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Facing Our Fears

For nearly two years, our team has conducted a monthly financial wellness webinar for participants in the retirement plans we advise. These webinars focus on different topics meant to engage participants with their overall financial wellness. Some of our most popular presentations have been our Quarterly Market Reviews, The Basics of Investing, and Dealing with Financial Stress. We have one particular webinar so relevant, though, it’s been requested multiple times and in a variety of formats: Women and Investing.

But why? What’s the big deal?

The truth is, women face a totally different financial environment than men. With an ongoing gender disparity in compensation, years worked, risk tolerance for investing, healthcare costs, and overall lifespan, it’s no wonder there is an undercurrent of fear and confusion surrounding finances. Studies have revealed women do not feel confident – or even comfortable – discussing money or investing with friends, partners, or financial professionals.

Nearly 90% of women will end up managing their finances alone at some point in their lives1, whether due to not getting married, divorcing, or having their spouse pass away. This means learning to navigate expenses and medical/long-term care decisions on one income and without a partner with whom to plan.

So the big deal is this: women are falling far behind men when it comes to saving and retiring on their terms.

Our team simply refuses to settle for this reality. We want to empower women to ask – and answer – questions like these:

How should I initiate financial conversations with my spouse?

What’s a good plan for divorced ladies?

How soon is too soon to begin estate planning?

As a single woman, how do I get started when I feel so overwhelmed?

The process is simple, though it may not be easy.

Start by making a plan. Make it a priority to understand where you are (track expenses and create a budget) and where you want to be (create short-, medium-, and long-term goals). Identify areas where you need help (perhaps learning to invest, paying off debt, or determining your retirement income needs). Once you’ve done that, educate yourself – it’s good to engage in your own financial wellness! Make sure you figure out who's on your team. It’s unreasonable to think you can or should do everything yourself. We have accessible, knowledgeable team members to make it easy on you. Take advantage of our resources and tools available. Finally, keep making the next right decision. Monitor your portfolio, stick to your plan, and look ahead.

Don’t let fear keep you on the sidelines of your own life.

 

1 National Center for Women and Retirement

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