THE 1 – 2 FINANCIAL STEPS FOR ALL WOMEN THAT WILL ENHANCE RETIREMENT

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As mentioned previously, women are much better at saving money and when they do invest, they have a slightly better long-term return on their investments.  A third component to building wealth and preparing for a successful retirement is long term financial planning. 

Engaging in decisions early in life and in relationships for purposes of planning for the years ahead are just as crucial as shifting assets from saving to investing.  This article from CNBC highlights the fact that women should be taking steps in the direction of planning, not just investing:

https://www.cnbc.com/2019/03/18/women-are-more-likely-to-leave-money-decisions-to-their-spouses.html

Get Your Financial Ducks in a Row

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A shocking 32% of Americans would rather do their taxes, get a root canal, or give up sex for a month than create a will! Prince, unfortunately, was in that group. In the three years since the musician Prince has passed away without a will (leaving behind roughly $200 million), the estate has blown through $45 million in administration costs alone.-Forbes, April 29, 2019

This is a useful overview of the documents essential to estate planning, including wills, trusts and powers of attorney:
https://financialducksinarow.com/12964/estate-planning-essentials/

The costs of estate planning can be critical for the average family if the basics are not in order.  As previously mentioned, when working with clients, I also incorporate a list of digital documents, passwords and access that can be protected to be accessed after death. Most of the TOA (Terms of Service Agreements) generally default to closing the account and restricting any transfer outside of the account owner’s instruction.  There are currently no legal provisions in place within a standard TOA to transfer digital assets in the event of death; therefore, planning is critical.  If you would like assistance with reviewing any current estate planning documents or developing a plan to transfer assets, whether physical or digital, I would welcome the opportunity to work with you and your family.

Digital assets and estate planning: do you have a plan?

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Do you have a plan for your digital and social media assets? When planning your estate, be sure to include instructions for the content of your email, social media accounts, and even PayPal and similar online money transfer services.  In addition to the sentimental value of your posts and pictures, there may be significant financial value in your online money transfer accounts, or even domain names.

This article highlights the necessity of including digital assets in your estate planning, and gives helpful tips on what to include: https://www.kiplinger.com/article/retirement/T021-C000-S004-devise-a-plan-for-your-digital-assets.html

Teenagers – Money and Investing – Teaching the Essentials

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As a financial planner, I primarily work with adults, many of whom are single parents.  The focus is generally on retirement planning and college planning.  Often, parents will plan to spend vast amounts of funds providing the “best” education; yet not preparing their children upon graduation with the basic understanding of cash flow, monthly budgets and living on a percentage to further invest early a set percentage of income.  Often, we miss opportunities to walk alongside our children and teach them basic money skills that are second nature to us as adults.

The link to this site, www.teenvestor.com provides vast resources and tips for children to understand the basics of money and how to begin investing, slowly and simply, to truly harvest the benefits of compounding returns.T