Fours Steps to Financial Security For Women
In today’s modern life, it has never been a more important time for women to be more financially aware. With their ever changing roles, women still continue to suffer disparities with their male counterparts, and are more too often left to juggle their careers with running a home.
The focus of the last article on ‘Internationally based women’ was retirement planning and it reiterated the fact that many women will suffer financial worries in their latter years due to insufficient pension and/or investment income.
The current theme of this edition therefore, is one of ‘independence and control’ & it is hoped that by following the Recommendations contained within; with the assistance of one of Guardian Wealth Management’s financial consultants, you will build and achieve a more prosperous future.
Guardian sets out a 4 stage plan of action to begin with, starting at
Recommendation 1:- Make an appointment with a financial consultant at your very earliest convenience and do not keep putting it off!
You need to commit to a long term disciplined approach. Although flexibility and accessibility can be built in to many savings vehicles it is important to assume a long term savings mindset from the start. Premiums targets should be realistic and reflect required retirement income and current surplus income. Be prepared to take that first step as the most common pitfall in retirement planning is…..Putting it off to a later date!
Recommendation 2:- Be realistic and start planning as soon as you can.
With pensions, aside from setting the premium, the individual’s risk profile needs to be ascertained and this is a very important aspect of a consultant’s job. This profile then needs to be managed to ensure that it remains relative to your circumstances; the risks you are prepared to take in your twenties may not be the same as those in your fifties. This all comes down to choosing the correct asset allocation to ensure that you have a range of investments all working hard for you, within the different prevailing financial climates.
Recommendation 3:- Make sure you keep in regular contact with your financial consultant to ensure that you remain on track.
Markets and circumstances can change, therefore whether you have investments held outside of a pension, exactly the same principles apply; be it on a regular basis or as a lump sum, risk profiling and asset allocation are fundamental. For that reason, whether you have an existing portfolio or have surplus funds to invest, advice is crucial.
Recommendation 4:- Always plan for the worst.
Lastly, Guardian want to highlight life cover and the importance of insurance. People automatically insure their car, their house, their business assets, even their pets and yet forget, singularly the most important priceless item, themselves. If you have children you should be insuring both mother and father separately, if you receive maintenance payments you should insure that person to safeguard your future income and if your beneficiaries will be liable to a large inheritance tax bill on your death, then you could also look at ways to cover this occurrence.
We hope you have found this article informative. However, if you would like to discuss this further please speak with to your consultant concerning your individual circumstances or contact Guardian Wealth Management to arrange a non-obligatory meeting.