Financial Planning For 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. 

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.

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.

2. 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. 

3. 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.

4. 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. 

5. 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.

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:

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. 

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.