Why Wealth Management Is Important for Women Today, women control a third of household assets. But by 2030, U.S. women are expected to control much of the assets that the baby boomer generation will pass to heirs; roughly 30 trillion in assets. Women are becoming the newest face of wealth and will increase their net worth even more in the coming years. Women are also becoming the primary ‘breadwinners’ in many families and financial decisionmakers. Women have unique needs that often differ from their male counterparts: • Women have an additional life expectancy of 5 years longer than men. • Women earn seventy-nine cents to every dollar a man earns. • Women often take time off from work to care for other family members. • Women, on average, save less than men for retirement and other financial goals. It’s essential that women work toward managing their finances and meet with trusted professionals who understand their situation. They can plan for their future by incorporating these essential components: Tax planning- Planning for taxes at the beginning of the year can help determine appropriate tax-saving strategies. Certain tax credits and contribution limits for retirement savings accounts may phase out. Goal setting- Even though saving, investing, and spending is important, it’s vital that women identify realistic goals to work toward. Some goal-setting ideas include: • Giving to charity • Estate planning • Pursuing a specific return on investments • Eliminating debt and working toward paying off a mortgage Selecting investment strategies aligned with values- A study by Cerulli Associates found that 43% of women feel a company’s policies on social or environmental issues are essential when deciding to invest in that company. Women can work with financial professionals to help identify strategies aligning with their goals and values. Working with financial, legal, and tax professionals- Women may have more complex tax and estate planning needs than their male counterparts, especially when they inherit. Having unbiased professional advice suitable for their unique situation is also essential. These professionals can work as a team to help identify unique issues, develop a plan, and select strategies to help women work toward their goals. Diversifying their portfolio’s investment strategies- Putting all your money into strategies that aren’t diversified can leave one with a tax bill or put a portfolio at risk of loss during market turbulence. Implementing annuities and other strategies outside an employer’s retirement savings account may offer additional diversification. By taking action to manage their wealth and plan for their future, women can pursue financial confidence, regardless of their income. SWG2954120-0623 Contact me today! Jim Cooper Certified Financial Fiduciary P: (863) 589-6850 E: jimcooper@newinsightfinancial.com Lake Ashton Resident 99 6th St SW Suite 109 Winter Haven FL 33880 31 Questions? Scan this QR code to book a 15-minute appointment.
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