How can women effectively plan for a longer retirement period given the statistical likelihood of a longer lifespan compared to men?
The first step is a comprehensive financial plan. Look at cash flows and estimates for expenses and consider what life in retirement looks like. Include realistic estimates for healthcare, housing, food, and fun. Drafting and implementing a comprehensive plan is where a qualified advisor can be of great assistance.
What are the key factors women should consider when starting their investment journey, especially if they are managing financial responsibilities alone?
Start by defining clear, specific goals that you want to achieve. Make sure you really understand the products and processes that are being presented. Advisors who focus on planning will be able to provide you with personalized advice tailored to your specific situation AND will help you make adjustments as your circumstances change.
What are the best practices for women to achieve financial independence and security through investing, especially when dealing with divorce or widowhood?
Don’t rush into any decisions. With any type of long-term planning, your path to financial independence will be a journey that will take some time. Focus on shorter-term milestones first. Having a plan to pay your expenses and establishing an emergency fund if you do not already have one are great first steps. Depending on your situation, review and update any estate planning documents to make sure they reflect your current wishes and financial situation. Most importantly, surround yourself with a supportive network of friends and family.
How do I start my search for a financial advisor?
Trusted contacts, CPAs, and attorneys who specialize in taxes and estate planning can be great places to get referrals to a competent advisor.
Tower Circle Partners is an award-winning practice within Janney that focuses on providing institutional consulting services to corporate retirement plans, as well as high net worth retail client wealth management & planning.