As women map out their financial strategies, it’s important to understand and plan for life events that may constitute an evaluation of financial circumstances in the future. Some causes and occasions range from personal to professional impacts that may alter someone’s financial situation.
People often fail to account for the impacts that personal life events have on financial situations and planning strategies. Life events including, but not limited to, a marriage, the birth of a child, or the care or loss of a loved one can have serious impacts on a person’s financial positioning. As much as one can hope to be fully prepared for these events, there is often less personal control than expected. Understanding that when these circumstances arise an evaluation of financial planning is warranted will allow women to best combat any disrupted financial plans. Women need to be able to identify when these events happen and that evaluation of their financial strategies is a pivotal next step.
There are other events that more obviously hold an impact on one’s financial circumstances, such as the purchase or sale of a home, the receipt of an inheritance, or a decision to go back to school. Additionally, career advancement or change in work can dramatically impact the finances of an individual and their dependents, showing the priority of a financial strategy that accounts for the fluidity of any positive or negative changes in a career.
Finally, retirement is a common source of financial strain as many individuals strain to support themselves financially through retirement. As women often live longer than men yet see a peak in salary at an earlier age, it’s necessary to instill an understanding of financial planning that will support her long-term financial goals. The knowledge of these impacts will support individuals as they inevitably face some of these more difficult life events. Readiness will allow for education as to how to best adjust for the life events they’d like to see, such as the purchase of a new home or retirement.
A financial advisor can help you prepare for these events as best as possible and understand what they could mean for your financial future.
Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC (www.SIPC.org). Gambin Financial Group is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies. Supervisory Office 5001 Louise Drive, Suite 300 Mechanicsburg, PA 17055, 717-791-3300.