Your Future Already Started…Are You Ready?

October 16, 2020 Announcements, Blog, Events, Finance

Typically, women are the ones who usually find themselves as the primary caregivers for their families. Join us this month as we get more information – this time geared to female caregivers – about preparing our finances for caregiver.

Our instructor for the third instalment, Sandra Bailey, is the Founder and Director of Women Financial Power (you can read more about all the great work they do for the community below).

About Women Financial Power
Our mission is to bring awareness to the community by promoting financial literacy and security for all successful individuals and business owners with a special focus on women.
We know it can be overwhelming. We’d love to help you navigate the number of different options. So we have a team of licensed professionals standing by to advise you on your needs.
Source: Women Financial Power, https://womenfinancialpower.com/about

RECAP: Wow, this webinar was so great! Sandra Bailey did a great job preparing our caregivers with things they need to know! She really went in depth on long term care and starting your financial planning right now, no matter your age. She gave every woman there a nudge in the right direction with the following tips:

7 Topics Every Woman Needs to Know
about planning their financial future

Financial Planning is a topic that a lot of women avoid. Hearing statements like: I don’t understand money. I have no idea what I’m doing. My significant other handles that. I’ll get started next week and so many other reasons. . ..

From meeting with many women and speaking at various conferences, these are the statements I’ve heard repeatedly: No one has explained it to me like that before. That sounds too good to be true. If I knew then what I know now. So let’s get started Now!

Here are seven (7) topics every woman needs to know about planning for your financial future.

Pay yourself first.
- Pay yourself like you’re a bill. Like your life depended on it. If you don’t pay yourself, your utilities will be turned off, your car repossessed, and you could never go on another vacation, ever again.
- Always have money in the bank for emergencies.
- Begin to spend less… Save more… NOW!

Contribute to your company’s retirement plan (401(k), 403(b), 457 etc.)
- Contribute at least up to the match
- Especially if you need to save on taxes now
- You can put off paying taxes on qualified money until age 72

Rollovers
- At 59 ½, 90% of companies allow in-service distributions
- Rollover your qualified funds to an IRA to prevent losses prior to retirement &/or while in retirement
- Your IRA can be established for accumulation (continue to grow without any market losses) or
- Your IRA can be set up like a pension. NEVER run out of income.

Implement a Non-Qualified Retirement/Savings Plan
- Earn stock market gains without market losses
- Tax shelter used by executives, bankers, and the wealthy
- Loans &/or withdrawals are available without penalty
- Great option to planning for your child’s college tuition
- Pay yourself back with interest instead of the loan companies

Long Term Care Planning (LTC)
- 70% of individuals who reach age 65 will need some form of LTC
- Women are twice as likely to need LTC than men (AALTC)
- Most women purchase LTC after age 50. However, it’s cost effective to purchase it earlier
- Policies can be paid up instead of lifetime payments
- Premiums will never change
- Optional plans are available that are less expensive
- Medicare does not pay for LTC

Maximize your legacy and estate planning
- Leave more to your loved ones or charity and less to the IRS
- Don’t be like the bitter ones saying “No one left me anything”
- Be a change agent and create generational wealth

Relax and Don’t Stress
- Start where you are
- You can’t control everything
- Speak to an advisor

Please follow up with her directly for specific information on your retirement planning:

Sandra J. Quinn Bailey
Women Financial Power
info@womenfinancialpower.com
www.womenfinancialpower.com
Business: 901-67-1139
Direct: 901-831-0965

This series is free and designed especially for family caregivers.
Register through the links below
for each monthly instalment in this series.