Category: Financial Fitness

Will You Face Downward Mobility When You Retire?

Many of us picture retirement as a time of ease. By then, the house will be paid off and the nest should be empty. Though there won’t be a paycheck to cover our bills, maintaining our lifestyle will cost less.

The reality, however, is often reduced circumstances. “Our current retirement plans, including 401(k)s and IRAs, have failed,” says Teresa Ghilarducci, economics professor at The New School for Social Research and author of How to Retire with Enough Money and How to Know What Enough Is. “Even the top 10 percent who make more than $100,000 save less than half of what they need.” Read More

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Podcast | Retire with Enough Money: Strategies for Making Your Money Last

Teresa GhilarducciClick Play below to listen.

With ever-changing policies on retirement planning, it’s tempting to put off saving for retirement until there is a clear path to follow. Do you invest safely knowing that the money will be there, but might not be quite enough? Or do you invest more aggressively in the hopes that you have more money to spend later in life? Labor economist and a nationally recognized expert in retirement security, Dr. Teresa Ghilarducci will help you cut through the confusion and misinformation with a strategy to help you achieve what you are planning for in your retirement savings.
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Investing in Your Future, Starting Today

Click Play below to listen to this session from the 2017 conference.

No matter how much you have, there is always room to make better decisions with your money – whether for your savings, 401k, IRA or other investment plan. Join Kathryn, who walked away from a Wall Street salary to start MsCheatSheet.com, for a dynamic look at what you should be considering now to make your money last in the future. Kathryn, with her insights and humor will make the mundane come to life so that you can confidently know the key steps to make better financial planning decisions. Read More

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Free Teleclass | Retire with Enough Money: Strategies for Making Your Money Last

Teresa GhilarducciRetire with Enough Money: Strategies for Making Your Money Last
Tuesday, November 29, 2016
10:00-10:30am Pacific

Eventbrite - Retire with Enough Money: Strategies for Making Your Money Last (Free Teleclass with Teresa Ghilarducci)
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Podcast: Put Your Personal Vision of Prosperity into Action

Kueng-Rogin

Get ready to feel more excited than ever about your money—and about all the good things it can bring. In this 30-minute talk, Ellen Rogin and Lisa Keung,co-authors of Picture Your Prosperity, will show you how to design your investments to create the life you envision.

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Three Smart Things to Do—or Not Do—with Your Money

Quinn, Jane BryantLet’s be clear from the get-go: “Women are not any better or worse than men at managing their finances,” says Jane Bryant Quinn, a personal finance expert and author of new book How to Make Your Money Last: The Indispensable Retirement Guide. “For example, it’s been reported that women are more conservative investors than men [so they, in effect, are preserving wealth rather than building it], but when you look at women who have actual investing experience, they are not more risk averse.”

Perhaps the only difference between the sexes is that women are more willing to read articles on how to do things better. Here, the three most common mistakes that people make. Start off the new year right by not being one of them! Read More

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Control Your Financial Future: A Step-by-Step Guide

stock women with tabletBy Mary Beth Suhr, Senior Vice President, Morgan Stanley Wealth Management

Money on your mind? You’re not alone. Americans think more about money on a daily basis than about anything else, including their health and fitness or their loved ones, according to GoBankingRates’ “2015 Life + Money Survey.” Never being able to retire was a common worry for more than one in seven survey respondents. Read More

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Small Attitude Changes, Big Money Impact

Kerry-Hannon-head-shot-220x300A fact of life they didn’t tell you middle school: You’ll likely be flying solo at some point during your retirement, if not at the start. “From the age of 65 to the end of life, most American women are single, and if they lost a partner, their standard of living drops,” says Kerry Hannon, a retirement and personal finance expert and author most recently of Love Your Job: The New Rules for Career Happiness. Yet on any given day, “women will talk about health before they’ll talk about wealth,” Hannon notes. Making financial security a priority in our thoughts—as well as a part of our conversations—is one attitude adjustment we all need to make. These five will also help ensure that the retirement years are truly golden:

