Labor Day Financial Tips for Women
Many Americans enjoy time away from work on Labor Day celebrating the end of the summer. But for some women who’ve left the work force for one reason or another, Labor Day can also signal back to school and transition – and a great opportunity to reassess your financial life.
Stepping away from your career, even briefly, can impact you financially. Here are some Labor Day tips that can help:
Don’t relinquish financial control to your partner.
When you’re busy, it can be tempting to delegate the family’s budgeting and investing decisions to your spouse, but it’s better to stay involved. If you want to feel more knowledgeable about investing and wealth planning, please join us for an informative Luma Wealth event.
Maintain some financial independence.
You never know what the future holds. Financially prepare for the possibility of divorce or the loss of your spouse by keeping a credit card in your name and a record of the financial assets you brought into the relationship.
Plan for your retirement.
Time away from paid employment may impact your ability to save for retirement and accumulate social security benefits. Your wealth advisor can help you create a holistic financial plan so you can focus on your family and keep an eye on your future.
Protect your loved ones.
If something were to happen to you, your family would have to pay someone else to take care of your household. Your wealth advisor can help you determine the level of life and disability insurance appropriate for you and your family.
You don’t have to figure it out alone. Luma Wealth founder, Heather Ettinger, shares her insights for helping women in Middle Life: Trying To Have it All, in a “Your Time is an Asset” event co-sponsored by Redbook and MFS. Of course, if you seek personalized guidance, you can always speak with your Luma Wealth Advisor.