Planning for Your (Eventual) Health Event is the Gift of Peace of Mind for Your Family
By: Jayne Di Vincenzo AIF ®, CEP ®, President
Lions Bridge Financial Advisors
I advise women clients to understand and take charge of their finances right away because procrastination can crush the biggest of dreams. Here are five (5) universal tips to implement as you ready for your dreams:
Manage your money. You have over a 90% chance of being single at some point through death or divorce- or never having married. So, it’s vital to your financial health to understanding investing basics, income sources, your expenses, health care costs, life insurance, and taxes. Confidence comes with experience, so working with a spouse or advisor on your money, rather than being on the sidelines, is a good first step.
Boost your income. Look for opportunities to learn more to increase your value and find ways to earn more—which sometimes means leaving your comfort zone to apply for promotions, jobs that require travel, or leaving a company for a better opportunity. Women are historically bad negotiators—ask for higher pay with job offers and at annual reviews. Stop waiting for the money to follow- ask.
Start saving for retirement – NOW. It’s easy in your employer's 401(k) plan. Save more than you think you can. The contribution ceiling for 2019 is $19,000 and $25,000 for workers over 50. For 2019 you can contribute up to $5,500 and a catch up of an additional $1,000 if you’re over 50.
The reason most retirees don’t have enough for retirement isn’t the cost of investments, it’s not saving enough!
Dream in Color: Envision Your Future Retirement—how will you spend your retirement days? Where? When? With whom? Savers who focus on a detailed vision of the future tend to save more according to a recent Kiplinger article (October 2018).
Save outside of IRAs & 401(k)s. Set up monthly transfers from checking (right after pay day is a good idea) into a mutual fund/investment account to build a bigger nest-egg for your goals.
Pay off debt. It's hard to get ahead financially if you're paying high interest rates to borrow (often for things you don’t need). Aggressively pay off high cost debt first.
Retirement can be 25-30 years your life, so it’s vital to have a strategy as you head toward it. The mission at Lions Bridge Financial Advisors is to help our clients build and create a detailed strategy for saving and investing and all the surprises that happen along life’s journey.
Contact Jayne Di Vincenzo for a complimentary initial consultation: [email protected] (757) 599-9111.