What Robin’s Reading: Women & Retirement Planning

Robin Weingast Reading RecsMarch is Women’s History Month, so this month, Robin’s been reading upon tips and tools that will help women set themselves up for financial security and peace-of-mind.

Here’s an overview of what Robin’s been reading this month:

1) Retired women and financial crisesDid you know that over 70% of nursing home residents are women and that the average daily cost of a room in a nursing home is $90,000 (it may even be higher in New York and other metro areas)? With a longer life expectancy, higher healthcare costs, and lower wages compared to their male counterparts, women need to be particularly vigilant about planning for their futures. This article details the risks and solutions that women can employ to avoid a financial crisis during retirement.

2) Working women and successful planningDo you find yourself taking a back seat in financial planning when it comes to your husband or partner? Are you certain you have your bases covered when it comes to life insurance, child financial planning, investment planning, and retirement planning? If you’re worried you may not be an equal partner in financial planning for you and your family, here are some areas to pay attention to and tips to help you secure equal footing in your financial relationship.

3) Overcoming financial obstaclesFeel like there are too many obstacles standing in your way when it comes to financial planning? While women do face significant hurdles when it comes to financial security, it’s easy to turn obstacles into opportunities if you know what to do. We found this article particularly helpful.

If you need expert advice on how to plan for your financial future, get in touch with the Robin S. Weingast & Associates team. 

 

 

What Robin’s Reading: May 2016

Robin Weingast Reading RecsWelcome to another installment of What Robin’s Reading – our regular feature that gives you an inside look at what the Robin S. Weingast & Associates team is focusing on to stay up-to-date with benefits and retirement planning news.

This month, we continue to monitor the impact of the Department of Labor’s Fiduciary Rule, but with graduation season upon us, we’re also reading up on the investment and benefit trends among the new crop of job seekers.  A recent video by Tony Robbins caught our eye – it contains his opinion on a “must invest” for young professionals.

We also read “Millennials & Financial Literacy—The Struggle with Personal Finance,” a fascinating report on the personal finances of millennials. Based on research conducted by The Global Financial Literacy Excellence Center (GFLEC) at the George Washington University, the report uncovered eight key trends. When it comes to personal finance, millennials:

1. Have inadequate financial knowledge
When tested on financial concepts, only 24% demonstrated basic financial knowledge.

2. Aren’t happy with their current financial situation
When ranking satisfaction on a scale of 1-10, 34% were very unsatisfied.

3. Worry about student loans
When asked about their ability to repay their student loan debt, more than 54% of Millennials expressed concern.

4. Debt crosses economic and educational lines
Among college-educated Millennials, a staggering 81% have at least one longterm debt.

5. Are financially fragile
Nearly 30% of Millennials are overdrawing on their checking accounts.

6. Are heavy users of Alternative Financial Services (AFS)
In the past five years, 42% of Millennials used an AFS product, such as payday loans, pawnshops, auto title loans, tax refund advances, and rent-to-own products.

7. Sacrifice retirement accounts
More than 20% of Millennials with retirement accounts took loans or hardship withdrawals in the past year.

8. Don’t seek professional financial help
Even with inadequate knowledge, only 27% of Millennials are seeking professional financial advice on saving and investment.

But the picture isn’t totally bleak for millennials. Another piece from CNBC outlines distinct advantages that the generation has when saving for retirement. 

Whether you know a young professional who would benefit from advisement, or you want to make sure your own personal finances are in order, the Robin S. Weingast team is here for you. Contact us today for an appointment. Our team of experts is ready to make sure you and your loved ones are on track to meet your financial goals.