Women’s History Month is a great time to reflect on how far women have come and it is also a time to take action on some of the gaps that still exist especially economically. That is why AARP wants to empower women to take control of their retirement and financial future with these tips. AARP will host a series of AARP MoneySmarts workshops around the state this Spring. Register for one of our free AARP MoneySmarts workshops in upstate New York and New York City.
Knowledge is power. That is why AARP asked the husband and wife financial team, Katherine and Barjes Angulo to share some tips on how to save for your future.
We find that most are concerned with running out of money. If after a certain age someone still finds themselves to be single there is no one to “share” things with. Meaning, everyday expenses, how to save for retirement, care once you decide to retire and may need it. Statistically speaking women live longer. The next concern we come across is Long Term health care.
Yes, especially with Domestic Partners. It is important to have proper planning in place as your partner is NOT recognized the same way a Spouse is. Part of this includes Estate planning, updating your beneficiaries, etc. For anyone that is married the strategies change. Were there any prior marriages, children from a prior marriage, assets? How are assets titled? Do you have Wills, Trusts, etc. in place?
Start saving for retirement! Look at different ways to take advantage of different tools available to you. Maximize your company-sponsored plans and supplement with flexible financial tools. Also, take more of a balanced approach as time is limited (you don’t have 30 years to be in the market) but also embrace the market and think outside of the box. Would you consider living somewhere else in your retirement years where cost of living is less expensive, housing is more affordable and attainable, your tax bracket and exposure may be minimal, etc.
The biggest issues we find is that people regret not having started sooner. There’s also a fear of being too aggressive. Being in your 50’s+, certain financial products tend to be too expensive and unaffordable, finding certain solutions becomes just a bit harder. It requires (if possible) a certain level of creativity to navigate getting you to your goal.
Registered Representative offering securities through NYLIFE Securities LLC, Member FINRA/SIPC, a Licensed Insurance Agency, 420 Lexington Avenue 15th Flr., New York, NY 10170 646-227-8888
*Financial Adviser offering investment advisory services through Eagle Strategies, LLC, a Registered Investment Adviser
Angulo Strategies is not owned or operated by NYLIFE Securities LLC or its affiliates
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