As a premier financial advisor for both women and men, we understand that wealth management for women sometimes involves a different perspective. Our team has found that women value trust, empathy and customer service when seeking advice about their finances. That is why we take a different approach when explaining the various options for retirement planning for women.
Although every client is different, men generally like to get right down to the numbers. They might want charts and information on historical performance. Many women ask different questions geared toward establishing trust and understanding the products offered.
If you are looking for a financial consultant for women, you have come to the right place. Our experienced advisors can answer your questions about retirement planning. We aim to also help you build a firm foundation for future wealth and help you stay on track toward retirement goals and other financial milestones. Our skilled advisors also provide simple tools to give you an overview of your progress and advice on pursuing your goals sooner. Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of financial independence.
When planning for retirement, we start by identifying your goals. This starts with understanding how much money you need to retire comfortably. The earlier you begin retirement planning, the more money you will have when you stop working. We recommend beginning as early as possible. At the same time, it is never too late to start putting money back for the future. Once you have a goal, it is time to strategize on how to save the money you need to retire on time or earlier!
Retirement planning for women typically involves a lot of nuances. For example, some women (and men!) take off time to raise children before reentering the workforce. This may require additional savings to stay on track for retirement. Our advisors are here for you every step of the way.
To maximize your savings, it's a good idea to pay off as much debt as possible. This includes credit card debt, student loans, mortgages and other loans. Once you pay off your debt, it is time to build an emergency fund. Philosophies vary on how much money you should put back for your emergency fund. Whether you are married or single, try to save three to six months' worth of income based on your entire household income. This will give you a good cushion if you or your partner decide to switch jobs or you have to make an unexpected large purchase, such as making car repairs or buying a new water heater.
It's important to note that retirement savings should remain a fixed part of your budget even as you pay down debt and build your emergency fund. Once you pay off your credit card debt and student loans, you can consider making extra payments on your mortgage to help you whittle down your debt.
From employer-sponsored plans to retirement investments, there are many tools to help you pursue your retirement goals. We aim to help you understand all of your options to maximize your savings.
Employer-sponsored retirement plans often come with an employer match. For example, if you decide to put 4% of your annual income into a retirement fund, your employer may match up to 2%. That's like a 2% raise on top of your regular earnings. It's important to understand how your company handles retirement benefits so that you can maximize your contribution accordingly. This is a great tool for wealth management for women. Basically, you set it and forget it.
Most 401(k) plans get a higher rate of return than bank savings accounts. Additionally, you don't have to pay taxes on them until you withdraw the money — at a much lower tax bracket after retirement. If your employer does not offer a 401(k) or you are self-employed, we can help you understand the advantages of other retirement plans such as self-directed IRAs, solo 401(k)s and Roth IRAs.
As part of our private wealth management for women, we often answer questions about how 401(k) rollovers work. It can be tricky to navigate how this works, and we are happy to consult with you one-on-one.
Here are a few things to keep in mind when dealing with 401(k) rollovers:
We seek to help empower you to make the right decisions about your financial future. Come to us for advice on retirement planning and wealth management to pursue your financial goals.