, and telephone number of attorney
2. Has financial situation been assessed?
• Each spouse’s name, date of birth, and Social Security number
• Names and birth dates of children
• Date and place of marriage and length of time in present state
• Information about prior marriages and children
• Date of separation and grounds for divorce
• Current occupation of spouses and name/address of employers
• Education and degrees of each spouse
• Name, address, and telephone number of attorney

PROPERTY SETTLEMENTS Yes No N/A
1. Does prenuptial agreement exist?
2. Do spouses reside in a community property state?
3. Have all assets been listed, valued, and classified as joint or
separate?
4. Have the tax bases of all assets been determined?
5. If assets will be transferred or sold, have tax consequences been
calculated and explained to client?
6. Have loans and other liabilities on the properties (or otherwise) been
listed and considered?
7. Is there a family business?

ALIMONY AND CHILD SUPPORT Yes No N/A
1. Have tax consequences of classifying support as alimony or child support been reviewed?
2. Has physical custody of children been determined?
3. Has legal custody of children been determined?
4. Have visitation parameters been established for the noncustodial parent?
5. Will alimony be paid?

MARITAL HOME Yes No N/A
1. Will home be transferred to either spouse as part of settlement?
2. If yes, has cost basis been reviewed for improvements?
3. Has amount of outstanding mortgage been calculated?
4. Will the principal residence be sold to a third party?
5. If yes, has the tax cost (if any) been computed?

RETIREMENT PLANNING Yes No N/A
1. Have retirement plans been listed and interests in retirement plans been reviewed?
2. Will the divorce decree provide a payout from the plan? If so, will a qualified domestic relations order (QDRO) be used?
3. Should beneficiary designations be changed?
4. Will any IRS penalties apply?
5. Can retirement money be rolled over to IRA?

TAX PLANNING Yes No N/A
1. If already divorced, was divorce finalized by year-end?
2. If still married at year-end, agree to file jointly?
3. Have joint filing risks been discussed?
4. Has separate maintenance decree been obtained to permit filing as unmarried or head of household?
5. Have head of household conditions been met?
5. Has it been decided which spouse will get dependency exemption?

other Yes No N/A
1. Should will and trust be changed?
2. Should insurance policy beneficiaries be changed?
3. Should banks and other creditors be notified of divorce and signatures changed?
4. Will either spouse’s health insurance plan cover the children post-divorce? Cover spouse?
5. Has budget been revised to account for changes in income and liabilities?
5. Does credit need to be repaired or established?
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Tips for Women Entrepreneurs

According to the National Women’s Business Council, nearly 8 million women-owned businesses exist in the United States. Women-owned firms comprise 28.7% of all nonfarm businesses and generate more than $1.2 trillion in revenue. Interestingly, 88.3% of women-owned businesses have no employees, indicating that many women strike out on their own, perhaps to better balance work and family.¹ If you’re considering the launch of a new venture (or know someone who is), the following information may be helpful.

Tips for Women Entrepreneurs

Facing unique challenges

Although there are no gender differences in the steps involved in starting a business, women may indeed face unique challenges when it comes to implementing those steps.

According to a Babson College study, women entrepreneurs tend to have less confidence than their male peers. Among those who have identified new business opportunities, 34% of women admit to a fear of failure, compared with 29% of men, and less than half of women believe they have the capabilities to start a business, compared with 63% of men.²

Women may also face challenges in securing venture capital (VC) funding. In a different study, Babson researchers found that 85% of all VC-funded companies have no women on the executive team, and only 2.7% of VC-funded companies are led by a woman CEO. However, VC firms with women partners were more than twice as likely to invest in firms with women on the executive team and more than three times as likely to fund a company with a woman at the helm.³

Overcoming the obstacles

So what should a woman with a great business idea do?

First and most important, define what success means to you. Do you want a thriving operation with dozens of employees, or are you looking for self-employment to bring in additional income while allowing more time for family needs? Or maybe it’s something in between? Be sure you have a clear vision of your dream before you launch.

Understand that preparation and knowledge are keys to building confidence. Develop a written business plan that describes your business’s products and/or services, target market, marketing and sales strategy, opportunities and challenges, competition and how you will address it, and other key success factors. This document and the hard work involved in preparing it will be especially important if you plan to seek financing from lenders, angel investors, VC firms, or other outside sources. The required research will help prepare you to answer the tough questions from potential financiers.

Know that successful entrepreneurs are typically willing to take calculated risks. Don’t let fear drive your decision making. Once again, preparation is important, but don’t let your analysis end up in paralysis.

Be sure you have enough funds set aside to survive the start-up phase, which can last as little as a few weeks or as long as several years, depending on your business. Having enough money to live on during this period may further bolster your confidence, reduce fear of failure, and support wise risk taking.

Finally, take heart in knowing help is available. The Small Business Administration,Women’s Business Centers, and Community Development Financial Institutions (CDFIs) across the country provide resources and information especially for women business owners.

 

¹ National Women’s Business Council fact sheet, June 2015
² Babson College, Global Entrepreneurship Monitor, 2013 United States Report
³ Babson College, Women Entrepreneurs 2014: Bridging the Gender Gap in Venture Capital

 

Important Disclosure
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Retirement Planning for Women

Retirement planning for women face special challenges. Because our careers are often interrupted to care for children or elderly parents, we may spend less time in the workforce and earn less money than men in the same age group. As a result, our retirement plan balances (e.g. Social Security benefits, and pension benefits) are often lower. In addition to earning less, we generally live longer than men, and they may face having to stretch limited retirement savings and benefits over many years.

