When it comes to working outside the home and earning a pay check, every woman’s situation is unique. Many opt out of the work force, either temporarily or permanently, for a variety of reasons. Some are focused on raising children, caring for an ailing loved one or volunteering for charitable causes. Even if you are not a breadwinner on your personal journey right now, there are many important reasons to stay involved in your family’s wealth planning.
Things happen, and you need to be prepared
No one wants to think about the worst. Unfortunately, many women find themselves unexpectedly widowed or divorced. No one needs that added burden of getting up to speed on their family’s financial situation when grieving. It is much better to remain a knowledgeable participant in the wealth planning process and always know where you stand.
You may be the stronger wealth ‘overseer’
Research shows that women are often more disciplined investors than men. Women typically take more time to research and understand their investment options and avoid transacting based on emotion. Do you want to oversee your family’s wealth plan, but need more information to make you feel more confident? Luma Wealth Advisors offers a range of opportunities to help women better understand investing, including our popular Solutions for Women events, an interactive program in which women learn, connect and share their stories.
Make sure you’re set for retirement
Even women with significant wealth worry about maintaining their lifestyle in retirement, so retirement planning is crucial. Did you leave 401(k) assets with a prior employer? You may benefit from an IRA Rollover. Should you be putting money into a Spousal IRA or other retirement savings vehicles? Do you know if you are eligible for Social Security benefits, and if you are, when to take them? A Luma Wealth advisor can help make sure you take advantage of all retirement savings opportunities and guide you toward a secure retirement.