Cortburg Speaks Retirement

Tips for Women to Help Build Financial Independence

Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® Season 2023 Episode 143

In this audio podcast episode, Miguel Gonzalez shares a few tips for women to build financial independence.

Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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INTRODUCTION

Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

 

HOST

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

On this week’s audio podcast, I share a few tips for women to build financial independence, as I believe every woman needs to balance her financial past with her financial future.

Traditionally, women have been the caretakers of both the older and younger generations of their families. But providing care for family members is becoming increasingly difficult, as doing so may require a leave of absence from work and drain one’s bank account. 

Such income disruptions greatly affect a woman’s ability to save money, plan for retirement, and maintain financial security. In addition, older married women often provide care for their elderly husbands. 

But who will help you when you require assistance? Even though younger family members may be more than willing to help, the costs of health care often exceed the amount of disposable income available to the average family. Perhaps, women and their family members need to look toward the future and start the planning process.


Your Planning Process 

Every woman needs to balance her financial past with her financial future. By addressing the management of your personal finances as soon as possible, you can help avoid disputes and build financial independence. 

Here are a few things to think about as you start your financial planning process:

Durable Power of Attorney. This mechanism allows individuals to appoint a trusted relative or friend as a representative in legal and financial matters. The powers granted may be limited or broad in scope, and may vary from state to state. They remain in effect during disability or incompetence – although, in the event of incompetence, a guardian or conservator could revoke them. Some financial institutions are reluctant to recognize a durable power of attorney, so it is worthwhile to explore any potential problems beforehand. 

Revocable and Irrevocable Trusts. A revocable trust allows you to retain control of your property, while delegating the responsibility for daily management to others. This arrangement gives you the flexibility to change the trust in any way, and at any time, as needs and circumstances dictate. As added protection, a revocable trust may remain unfunded as long as you are legally competent. On the other hand, when you reach a certain age and are willing to relinquish ownership of assets altogether, you may wish to consider establishing an irrevocable trust.

Informal Arrangements. You can also informally transfer property to your heirs, in many cases free of gift taxes, in exchange for being taken care of for the rest of your life. This arrangement, however, should be approached with extreme caution. Even with the best of intentions, it is possible that adult children could deplete assets through poor management, divorce, or creditor claims. Once the assets are gone, an aging parent could become dependent on the goodwill and financial circumstances of family members. 


Review Your Plans Periodically 

It may be necessary to periodically review these arrangements, as needs and circumstances change. You may also wish to consider consulting a qualified financial professional with experience in concerns facing today’s women. 

 

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

 

DISCLOSURES  

Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

CRC conferred by The International Foundation for Retirement Education.

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.  

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.

Investing involves risk including possible loss of principal.

·         The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 

·         The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor. 

·         LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

·         This article was prepared by FMeX.

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