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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
July/August 2021
Women: Know Your Finances
It’s a fact: Statistically, women live longer than men.* Also, women are often less confident than men about making financial and investing decisions. As a woman, taking a proactive role in planning your financial future may help you achieve a comfortable retirement lifestyle.
Why Are Women Behind?
Women tend to lag behind in accumulating assets because they’re more likely than men to leave the workforce to care for young children or, in later years, to act as caregivers for elderly family members. Spending time away from a job may mean missing out on several years of contributing to an employer’s retirement plan. It can also result in lost opportunities for promotion and the salary increases that would bring.Ultimately, being out of the workforce can mean lower Social Security benefits — and thus less income — in retirement. And a woman’s longer life expectancy may contribute to higher lifetime healthcare costs as well.
Take Charge of Your Finances
Take steps that will make a difference in your financial outlook. Consider those that are appropriate for you.- Work as long as possible to maximize your savings and your Social Security benefits.
- Contribute the maximum amount to an employer’s retirement plan account. Consider contributing to an IRA, which may or may not be tax deductible, depending on the plan type and qualification requirements.
- Take more investment risk if your tolerance allows. Investing too conservatively can slow progress toward your savings goals, so don’t rely on only fixed-income investments.
- Create an emergency fund.
- Consider if you’re married but not working, your spouse may be able to contribute up to $6,000 ($7,000 if you’re age 50 or older) to a spousal IRA for you.
- If you think your sources of income, such as Social Security and any pensions, won ‘t cover your expenses in retirement, investing in an annuity that will generate regular income to help fill the gap.
- Reduce your living expenses by moving to an area with lower taxes and housing costs. If you’re not married, consider sharing a residence with friends
Consult your financial professional before making any significant changes
* https://www.voanews.com/science-health/new-study-looks-why-females-live-longer-males
GE-3500314(3/21)(Exp.3/23)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
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These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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