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Financial planning is an essential element for everyday living, as well as retirement. It is not uncommon for this to be a low priority. If it is something that a couple does participate in, the process is often led by the man in the relationship. This is a critical process that both individuals should be a part of. There are several reasons for this. It is important that planning takes place allowing for both perspectives to be used in the decision making, and both parties should understand what is taking place. Often times a husband will die first in a relationship, leaving the wife with little knowledge or understanding. Many other situations can cause a need for financial services for women. There are many successful single women, business owners, divorced women, and those that are put into the decision making role due to health issues. It is critical that they be financially protected and assisted. What to Consider in a Financial Plan There are several different elements to a financial plan. These things should be reviewed by both women and men. There may be areas that each will find to be a priority to them. The female view is important, particularly if they do not work outside the home. There are things that would impact them far differently if their spouse were to die. Here are a few things to consider. • Disabilities happen to people more often at a younger age. You may have a successful career with a great salary, but if you were suddenly injured and could not work what would happen? A disability may last for a few months, years or a lifetime. One of the biggest things that you want to protect is your ability to earn a living. One way to accomplish this is through disability insurance. You will want to evaluate your situation. If both spouses work, you will want to cover both. If only one does, it is important to consider if the other will be able to go back into the work force and at what salary level. They may also need to be at home to care for the injured spouse and children, which might not allow them to go back to work at all. • Death, at a younger than expected age, is another risk area that you want to cover. Again this applies to both spouses. It is particularly important for the primary income earner to be covered by an adequate amount of life insurance. It is not fair to say that a spouse can just remarry if something happens. There are incredible adjustments that need to be made when a spouse dies and the extra burden of trying to determine how to pay for things is unnecessary. Both partners should be covered with an appropriate amount to continue a desired lifestyle. • Retirement is another area that should be considered in a financial plan. Life expectancies continue to grow and people are living longer lives. It is imperative that you plan to have enough financial resources for many years after retirement. This is a process that you will want to start as early in your life as you can. There are many different ways to save and you will want to utilize a variety of them to diversify and reach your goals. It is important that you monitor these investments regularly and make adjustments as needed. • You may also want to work to leave a legacy for your family. Once you have made a plan for the other items, work with a financial advisor to help you maintain the wealth you have accumulated. It is important that both women and men are involved in the financial process. This is a team effort and planning should happen in that manner. If you find that you have a need for specific financial services for women reach out to an advisor that will work with you in that particular area. It is essential that you are educated and can make decisions for your future. Women are seeking advice about financial planning, investments and money advice from expert women financial advisors. Financial services for women. Visit our page on http://www.engagingwomeninwealth.com/p/who-we-serve/ for more info!
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