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Financial and Estate Planning Workshop with CPA CPE Credits

Smith Seminar

Women and Retirement Perceptions

Irene Smith is a Certified Divorce Financial Analyst™, Certified Financial Planner® and Certified Public Accountant with Smith Financial Management. Earlier in July, we hosted one of her fantastic seminars, A Woman’s Journey To Financial Independence. On August 16th, we will be hosting another of her seminars, Wine Tasting and Real Estate. The event is free, but space is limited. Please RSVP no later than August 10 if you wish to attend. Click here for more information.

WOMEN & RETIREMENT PERCEPTIONS: Will the reality of retirement live up to expectations?

Presented by Irene Smith

In January 2011, Merrill Lynch released the results of a survey asking baby boomers with $250,000+ in investable assets about their retirement hopes. There were some interesting across-the-board findings – 70% of those polled expected to work at least part-time, and 84% felt their retirements would be more comfortable and dynamic than those of their parents. Yet it was the collective response of women in the 1,000-investor study that drew the most attention.1,2

Women envision a very active retirement. Volunteering and travel registered as major priorities for women, more so than for men: 64% of women said they wanted to get more involved in their communities, 62% planned to devote more time to philanthropy, and 86% planned to travel when retired. Additionally, 14% of the women surveyed said that they wanted to start a business after their careers ended.2

Women are more concerned than men about running out of money. While 52% of male respondents were unsure that their retirement assets would last a lifetime, 63% of women polled were worried about outliving their money. Additionally, 70% of the women surveyed said they worried about rising healthcare costs.2

Will reality prove disappointing? Too many women approach retirement unprepared, with too little saved or invested. You can cite two major reasons for that.

1. The multiyear absence of some women from the workplace (which can coincide with peak earning years, lessening the rate of retirement plan contributions)
2. A notable earnings gap (full-time working women earn 78 cents for every dollar men earn, which may reflect everything from gender inequality in career paths to wage discrimination).3

Another factor may be conservative investing. While you can take on too much risk in your portfolio and pay the price, there may also be a cost for assuming too little risk – your portfolio may not be able to produce returns that keep up with inflation. The federal Consumer Price Index from June 2011 shows annualized inflation at 3.6%.4

How are you investing and saving to pursue your retirement dream? Is there a strategy in place with realistic objectives? A chat with a financial professional may lead to the discovery of creative new ways to pursue your retirement ambitions.

Securities, advisory services and insurance products are offered through Investment Centers of America, Inc. (ICA), member FINRA/SIPC and a Registered Investment Advisor, and affiliated insurance agencies. ICA and Smith Financial Management are separate companies.

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

Citations.
1 – reuters.com/article/2011/01/31/us-retirement-study-idUSTRE70U3E820110131 [1/31/11]
2 – mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=irol-newsArticle&ID=1521693&highlight [1/31/11]
3 – civilrights.org/archives/2009/04/291-equal-pay-day.html [4/29/09]
4 – online.wsj.com/article/SB10001424052702304521304576447641965268196.html [7/15/11]

May Newsletter: Retiring?

Who Wants to Retire?

What we have learned over time about retirement is that people in their twenties don’t plan because they think they’ll never die. People in their thirties don’t plan because they are too busy building careers and keeping up with the Joneses. People don’t plan during their forties because they’re too busy paying off their kids’ college tuition. Most don’t start planning until their fifties, sixties, and seventies and sometimes that’s too late. It’s not too late for you. When are you going to plan? Is your plan current? Know that laws change every year and plans need to be reviewed and updated to reflect these changes.

We are pleased to announce that we’ve joined Wealth Counsel, the premier Estate Planning organization for Estate Planning Attorneys. We offer Estate Planning services to clients who are considering reviewing, renewing, or initiating their estate plan. We can draft your simple or complex will, a living trust, or a more complex and elaborate wealth transfer plan. Call us today. We are here to serve you.

On another note…

Let’s Bring Back That Loving Feeling

Dr. Mark Goulston wrote an article titled, Human Cooling, Global Warming, & Childhood Obesity, that reflects his observations of our society today. How we’ve replaced listening with lecturing, taking responsibility with excuse-making, contentment with immediate gratification, value with ROI, giving with taking. This is not true for all people, but, unfortunately, it is true for many. Why? Why have we replaced joyful laughter with laughing at others, and gratitude for our blessings with disappointment for what we lack? According to Dr. Goulston, we’ve done it because we’ve lost sight of life’s positives. We grasp at ‘stuff,’ to fill the gaping hole left behind.

The more we make excuses, blame others, react without listening, and indulge in resentments, the more likely we will consume, buy, take, and grab to fill the void. The more we listen, contemplate, give to others, and take responsibility for our actions and choices, the more complete and whole we begin to feel. Dr. Goulston recommends the following powerful exercise to anyone who wants to bring back more of those loving feelings.

1. Think of someone you are grateful to, why you are grateful to them, and the difference they have made in your life. Contact them (or a surviving family member if they have passed) and tell them. Thank them.

2. Think of someone to whom you need to apologize. Contact them and apologize. If it’s been a long time say, “This is a long overdue apology, but time slipped away and I felt too embarrassed to contact you. I’m contacting you now to tell you I ____________________. I was wrong and I am sorry.” If you use email, write in the subject line, “A long overdue apology,” which should get their attention.

This exercise will uplift you and give you a new attitude towards life. It will be easier to take care of your health and you will be able to model these positive, powerful behaviors for your children. To read Dr. Goulston’s article, click here.

Best wishes,
Ron Supancic, CFLS and Robert Borsky, Esq.
Partners at The Law Collaborative, LLP

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