After surviving the last 14 months of COVID-19, women know a thing or two about overcoming challenges. COVID-19 brought much clarity to us all about the importance of planning for the unexpected, especially with finances. As life gets back to normal in 2021, women have a big opportunity to step out of our comfort zones and make our voices heard. We have earned it in more ways than one.
Women control over half the wealth in this country, making up more than half of college graduates. Women are also responsible for most of the decisions made regarding family spending. Yet, we often step back to allow men to take the lead in retirement planning, estate planning, risk management, and investment decisions. It’s time to change old habits and outdated practices and take our financial priorities into our own hands.
The first step is to define your goals and compare them to those of your partner’s. Knowing what you want and how to get there helps guide you to making these shared goals a reality. Having a timeline also helps bring your goals into focus.
Next, learn about smart ways to manage risks. Risk management is protecting your ability to reach your goals, even in the face of things that are beyond your control – things like being in an accident, an injury or illness, or, in the worst case, dying too soon. These aren’t situations anyone likes to think about, but if you don’t proactively manage these risks, you could end up derailing other plans when something unexpected happens.
Did you know 1/4 of all employees will be disabled for three or more months during their career? A disability can happen for many reasons. Surprisingly, accidents aren’t the most common causes. Some of the major causes of disability include heart attack, stroke, cancer, back problems, and others unique to women, such as pregnancy complications. A woman’s ability to earn an income is one of our most important assets. The good news is: there are many ways to protect it.
Protect your wealth
The third area of focus should be in how to grow and protect your wealth, which means different things to different people. Choosing how to invest your money can have a huge impact on your ability to achieve your goals – particularly your long-term goals. When thinking about retirement, you first need to understand how all the common retirement-savings vehicles work. Annuities, investments, IRAs, and Roth IRAs all have different benefits and tax implications in retirement. How you pull from them makes a big difference in how long that money lasts once you start using it.
Now is the perfect time to change your outlook on financial planning and bring your valuable insights, ideas, and passion to protect and care for your family in a brand-new way.
Images courtesy of Pixabay.
Lynn Bowser, managing director for the Lake Norman office of Northwestern Mutual, has been an advisor with NM since 2014 and has established herself as a leader with Northwestern Mutual. As a successful woman in a male-dominated industry, Lynn has worked to pave the way for future women in the financial field. Originally from Syracuse, her family relocated to Huntersville for warmer weather and the opportunity to make an impact. Her passions surround her family, friends, and empowering women to take control of their financial destiny. You can reach Lynn through email or by visiting her website at lynnbowser.nm.com.
Lynn Marie Bowser is a District Agent of NM. Investment brokerage services are provided as a Registered Representative of NMIS. Investment advisory services are provided as an Advisor of NMWMC. Managing Directors are not in legal partnership with each other, NM, or its subsidiaries.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries, including Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), a registered investment adviser, broker-dealer, and member of FINRA and SIPC, and Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and trust services), a federal savings bank. NM and its subsidiaries are in Milwaukee, WI.