Women Need Financial Planning

Time for some startling statistics…

According to research by Wells Fargo, affluent women are significantly less confident about retirement than men. The least confident of all are single women, and the most confident are married men.

About 700,000 women will lose their husbands this year.  The median age when a woman is widowed is 59.

So…women are less confident than men, they are often widowed at a young age, they live on average longer than men and they control more and more of our nation’s wealth. 

What to do?  Women must take charge of their own financial lives.  This means-

1. Selecting a competent Financial Advisor who is willing to take the time to explain investing and insurance concepts and options to you, with patience and in terms that you can understand.  They should also be able to concisely explain to you the ways in which they are compensated by fees and / or commissions.
2. Doing a budget and understanding your spending and cash flow needs.
3. Where possible, spending less and saving more.  You really cannot save enough money for retirement.  Social Security might not be around in its current format for younger people, most of us no longer have pensions, we have to worry about historical inflation of 3-4%/year, we are living longer / being kept alive longer and the costs of college, healthcare and long term care are all skyrocketing. 
4. Defining your important financial goals, both short and long-term.
5. Gathering up your financial account statements and making folders or a binder for them, so you have records of all of your accounts and know where to find them.
6. Taking the time to work with your trusted advisor to develop a living, comprehensive financial plan that (minimally) addresses retirement, survivor and estate planning.

If you would like assistance with determining what your important financial goals are and how to achieve them, please feel free to contact me at (585) 340-2229.  Thank you.

Susie L. Light
Financial Advisor

(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp.  The author’s opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).

As Good As It Gets?

Recently my DVD player abruptly stopped working after a decade of service.  Without another DVD player handy, I was relegated to watching VHS movies on my VCR from college.  Over the past few days, I’ve watched As Good as It Gets.

Near the climax of the story there’s a dialogue between two of the main characters, Melvin Udall (Jack Nicholson) and Simon Bishop (Greg Kinnear):

Simon Bishop: But Melvin, do you know where you’re lucky?
Melvin Udall: [Shakes head no]
Simon Bishop: You know who you want; I would take your seat any day!  So, so do something about it!  Go over there, now, tonight.  Don’t sleep on it.  It’s not always good to let things calm down.  You can do this Melvin…you can do this!  You can…

This dialogue made me think of how “lucky” those are that have a plan compared to those with no plan for retirement (or haven’t gotten around to it).  Those who have a plan have invested time and consideration in their future.  They’ve thought about how they want their retirement to be and a strategy for how they can do it.  After all, “a goal without a plan is just a wish.”

Others that don’t know where to turn or how to get started, may be thinking is this “as good as it gets?”

If you’re looking for something better, I say “Do something about it…you can do this!  You can…”

When you’re ready, here at Brighton Securities, we’re happy to meet with you personally to get started on a strategy for your retirement.

Joe Boyd
Financial Advisor
Brighton Securities

Better Odds Than 1 of 64

The first round of the NCAA tournament is complete and as everyone scans over their bracket, some will boast that their pick for champion is still alive while others, myself included, are left to ponder how Kansas (the supposed best team in the country) could lose to Northern Iowa. Next Monday will be more of the same, but only 4 of the 16 alive today will remain standing by then. Out of 64 teams with high hopes and aspirations only 1 will hoist the trophy and be a national champion.

Wouldn’t it be nice if you could take your bracket and make changes to it based on who is still in it? What if you could do that next Monday as well? Your odds of getting it right would be considerably higher. With retirement planning, you have the opportunity to do just that! Sit down with a financial advisor and look at what has worked in the past and what hasn’t. If everything still looks on track, great! But if not, you can change your allocations based on what you and your advisor feel the markets have in store for the future. Make periodic appointments to meet with your advisor and see if there are some things you can do to make sure your portfolio is on the right path and tailor-made for your goals.

Having the ability to be flexible and adjust gives you a much greater chance of reaching your goals. Certainly a lot better than 1 out of 64.

 Steve Hicks

(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp.  The author’s opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).