man not a financial plan

27
A MAN IS NOT A FINANCIAL PLAN

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Page 1: Man Not A Financial Plan

A MAN

IS

NOTA

FINANCIAL

PLAN

Page 3: Man Not A Financial Plan

A staggering 87% of the poverty

stricken are elderly women and 80%

of them were not poor before their

husbands died.1

Page 4: Man Not A Financial Plan

The median income for women

over 65 was $1006 per

month in 2004;

for men over 65 - $1,766.2

2 Administration on Aging, A profile of Older Americans,

2005

Page 5: Man Not A Financial Plan

Two-thirds of all women over age 65

have no pension other than

Social Security.3

3 www.wife.org/facts.htm; Supplement

Page 6: Man Not A Financial Plan

A woman born during the baby

boom will likely be widowed by age

67 and remain a widow for 15

years or longer.4

4 "When Baby Boom Women Retire" by Nancy Dailey

Page 7: Man Not A Financial Plan

Women tend to outlive their

husbands…

only 44.3% of women over 65 are

married!5

5 "Your Next Fifty Years" by Ginita Wall and Victoria F. Collins

Page 8: Man Not A Financial Plan

Due to death or divorce, 90% of all

women will be solely responsible

for making financial decisions for

themselves and their families.6

6 National Center for Women and Retirement Research;

Page 10: Man Not A Financial Plan

LITIGATION

Page 11: Man Not A Financial Plan

More court battles

Page 12: Man Not A Financial Plan

Powers of Attorney

Two types

Health Care Power of Attorney

LIVING WILL

General Power of Attorney

Page 13: Man Not A Financial Plan

WILL

Need to avoid intestacy

Where does your money go when you die?

What is in your significant other’s will?

Who knows that?

Do you know?

Is he competent

Page 14: Man Not A Financial Plan

Joint Accounts

Taxes

Beneficiary designations

Are they right?

Page 15: Man Not A Financial Plan

Children

Guardian

Conservator

Page 16: Man Not A Financial Plan

Step Children

Rights in your spouses estate?

Do they understand?

Page 17: Man Not A Financial Plan

Trusts

Special needs

Charitable

Page 18: Man Not A Financial Plan

You Don’t have to agree.

Is your spouse doing what you

want?

Demand a separate meeting with

your attorney.

Page 19: Man Not A Financial Plan

Six Steps to Success

Step 1:

Know what you have, where it is & what it is!

Hint: Make a binder of important papers.

Page 20: Man Not A Financial Plan

Items to include:

- birth and marriage certificates

- property deeds, vehicle title

- tax records

- medical records

- bank and credit card account

information

- college transcripts and diplomas

- wills, trust, and other legal papers

Page 21: Man Not A Financial Plan

Step 2:

Create a Support Network

- Attorney

- CPA, tax professional

- Financial AdvisorCitigroup Inc. and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax

matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed

by law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Page 22: Man Not A Financial Plan

Step 3:

Set Your Goals

- Be Realistic

- "Bucketize"

- Put pen to paper

- Review progress annually

Page 23: Man Not A Financial Plan

Step 4:

Invest Wisely- Go to Your Max - max out 401k's & IRA's

- Know Your Number!

- Asset Allocation Plan*

- Be a long-term investor

*Asset allocation does not ensure against loss

Page 24: Man Not A Financial Plan

Step 5:

Expect the Unexpected

- Know your monthly expenses and create ICE

fund (in case of emergency) of 3 to 6 months

income

- Update or create your will, estate plan, and trusts

- Have an insurance update including life,

property, auto, medical, disability and long-term

care*

*A policy change may incur fees and costs and may also require a medical exam.

Page 25: Man Not A Financial Plan

Step 6:

Be Proactive- Communicate with your partner

- Use a Financial Advisor

- Use an Attorney

- Stay educated and informed

- Continue to update and assess goals

- Don't panic

Page 26: Man Not A Financial Plan

Q & A

Page 27: Man Not A Financial Plan

Thanks

Jody M. Hunke

Financial Advisor

Financial Planning Associate

1248 O Street, Suite 1100

Lincoln, NE 68508

402-479-1222

Jeanelle Lust

Attorney

3800 VerMaas, Suite 200

Lincoln, NE 68502

402-475-7011