ST. CROIX INSIGHTS

Women – Financial Planning

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

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Women – financial planning is important, I’d like to discuss two key areas: longevity and the perceived lack of financial interest by your spouse.

Longevity

Just walk through any nursing home, assisted living or senior high rise complex. You’ll see that women just live longer. We all know it, and I don’t need all kinds of sources to back this up. This means that they are going to need more money to maintain their lifestyle and provide for their future care. It’s not a lighthearted topic you’d like to think about or contemplate. However, it’s something you’ll have to deal with. It’s probably not a matter of ‘if’, just a matter of ‘when’. I’d pick now to start planning, rather than later.

Financial Interest

In 7 out of 10 households, the husband usually takes the financial lead for their families. Yet over the years, one of my goals has been to try to engage both spouses in the financial planning process. I can’t stress enough the importance that both spouses be engaged.  Understand not only the goals but the financial objectives for your lives and your family.

In my home, Mrs. Anderson and I agree 100% of the time on everything! It’s a breeze, truly. We never disagree. (I also sell bridges as a side job in case you’re interested in purchasing one!) Ok, so sometimes we don’t agree. Sometimes it’s too late, and decisions your spouse made on your behalf weren’t the ones you would have made together. But, if you had taken the time to discuss, you’d probably agree on an outcome. Ask me about conversations that happened too late sometime when we meet!

Women – financial planning is something you should take control of today.

People would rather have a root canal without sedation than talk about finances. I don’t take it personally. I know we’re setting the groundwork for you to live the life you want in retirement.

We’re living longer and our lives are complex, so let’s make sure everyone is engaged in the financial planning process so your wishes, dreams and financial goals are fulfilled.

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Ask yourself- can my portfolio support my lifestyle in my retirement? 

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