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How Financial Planning for Women Helps Grow Retirement Savings

So, determine the obstacles and learn how to build generational wealth on your terms. Effective estate planning, wealth preservation strategies, and thoughtful discussions around wealth transfer can help ensure a smooth wealth transition and financial security for women in these circumstances. By proactively addressing these issues, financial advisors can assist in maximizing the potential benefits of wealth transfer while safeguarding the long-term financial well-being of these individuals. Whether or not you decide to get married or manage your finances with a partner in the future, single women should start planning for retirement as early as possible.

Additionally, women may face increased healthcare costs as they age. This challenge can be addressed by planning for retirement early and saving more money.

The internet has made this kind of information relatively easy to find. Whatever your goal is, consider it a bucket that you’ll fill over time. This will give you an idea of how much to save, which you can break down into monthly contributions. You can also go the spreadsheet route—just make sure you keep it updated. You’ll find it a powerful tool for understanding where you stand and for setting goals.

Expecting the unexpected
Beyond retirement savings and other investments, it’s also important for single women to have a “rainy day” emergency savings. For most people, it’s not whether you’ll have an emergency, but when. Plan for unexpected life events — and know your options, so you won’t be blindsided. Two ways to plan are to have disability insurance and an emergency fund. To help women meet their financial goals, financial advisors need to recognize the unique needs of women who are clients, including understanding different styles and approaches women have when investing.

Read more about investing in ETFs for beginners here.

Women have been told they don’t have the brain for financial planning, investing, or business. But remember to add back the cost of life insurance, 401(k) deposits, and savings accounts.

Ballast may only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements. This material is limited to the dissemination of general information regarding the Firm’s investment advisory services. Accordingly, nothing herein should be construed by any client or prospective client as a solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment, tax or legal advice. For information pertaining to the registration status of Ballast, please refer to the Investment Adviser Public Disclosure website, operated by the U.S. Securities and Exchange Commission, at, which contains the most recent versions of the Firm’s Form ADV disclosure documents. Financial planning can be challenging for many women, but you don’t have to let these challenges stop you from realising the future lifestyle that you have been dreaming of. Is there a personal connection in addition to a business relationship?

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