man not a financial plan
TRANSCRIPT
A MAN
IS
NOTA
FINANCIAL
PLAN
A staggering 87% of the poverty
stricken are elderly women and 80%
of them were not poor before their
husbands died.1
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
Two-thirds of all women over age 65
have no pension other than
Social Security.3
3 www.wife.org/facts.htm; Supplement
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
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
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;
Even rich guys…..
LITIGATION
More court battles
Powers of Attorney
Two types
Health Care Power of Attorney
LIVING WILL
General Power of Attorney
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
Joint Accounts
Taxes
Beneficiary designations
Are they right?
Children
Guardian
Conservator
Step Children
Rights in your spouses estate?
Do they understand?
Trusts
Special needs
Charitable
You Don’t have to agree.
Is your spouse doing what you
want?
Demand a separate meeting with
your attorney.
Six Steps to Success
Step 1:
Know what you have, where it is & what it is!
Hint: Make a binder of important papers.
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
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.
Step 3:
Set Your Goals
- Be Realistic
- "Bucketize"
- Put pen to paper
- Review progress annually
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
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.
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
Q & A
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