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Financial Planning For Women 

Financial Planning For Widows and Divorced Women

As a woman, financial planning is key to ensuring your financial security and achieving your financial goals. Some women have partners and others have been widowed or divorced, leaving them to face their financial futures on their own. So where do you start?  There's no one-size-fits-all answer to financial planning, but there are some key considerations that are particularly important for women and the unique challenges they face. 

Unfortunately, the world of finance has been traditionally dominated by men. We want to empower women to step into the  financial world for themselves and also as important contributors to that market space. Women have experience, thoughts and insights that are needed. We can't overstate the important contribution that women make, always bringing their unique and valuable insights to the table. Our advisors understand the difficulties and disadvantages that women face and have a deep-seeded desire to correct that imbalance and help women to step into and own their personal power. 

First Steps:

We have developed a process to help you take the first steps toward financial freedom, even as a widow or divorcee. Sometimes it's hard to think and make decisions when you are going through a difficult time. It is also easy to focus on what isn't there and what you don't have. That is understandable and yet can be paralyzing. You may have resources you hadn't thought of before, or professionals you know who can help you with the various aspects of your life and finances. We want to help you take some very simple steps toward reclaiming a life of financial freedom and a feeling of empowerment.

1.Take inventory of your resources
     A. List financial resources: all sources of income, savings, investments, insurances, property, and other assets.
     B. List people in your emotional support system: family, friends, religious, and trusted professionals.
2. Consider someone who can personally walk you through the day-to-day and possibly accompany you to important meetings.
3. Remember your own gifts and abilities and, when you are ready, consider how those can be a strength to you and your financial well-being.
4. Connect with the right professional or team of professionals who will empower you in this process.

Women Face Challenges As Unique As They Are:

Client Centered

Women tend to live longer than men, which means they need to plan for a longer retirement. They also may take time out of the workforce to care for children or elderly parents, which can impact their earning potential and social security benefits. 

Expected or unexpected divorce leaves many women with drastically reduced resources and means. And, of course, the sad fact remains that women still earn less than men on average, meaning they have to make their money stretch further.

All of these factors underscore the importance of financial planning for women. If you're a woman who is starting to think about her financial future, whatever stage you might be in, here are a few basics to consider (if you can):

  1. Invest early and often.

The earlier you start investing, the more time your money has to grow. But even if you're starting late, it's still important to invest as much as you can. Investing is one of the best ways to build wealth over time, and women need to take full advantage of this strategy.

  1. Consider saving for retirement in a Roth IRA.

Roth IRAs offer some major benefits for retirees, including tax-free withdrawals and the ability to pass on the account to your heirs. If you think you may need to withdraw money from your retirement account before age 59½, a Roth IRA can be a good option. If you have access to one of these accounts, it is worth your serious consideration. 

  1. Make sure you're getting the most out of your employer's retirement plan.

If your employer offers a 401(k) or another retirement plan, make sure you're contributing enough to take full advantage of any employer matching funds. Also, be sure to review your investment options and make sure your asset allocation is appropriate for your goals.

  1. Make saving automatic.

One of the best ways to make sure you're saving enough is to set up automatic transfers from your checking account to your savings or investment account. This way, you won't have to think about it or see the money at all – the money will just be there when you need it. 

  1. Utilize financial planning tools and resources.

There are a number of financial planning tools and resources available to help you get started. You can find budgeting worksheets, retirement calculators, and investment advice specifically for women. Our firm specializes in helping women in whatever stage or situation they are in. Utilizing these tips, you can take control of your financial future and make sure you're prepared for whatever life throws your way--even the unthinkable.

Women and Investing

Whether you're a widow or divorcee, it's important to know how to save and invest for your future. There are a few things you'll need to assess when making investment decisions such as: financial goals, risk tolerance, and market conditions. Here are some things to keep in mind:

Client Centered

-Start with a budget: Track your income and expenses so you know where your money is going. This will help you make informed financial decisions about how to best save and invest for your future.

-Save for retirement: Retirement may seem like a long way off, but it's never too early to start saving. Invest in a retirement account such as an IRA or 401(k) and start putting away as much money as you can.

-Build an emergency fund: Unexpected expenses can pop up at anytime, so it's important to have an emergency fund to cover them. Aim to save 3-6 months of living expenses in a savings account or money market account so you're prepared for anything.

-Invest wisely: When it comes to investing, there's no one-size-fits-all approach. Talk to a financial advisor to help you develop an investment strategy that meets your specific goals and risk tolerance.

Women and Retirement Planning

Retirement might be decades awar or right aroung the corner, but wherever you are, at whatever stage, women still face unique financial circumstances that should be considered. At JohnstonRogers, we want to make sure that all women have access to the tools and resources they need to take control of their financial futures. When thinking about retirement, some things that may be on your mind are:

How long you can continue to work? If you're healthy and able to work, this can be a great way to supplement your income, make ends meet and continue to save for retirement.

Are you still covered by health insurance? You may be able to stay on your spouse's plan if they're still working, even if you are divorced, or you may be able to get coverage through a Part or full-time job.

Another thing to consider is how working will affect your taxes. You may be able to keep more of your Social Security benefits if you don't earn too much money from working. If you're not able or interested in continuing to work, there are still ways to supplement your income in retirement. One option is to take advantage of your social security benefits. Knowing how to maximize these will be key in the kind of financial roadmap you will need to create. 

Frequently Asked Questions

Some unique financial challenges that widows and divorcees face include the need to support themselves and their families on a single income, the financial burden of caring for elderly parents or children with special needs, and the challenge of saving for retirement. While many financial challenges are shared by both men and women, these challenges can be exacerbated for widows and divorcees.

One option is to continue working. If you're healthy and able to work, this can be a great way to supplement your income and help make ends meet. You may be able to stay on your spouse's plan if they're still working, or you may be able to get coverage through a part or full-time job. Medicare is another option if you meet the requirements.

If you're not able or interested in continuing to work, there are still ways to supplement your income in retirement. One option is to take advantage of government benefits such as Social Security or disability benefits. Another option is to downsize to a smaller home or apartment, which can free up some extra cash each month.

Some things to consider when making investment decisions include your financial goals, your risk tolerance, and the current market conditions. You'll also want to make sure that you're diversifying your portfolio to minimize that risk.

JohnstonRogers is Here to Help Empower Women

Oftentimes, circumstances such as widowhood or divorce can leave women in a precarious financial situation. Financial planning for women is vital to ensure their future wellbeing. Learning how to save and invest and save is crucial for financial security later in life. Retirement planning can be especially tricky for women, but working with a financial advisor can help make the process much easier.

Our Process

Our Process

We create strategies that are tailored to your needs and goals.

Our History

Our History

Years of experience have prepared us to guide you through your life transitions.

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