Cortburg Speaks Retirement

High-Earning Women and Wealth Management

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2023 • Episode 149

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Cortburg Speaks Retirement - episode #149: High Earning Women and Wealth Management/ Investment in Stock Market, Financial Planning, Retirement Planning, Money Management

Women have unique needs that often differ from their male counterparts.  For this reason, in this audio episode, Miguel Gonzalez talks about wealth management for high-earning women.

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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 wealth management strategies for high earning women.  

In the U.S., women control a third of household assets. 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. High-earning women have become the newest face of wealth and will increase their net worth even more.

High-earning women are becoming the primary ‘breadwinners’ in many families and are increasingly the financial decision-makers. Women have unique needs that often differ from their male counterparts:

·         Women have an additional life expectancy of 5 years longer than men.

·         Women earn seventy-nine cents to every dollar a man earns.

·         Women often take time off from work to care for other family members.

·         Women, on average, save less than men for retirement and other financial goals.

Women must manage their finances and work with an advisor they trust who understands their situation. Even though they may be high earners, they must plan for and manage their wealth and may benefit by incorporating these financial planning components:

Tax planning - Planning for taxes at the beginning of the year can help determine what tax-saving strategies are available based on having a higher income. Certain tax credits and contribution limits for retirement savings accounts may phase out. 

Goal setting - Even though a higher income provides more money to save, invest, and spend, it’s vital to identify realistic goals to work toward. Some goal-setting ideas include:

·         Giving to charity

·         Estate planning

·         Pursuing a specific return on investments

·         Eliminating debt and working toward paying off a mortgage

Selecting investment strategies aligned with values - 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. 

Working with financial, legal, and tax professionals - High-earning women may have more complex tax and estate planning needs than their female and male counterparts. They must also have professional unbiased financial advice tailored to their unique situation. These professionals can work as a team to help identify unique issues, develop a plan, and select strategies to help their mutual client work toward their goals.

Diversifying their portfolio’s investment strategies - For high-earning women, putting all your money into strategies that aren’t diversified can leave you with a tax bill or put your portfolio at risk of loss during market turbulence. As a high earner, private investments, REITs, or other strategies may offer diversification when included in a portfolio containing tax-deferred and tax-exempt strategies.

Taking action to manage their wealth and plan for their future can help women pursue financial confidence, regardless of their income. Reach out to a financial professional today to get started.

 

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.

 

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Miguel Gonzalez, MBA, AIF®, CPFA®, PPC®, CRC®

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