#1 Get self-centered

Nature or nurture, women tend to put the needs of others first, and as a result, we experience career interruptions that lead to our missing out on raises, years of contributions to employer-sponsored retirement plans and reported earnings that will affect the size of our Social Security checks down the line. To even begin to make up for the losses, “you need to pay yourself first—which means put money in savings before you do anything else with your paycheck,” Hannon says. And when it comes to opportunities at work, which that taking-care-of-yourself attitude could position you for a promotion and higher salary, “by all means, as Sheryl Sandberg put it, lean in.”

#2 Stop using fuzzy numbers

“You need a solid understanding of how much you spend now to determine exactly how much you’ll need later in life,” Hannon says. You also can’t make sure you’re living within your means unless you run real numbers. Hannon recommends going to Mint.com and YouNeedaBudget.com for help tracking your spending and penciling out a budget.

#3 Be bold about saving

Afraid that they’ll need the money, many people who participate in their 401(k) plans allocate just fractions of their paycheck to it. “But at the very least, you should be putting in the 4% to 6% that employers typically require to get the maximum company match,” Hannon says. “It’s pre-tax, so you’ll hardly miss it.” An even better target savings amount: 10% that you eventually dial up to 15%—or more, if you’re getting a late start.

#4 Invest with confidence

“While most women are completely comfortable dealing with their daily finances, many are intimidated by stocks and bonds,” Hannon observes. The only solution is to get educated about investing and retirement planning. Hannon recommends checking out Iinvest.org, WiserWomen.org, Learnvest.com and Dailyworth.com—the latter three specifically geared to women. It may also be helpful to have a professional explain things. If you do go the financial-advisor route, Hannon suggests hiring one that charges a flat fee. Interview a few (there are searchable databases at sites of the National Association of Personal Financial Advisors, the Financial Planning Association and the Certified Financial Planner Board of Standards), find one you like and don’t be timid about asking questions. It’s your money, after all.

#5 Look forward to your 50s

In order to keep on working and earning, many women shift career tracks as the nest starts to empty out, or a life or health crisis pushes them to find work with meaning or a job that they’re passionate about. “It often takes about three to five years to get something new going full speed, so at 50, you might start thinking about what you want to do when you’re 55,” Hannon says. “Begin to add the necessary certifications or degrees, research and even moonlight to see if it truly is something you want to do in this chapter.”

Also, since money is often the biggest stumbling block to changing careers—you may have to take a pay cut—you should “get financially fit, sock away savings, pay down debts and perhaps downsize your home,” Hannon advises. You’ll feel challenged during those transitional years but remember, “you’re not reinventing yourself; you’re redeploying the skills you already have in your kit. It’s also an exciting time, so go slow and take it in baby steps,” Hannon adds.

Finally, to get your friends to join you in thinking and talking about money matters, Hannon recommends adding personal finance books to your book club’s reading list. Her top picks: The Charles Schwab Guide to Finances After 50, Get a Financial Life and Jonathon Clements Money Guide 2015.

READ MORE FROM THIS MONTH’S NEWSLETTER

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Best Reads for Staying on Top of Every Industry
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Posted in Uncategorized, Speaker Articles, Financial Fitness

Podcast: Take Control of Your Financial Future

Manisha Thakor

If you’ve ever wished someone would just make the world of investing simple and understandable, this is the podcast for you. In 30 minutes, women’s investment expert Manisha Thakor will give you a powerful five-point framework that you can use to get started – or continue – investing. Listen or read the complete transcript below. Read More

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Free Teleclass: Take Control of Your Financial Future

Manisha ThakorTake Control of Your Financial Future
Tuesday, May 19, 2015
10:00-10:30am PDT

REGISTER HERE
DOWNLOAD SLIDES: Take Control of Your Financial Future

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