Ushering in the month of May means Mother’s Day is just around the corner. All mothers, grandmothers, aunts, and any other mother-figures or strong women in your life, deserve to be showered with heartfelt thanks for tackling one of the hardest jobs in the world!
But rather than simply treating them to Sunday brunch or pretty flowers (although those are always welcome!), why not give the moms in your life a present with more lasting meaning? Offer these important caregivers and mentors the gift of financial planning, and the incredible peace of mind it can bring to their lives.
At Cannon Wealth Management in Winston-Salem, educating clients on the best strategies for achieving financial security is a daily goal. Director of Operations and Financial Planner Cindy Edwards, CRPS® tells us that women, more often than men, put off saving for retirement until later in life. Women are also more likely to take breaks in the workforce to raise children as well, which leads to even fewer years accumulating comfortable retirement savings. Many women are also in the “sandwich generation” still supporting children as well as caring for aging parents.
Cindy gives a quick, but thoughtful, answer to the question of what women should focus on most if they are working to set up a personal savings strategy: Expect the unexpected! The “unexpected” could take the form of an untimely illness, a serious accident or even death, which can devastate a family’s finances in a very short amount of time. She also reminds us that if you depend on a spouse’s income – and especially if you have children – make sure you both carry adequate life, health, disability, and long-term care insurance.
“If you’re self-supporting, it’s particularly important to be covered against accidents or disability, since even a brief period without income could deplete your savings,” she explains.
Women – especially those at retirement age – often face greater financial difficulties than men, and certainly unique situations:
- Women may live an average of seven years longer than men, so their retirement savings often must last longer.
- They may earn only about three-fourths of what men earn, on average, and this discrepancy can add up, given that most people’s retirement savings are only made up of the money they’ve accumulated over a lifetime of work.
- Since women are more likely than men to take time away from their careers to raise children, or care for aging parents, their Social Security and employer-provided retirement benefits are often much less.
- Women tend to invest less aggressively than men so their retirement savings grow more slowly. Throughout an entire career the difference between high-risk and low-risk investments can be enormous.
Cindy also reminds us that each mother’s (or grandmother’s) situation varies, but the key to moving forward is simply to start the conversation with her. The Mother’s Day “gift” of the services of a professional financial advisor can certainly be life changing. A trusted advisor can manage her financial portfolio, while also assisting her in moving forward towards her retirement goals with a bit less stress and a great deal more confidence.
If your mother’s finances or insurance coverage need a check-up – and maybe even some adjustments – the professionals at Cannon Wealth Management are eager to guide you with information, new strategies, and honest advice. While this to-do list may be just the start of issues you need to examine, giving your mom the gift of a more solid financial footing is a perfect way to make her life a little easier!
Cannon Wealth Management wants to help you by offering a free consultation appointment with one of our financial advisors. You can easily schedule your appointment by using the QR code below. This is their Mother’s Day gift to you!
Offices are conveniently located at 2160 Country Club Road in Winston-Salem, and their trusted and respected professional services range from retirement savings, cash flow management, and tax planning, to estate planning and investing.