Wealthcare For Women

Thought (Photo credits: www.mysafetysign.com)

No, I’m not crazy. It’s a legitimate question and one I’d like you to think about. Please feel welcome to share your thoughts in the comments below.

I’ll ask again . . . Can you have too much money?

I suspect you might react with a quick “no, you can’t have too much money.”

You might cite increasing costs of living, uncertainty around healthcare and future tax legislation, global unrest and other potential factors. I’m not here to argue with you or tell you you’re wrong. I share many of these same concerns with you.

However, I’d also ask that you think about this question from a broader perspective.

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Interest Rates (Photo credit: 401(K) 2013)

A situation I run into regularly with divorcées, widows and other women I meet involves the decision to invest or pay off debt. This is an especially important decision in the context of a divorce settlement or life insurance payout.

Let’s spend a little time and think this through . . .

To make things simpler, I’ll use a couple of assumptions:

• You have $25,000 in a savings account earning 0.25% interest
• You’re debt is a mortgage at 3.75% for a 30 year loan and you owe more than $25,000
• If you invest, you’ll place the money into a portfolio with 53% diversified US stocks, 7% diversified international stocks, 37% intermediate term treasury bonds and 3% money market funds. That’s 60% in stocks and 40% in bonds and cash.

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Also strong enough for a man but made for a woman?

If you spend any time at all on my website, you’ll quickly discover that I focus on serving widows, divorcees and other independent women.

One of the primary reasons for my deliberate focus on helping women is based largely on my Mom’s story and her financial experience after she and my Dad divorced many years ago.

But there are other, more subtle reasons why, and I’d like to share a couple with you today . . .

Wealthcare – my financial planning and advice process – isn’t designed to be gender specific. In fact, it works equally well for men, couples, young, old, and pretty much anyone else. In fact, while my focus is on serving women, I have some couples I’ve worked with for many years.

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Unlike other assets or financial accounts you might inherit, an IRA presents some unique inheritance planning opportunities.  Think of it as a vehicle on a crash course at the three way intersection of estate planning, retirement planning, and tax planning.  You need to consider each of these or you could be faced with some potentially expensive mistakes.  One of the key features of a retirement account is the ability to grow assets tax deferred over time.  This feature can be taken advantage of for years, if you adequately plan for what women need to know about inheriting an IRA.

Once you learn of your inheritance, stop and call your financial adviser.  Don’t make any decisions without first discussing all your options with them.   If, for example, you decide to cash out the plan, you could be faced with a substantial tax bill at the end of the year.  Once you make the wrong decision it’s often too late to go back and change your mind.  [click to continue...]

Not a good choice for your advisor

It takes a lifetime of planning and smart decision making to prepare for retirement. Even in the best of times, navigating through the many investment choices available can be confusing. Creating the right mix of assets, knowing when to buy and when to sell can be challenging. Throw in a little economic uncertainty and some emotion and it can be downright scary. Often, women will seek professional help, but not all financial advisors for women are created equal.

Choosing the right advisor can be challenging, but making the right choice starts by answering a few questions about your goals and understanding the choices available.  [click to continue...]

There are many reasons that more women need to consider long term care and incorporate it into their financial planning.  Healthcare costs are rising and the majority of people will experience a long term care need in their lives, and these expenses can put pressure on individual assets as well as the lifestyles of family members. Although knowledge about the cost of in-home care and assisted living facilities is widespread, less than half of today’s members of the “baby boomer” generation have adequately planned for it. For these reasons, long term care insurance for women is an important part of planning for your future.

Why Women?

First of all, longevity has increased in the United States, and many women are now outliving their husbands. According to AARP, women who reach the age of 65 will on average live for another 20 years.  For these reasons, women are the primary users of long term care facilities and long term care insurance.  More than 70% of today’s nursing home residents are women. Women also face higher rates of disability (which can require several months or years for recovery) and higher rates of chronic physical and cognitive issues.

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The Internet and access to the World Wide Web makes women’s lives easier by enabling online shopping, online banking and even ordering pizza on a Friday night. These benefits are convenient and save lots of time but also open doors to identity thieves to steal personal information and access financial accounts. Many single women are on a limited or fixed income and are vulnerable to scammers and unscrupulous characters. The bad guys have no problem stealing your life savings right out from under your nose. That’s why I’d like to share some ideas on how women can prevent identity theft.

Knowing about the problem is only half the battle, the next step is to implement some preventative measures that limit your risk of identity theft. Here are 8 suggestions for women to consider.  [click to continue...]