Today, women control a third of household assets one major reason why wealth management is important. 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. They are also becoming the primary ‘breadwinners’ in many families and financial decision-makers. Women have unique needs that often differ from their male counterparts:
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:
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.
Even though saving, investing, and spending is important, it’s vital that women identify realistic goals to work toward. Wealth management is important and so is goal setting. Some goal-setting ideas include:
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.
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.
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.
Charlie leverages his extensive background to structure insurance-based plans to protect families and businesses. He is a rare individual who believes the client relationship is the most important aspect of protecting a family’s future. Charlie has been a financial advisor and insurance specialist for over 20 years. In conclusion, contact us today to schedule your first appointment.