Despite being more educated and financially empowered than past generations, the majority of women are still uncertain when it comes to investments, retirement planning and their financial future. While more women are becoming responsible for handling their family finances, they feel overwhelmed with all of the options and decisions required when planning for retirement income and leaving a legacy.
There are a handful of main drawbacks that affect women when they are preparing their financial plan. But don’t worry – we offer solutions to help you if you find yourself in any of these situations.
To begin, one drawback is not understanding the source of advice. Most financial advice is provided by these three types of financial professionals: Insurance Only Agents, who are compensated through commissions; Registered Representatives (Brokers), who are typically compensated through commissions on product transactions; and Registered Investment Advisors, who are compensated by a derived fee that is typically based on the amount of investments managed. It is crucial to know where you are getting your financial advice and understand the motives behind that advice.
The next one is failing to allocate your assets appropriately. One of the most important factors in financial planning is allocating assets appropriate to risk tolerance, income needs and legacy desires. At American Financial Security, our concept is complex and the strategy diverse. We provide our clients with the tools they need to help them determine the types of investments and assets they have and beneficial ways to organize them.
Another potential obstacle for women is failing to prepare a legacy plan. Legacy planning is a comprehensive assessment of your values and financial goals to help ensure your wealth is preserved, appropriately transferred and realized by future generations. We can help you by providing ways to organize your documentation and step you through the process of creating a lasting legacy.
There is also the potential drawback of failing to fill the income gap between your baseline income and your required income. Baseline income could be comprised of money that is protected and you know will be there to provide a baseline amount when you need it, but it is usually not enough to cover all required income. By scheduling a meeting with us, we work with you to create a retirement income plan based on your specific needs and goals.
Finally, another obstacle that women face is the failure to get a second opinion. We all know how important a second opinion could be in the evaluation of your health and the “health of your wealth” should be no different. A second opinion on your wealth and the taxes associated with the income will help ease your concerns about your finances throughout retirement.
At American Financial Security, we help our clients protect their assets, regardless of market loss, generate income to potentially last as long as they do, transfer assets to the next generation as effectively as possible, and provide a second opinion on your retirement plan to help you prepare for the retirement you have worked for all these years! QCBN
By Ronald F. Stevenson and Barbara Clark Stevenson
Ronald F. Stevenson and Barbara Clark Stevenson own American Financial Security, LLC. They specialize in retirement income planning, retirement benefit optimization, tax-advantaged income design, and personal and corporate tax preparation and planning. For more information, call 928-771-8368 or visit www.AmericanFinancialSecurity.net, 3112 Clearwater Dr., Suite B, Prescott, AZ 86305.
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