Boomer women worry more about financial future

Every9ne saving for a long term financial goal, such as retirement, should invest in a prudent strategy and remain disciplined. Too many investors fall for the Wall Street bullies sales pitch. NO ONE can predict the future so why do they try?

A credit card, the biggest beneficiary of the ...
A credit card, the biggest beneficiary of the Marquette Bank decision (Photo credit: Wikipedia)

It’s also hard for women to set aside money for themselves when they also have family issues, such as college loans, to address.”All of a sudden, one day you wake up and you’re old and you haven’t done the savings that you wish you had,” Rix says. “But time is running out.”But women have some advantages. Even if they don’t earn as much as men, they tend to put their savings into safer, more diversified investments.

“Men, more so than women, want to throw a dart at a business section and pick a stock that goes up 15% a year,” says Jerry Verseput, a fee-only financial planner at Veripax Financial Management in Folsom, Calif. “Women have a more realistic sense of what they can glean from the market.”

Women deal with the Wall Street bullies much better than men. They understand that if you properly diversify and remain disciplined you will be rewarded. These women really have less to worry about than their male counterparts.

Please comment of call to discuss how this affects you and your financial future.

Posted via email from Curated 401k Plan Content

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If Roth 401(k) were a human being, he would be going through an existential crisis.

Part of every retirement plan discussion should include the use of the Roth 401(k). Not everyone would benefit from this component but it should be considered when planning your retirement.

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“[The] lack of savings by our population is going to be one of the biggest crises our country will face,” says Mark Ratay, financial adviser with The Ratay Group and Corporate Retirement Director of Morgan Stanley Smith Barney in Lisle, Illinois. “But when you go out there and start talking to the masses, all but the most sophisticated investors don’t get it. They’re already confused about saving in a 401(k). So, when you get into the Roth topic, you’re throwing one more thing up in the air to confuse them,” he says.

“Of all the issues that are out there, I’m not sure I would have this at the top of my list, since there are so many variables with Roth. We all know that [participants] are not saving enough, and the issue of lifetime income from a 401(k) account is taking up a good amount of education time,” says Sean Deviney, Financial Planner, Provenance Wealth Advisors in Fort Lauderdale, Florida, agreeing with Ratay’s sentiment.

“I do think the Roth is a great option, but it isn’t a ‘problem’; it just hasn’t been adopted as quickly as the industry thought it would be,” he says, adding that the Roth 401(k) option is more of a tax planning tool, not necessarily a better alternative than the traditional 401(k).

At the very least, advisers say, plan sponsors should have the Roth option in their 401(k)s.

The Roth 401(k) is a great option for part of your retirement savings, however it should be discussed with your tax professional. The biggest challenge is and should be increasing savings rate for all American workers.

Please comment or call to discuss how to improve the savings rate for your company employees.

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