To meet these financial challenges, you’ll need to make retirement planning a priority.

Retirement Planning for Women: Begin saving now

To help improve your chances of achieving a financially comfortable retirement, start with a realistic assessment of how much you’ll need to save. If the figure is substantial, don’t be discouraged–the most important thing is to begin saving now. Although it’s never too late to save for retirement, the sooner you start, the more time your investments have to potentially grow.

The chart below shows how just $2,000 invested annually at a 6% rate of return might grow over time:

If women save for retirement sooner
Note: This is a hypothetical example, and does not reflect the performance of any specific investment. Results assume reinvestment of all earnings and no tax.

Save as much as you can–you have many options

If your employer offers a retirement savings plan, such as a 401(k) or a 403(b), join it as soon as possible and contribute as much as you can. It’s easy to save because your contributions are deducted directly from your pay, and some employers will even match a portion of what you contribute. If your employer offers a pension plan, find out how many years you’ll need to work for the company before you’re vested in, or own, your pension benefits. Women struggling to balance work and family sometimes shortchange their retirement savings by leaving their jobs before they become vested in their pension benefits. Keep in mind, too, that because your pension benefits will be based on your earnings and on your years of service, the longer you stay with one employer, the higher your pension is likely to be.

statistic - how mothers and fathers spend their workweeks

Most employer-sponsored plans allow you to choose from several investment options (typically mutual funds). If you have many years to invest or you’re trying to make up for lost time, you may want to consider growth-oriented investments such as stocks and stock funds. Historically, stocks have outperformed bonds and short-term instruments over the long term, although past performance is no guarantee of future results. However, along with potentially higher returns, stocks carry more risk than less volatile investments. A good way to get detailed information about a mutual fund you’re considering is to read the fund’s prospectus, which can be obtained from the fund company. It includes information about the fund’s objectives, expenses, risks, and past returns. We can also help you evaluate your retirement plan options.

Save for retirement–no matter what

Even if you’re staying at home to raise your family, you can–and should–continue to save for retirement. If you’re married and file your income taxes jointly, and otherwise qualify, you may open and contribute to a traditional or Roth IRA as long as your spouse has enough earned income to cover the contributions. Both types of IRAs allow you to make contributions of up to $5,500 in 2014 (unchanged from 2013), or, if less, 100% of taxable compensation. If you’re age 50 or older, you’re allowed to contribute even more–up to $6,500 in 2014 (unchanged from 2013).

Plan for income in retirement

Retirement Planning for Women - life expectancy of womenDo you worry about outliving your retirement income? Unfortunately, that’s a realistic concern for us women. At age 65, we can expect to live, on average, an additional 20.3 years.¹ In addition, many women will live into their 90s. This means that we should generally plan for a long retirement that will last at least 20 to 30 years. We should also consider the possibility of spending some of those years alone. According to recent statistics, 36% of older women are widowed, 14% are divorced, and almost half of all women age 75 and older live alone.² For married women, the loss of a spouse can mean a significant decrease in retirement income from Social Security or pensions. So what can you do to help ensure you’ll have enough income to last throughout retirement? Here are some tips:

    • Estimate how much income you’ll need. Use your current expenses as a starting point, but note that your expenses may change by the time you retire.
  • Find out how much you can expect to receive from Social Security, pension plans, and other sources. What benefits will you receive should you become widowed or divorced?
  • Set a retirement savings goal that you can work toward, and keep track of your progress.
  • Save regularly, save as much as you can, and then look for ways to save more–dedicate a portion of every raise, bonus, cash gift, or tax refund to your retirement savings.

What’s your excuse for not planning for retirement?

I attribute my success to this- I never gave or took any excuseI’m too busy to plan

Perhaps you’re so wrapped up in balancing your responsibilities that you haven’t given retirement planning much thought. That’s understandable, but if you don’t put retirement planning at the top of your to-do list, you risk shortchanging yourself later on. Staying focused on your goal of saving for a comfortable retirement is difficult, but if you put yourself first it could pay off in the end.

My husband takes care of our finances

Married or not, it’s critical for women to take an active role in planning for retirement. Otherwise, you may be forced to make important financial decisions quickly during a period of crisis. Unfortunately, decisions that are not well thought through often prove costly later. Preparing for retirement with your spouse could help ensure that you’re both provided for, and pave the way to a comfortable retirement.

I’ll save more once my children are through college

Many well-intentioned parents put their own retirement savings on hold while they save for their children’s college education. But if you do so, you’re potentially sacrificing your own financial well-being. Your children have many options when it comes to financing college–loans, grants, and scholarships, for example–but there’s no such thing as a retirement loan! Why not set a good example for your children by getting your own finances in order before contributing to their college fund?

I don’t know enough about investing

Commit to spending just a few minutes a day learning the basics of investing, to help you become knowledgeable. And remember, you don’t have to do it by yourself–we will be happy to work with you to set retirement goals and help you choose appropriate investments.

¹ The National Vital Statistics Report, Volume 61, Number 4, May 2013
² U.S. Department of Health and Human Services Administration on Aging, A Profile of Older Americans: 2013

Important Disclosure

 

 

Broadridge Investor Communication Solutions, Inc. and Parson Latimer & Judge Financial and Insurance Solutions LLC do not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. This communication is strictly intended for individuals residing in the state(s) of CA. No offers may be made or accepted from any resident outside the specific states referenced.