Once I read Ed Mahaffy’s book titled “How To Select A Financial Advisor: The Least You Should Know”, interviewed him, reviewed his video library, I knew we had the right person for this special financial planning series. On Fridays, TaxConnections presents questions often asked of a Financial Planner.
Dear Ask Ed: Special Financial Questions For Women
Question: Are you participating in the financial planning process?
Answer: You need a financial plan. If you are married, become an active participant in all aspects of the family finances. Be aware of how to access all accounts and other assets in the event of divorce or death of a spouse.
Question: Do you understand your situation, how it relates to your goals and what consistent steps on your part, such as saving and investing an adequate amount each month, are required to maximize the probability of reaching your goals?
Answer: You cannot properly monitor your progress without knowing your situation- net worth, monthly expenses, etc and how they relate to your goals. A financial planner can help.
Adequate Retirement plan contributions, college savings plan contributions are the result of a disciplined approach. Moreover, women earn less than men, so it’s even more important to have a clear plan and execute it.
Question: How long will you live?
Answer: Not only do women tend to earn less than men, they live on average five years longer. Also, if you are widowed, it’s possible to experience a significant cut in social security payments.
(How To Select A Financial Advisor – Ed Mahaffy)
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