Man Not A Financial Plan


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Presentation about women\'s unique financial issues

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Man Not A Financial Plan

  2. 2. A staggering 87% of the poverty stricken are elderly women and 80% of them were not poor before their husbands died.1
  3. 3. The median income for women over 65 was $1006 per month in 2004; 2 for men over 65 - $1,766. 2 Administration on Aging, A profile of Older Americans, 2005
  4. 4. Two-thirds of all women over age 65 have no pension other than Social Security.3 3; Supplement
  5. 5. A woman born during the baby boom will likely be widowed by age 67 and remain a widow for 15 years or longer.4 4 quot;When Baby Boom Women Retirequot; by Nancy Dailey
  6. 6. Women tend to outlive their husbands… only 44.3% of women over 65 are married!5 5 quot;Your Next Fifty Yearsquot; by Ginita Wall and Victoria F. Collins
  7. 7. Due to death or divorce, 90% of all women will be solely responsible for making financial decisions for themselves and their families.6 6 National Center for Women and Retirement Research;
  8. 8. Even rich guys…..
  10. 10. More court battles
  11. 11. Powers of Attorney  Two types Health Care Power of Attorney LIVING WILL General Power of Attorney
  12. 12. WILL Need to avoid intestacy  Where does your money go when you die?  What is in your significant other’s will?  Who knows that?   Do you know?  Is he competent
  13. 13. Joint Accounts Taxes designations Beneficiary Are they right?
  14. 14. Children Guardian  Conservator 
  15. 15. Step Children Rights in your spouses estate?  Do they understand? 
  16. 16. Trusts Special needs  Charitable 
  17. 17. You Don’t have to agree.  Isyour spouse doing what you want?  Demand a separate meeting with your attorney.
  18. 18. Six Steps to Success Step 1: Know what you have, where it is & what it is! Hint: Make a binder of important papers.
  19. 19. Items to include: - birth and marriage certificates - property deeds, vehicle title - tax records - medical records - bank and credit card account information - college transcripts and diplomas - wills, trust, and other legal papers
  20. 20. Step 2: Create a Support Network Attorney - CPA, tax professional - Financial Advisor - Citigroup Inc. and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
  21. 21. Step 3: Set Your Goals - Be Realistic quot;Bucketizequot; - Put pen to paper - Review progress annually -
  22. 22. Step 4: Invest Wisely - Go to Your Max - max out 401k's & IRA's - Know Your Number! Asset Allocation Plan* - Be a long-term investor - *Asset allocation does not ensure against loss
  23. 23. Step 5: Expect the Unexpected - Know your monthly expenses and create ICE fund (in case of emergency) of 3 to 6 months income - Update or create your will, estate plan, and trusts - Have an insurance update including life, property, auto, medical, disability and long-term care* *A policy change may incur fees and costs and may also require a medical exam.
  24. 24. Step 6: Be Proactive - Communicate with your partner Use a Financial Advisor - Use an Attorney - - Stay educated and informed - Continue to update and assess goals - Don't panic
  25. 25. Q&A
  26. 26. Thanks Jody M. Hunke Jeanelle Lust Financial Advisor Attorney Financial Planning Associate 3800 VerMaas, Suite 200 1248 O Street, Suite 1100 Lincoln, NE 68502 Lincoln, NE 68508 402-475-7011 402-479-1222