The first two parts of this blog provided the information supporting the fact that women face an unfair disadvantage in terms of planning for a successful retirement.
If you’ve not yet read parts one and two of this blog, please take a few moments to do so.
Here are the action steps that women can take to help prepare themselves for healthcare and retirement costs.
- Tell your story and expect to be heard and honored. You and your planning needs are unique. You deserve the opportunity to “share your story as well as your hopes, fears and dreams”.
Regardless of your current life experience and financial knowledge, you deserve to be listened to without judgment.
You deserve to have all of your questions answered honestly and completely.
You deserve transparency around fees, commissions, and any other form of advisor compensation.
- Create a plan and follow it. Again, this is “your plan”. It needs to be designed specifically for you to get you from “where you are to where you want to be”.
- Invest with appropriate risk level. Again, your investment portfolio needs to be designed specifically for you and what it is you want to accomplish.
- If you are of a pre-retirement age, be prepared to save aggressively to meet your goals.
- If you are already retired, then the allocation of your investment portfolio may be even more critical because you may no longer have the capacity to continue to save to reach your retirement goals.
- Be sure you understand how programs such as Social Security, Medicare, and employer-sponsored retirement plans can best be coordinated for maximum results.
- Consider products such as life insurance with long-term care riders, products that are designed to create guaranteed lifetime income in retirement, products that are designed to create income tax savings, and anything else that may be appropriate to help you reach financial peace of mind.
- Once your plan is in place, be sure to continue with annual conversations with your team of advisors.
As you can see, planning done well is complex and involves the integration of both programs, products and planning.
Do you remember the old Greyhound bus slogan, “Go Greyhound and Leave the Driving to Us”?
It is suggested that the new slogan might be “Keep Texting and Leave the Driving to Us!”
Whether you find yourself familiar with the first slogan or relate more to the new slogan, we invite you to a conversation at Resonate. Regardless of your age, our motto is to help you define and discover what Richness of Life means to you. Then, it is our job to help create the pathway for you to experience this desired destination.
Barbara A. Culver
CFP®, ChFC®, CLU, AEP®