Financial empowerment for women.
While financial plans are important to both women and men, there are a few additional considerations when working on financial plans for women. Women often live longer and have more health issues requiring a higher amount in retirement savings. The gender pay gap can further affect this, as per the 2021 U.S. Census, women on average earn 84 cents to every dollar that men earn. This means that they are often contributing less to their 401K and are likely to receive less in social security. With this in mind, it is important to recognize that a one-size-fit-all approach does not work when it comes to financial planning.
We help women:
- Feel empowered, educated, and self-reliant with your finances
- Create a budget and savings plan designed to account for the gender pay gap
- Consider the fact that as a woman, you are more likely to live longer and have more health issues than a man, when investing for retirement
- Analyze your salary, if you are being paid fairly, and if there is room for salary negotiation
- Financially-plan for maternity leave or career breaks if children are in your future
- Consider the cost of future caregiving if you expect to be responsible for caring for an elderly relative
- Understand your options when it comes to student loan debt
- Analyze any employee benefits that may be available, such as maternity leave or a dependent care FSA, to make the most of them
- Know how much you can afford to put towards a new home and a monthly mortgage
- Understand how job changes, promotions, or side hustles can affect your financial situation
- Plan for life events such as marriage, divorce, or a child
- Identify a financial roadmap to achieve their long-term goals
Build Confidence.
Learn how to take control of your finances and make your dreams a reality.
Common Questions Women Ask
How can I determine if I am being offered a fair salary and properly negotiate?
Companies often do not start with the highest salary they would be willing to pay when offering a job. While this is usually the case, it is not always the case in instances where someone overqualified applies that they are not willing to lose, or their top choice had a salary ask at the top edge of their approved range. Either way, it is always a good idea to do research on comparable salaries based on your experience in your area (salaries vary city to city), and if the salary does not align, to enter negotiations. When completing salary research, you can use online salary calculators, look at comparable positions on job boards, and uncover industry reports. LinkedIn, Glassdoor, Payscale, Indeed, etc. are examples of sites that can be beneficial to this research.
How should I plan for uncovered maternity leave?
If your employer doesn’t offer any form of paid maternity leave, it may be necessary to obtain a short-term disability policy (if eligible) to provide income while you are on unpaid leave and using FMLA. In addition, you may want to have a plan in place to increase your savings and reduce your monthly spending in advance to account for the period in which your income is reduced. Lastly, you may want to plan to stagger paid vacation and parental leave between you and your partner to cover a greater period, if you are able to do so. Your advisor can help you understand FMLA leave, short-term disability, and how much you may need in your emergency fund to fill your income gap as part of your planning process.
How can I financially plan for the possibility of becoming a caregiver for my aging parents?
As life expectancy increases, many women find themselves in the position of needing to provide care for their aging parents. This responsibility can have a significant impact on your financial situation. It’s important to plan ahead to prepare for the potential costs associated with caregiving. This may include understanding the costs of home healthcare, assisted living, or nursing home care, as well as considering the potential loss of income if you need to reduce your work hours or take a career break to provide care. Additionally, exploring options such as long-term care insurance, government assistance programs, and community resources can help alleviate some of the financial burdens. Your advisor can help you navigate these options and create a financial plan that accounts for the possibility of caregiving, helping you to support your loved ones while also maintaining your own financial stability and goals.
Navigate life changing events.
Marriage, children, education, home purchases, new jobs – life is full of changes. These changes not only impact your lifestyle, but they also impact your financial situation. Are you planning ahead to minimize the impact?
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