Empower Yourself - Financially
By: KARK 4 Today
Updated: October 16, 2012
Women typically make 80 to 90 percent of the financial decisions for their households, so planning doesn't have to be intimidating or overwhelming. There are a few easy steps to ensure you will have everything you need to last through retirement.
1. Know the Source
It's crucial to know where you're getting your financial advice and understand the motives behind the person giving the advice. By educating yourself on the options available you can ensure you find a true financial planning partner in life.
2. Know Your Risk Tolerance
One of the most important factors in financial planning is allocating assets appropriate to risk tolerance, income needs and legacy desires yet many overlook changes that should be made as you near retirement age. One way to adjust your risk level as you age is to use the Rule of 100 -- take you age, subtract it from 100 and what is left is the percentage of your investments that should be in higher risk vehicles.
3. Prepare for legacy Planning
Update your wills trusts and beneficiary designations. There probably have been births, deaths, or divorces in your family. Review your legacy plan to ensure it will be left exactly as you planned it.
4. Fill the Income Gap
Most retirees have a desired income they wish to receive in retirement. Often, financial planning can help you determine what you'll need and how to cover that gap.
1. Know the Source
It's crucial to know where you're getting your financial advice and understand the motives behind the person giving the advice. By educating yourself on the options available you can ensure you find a true financial planning partner in life.
2. Know Your Risk Tolerance
One of the most important factors in financial planning is allocating assets appropriate to risk tolerance, income needs and legacy desires yet many overlook changes that should be made as you near retirement age. One way to adjust your risk level as you age is to use the Rule of 100 -- take you age, subtract it from 100 and what is left is the percentage of your investments that should be in higher risk vehicles.
3. Prepare for legacy Planning
Update your wills trusts and beneficiary designations. There probably have been births, deaths, or divorces in your family. Review your legacy plan to ensure it will be left exactly as you planned it.
4. Fill the Income Gap
Most retirees have a desired income they wish to receive in retirement. Often, financial planning can help you determine what you'll need and how to cover that gap.
