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ROUTING NUMBER: 307070050
By Kirtland Financial Services
In the U.S., women control a third of household assets. But by 2030, U.S. women are expected to control much of the assets that the baby boomer generation will pass to heirs, roughly 30 trillion in assets. High-earning women have become the newest face of wealth and will increase their net worth even more.
High-earning women are becoming the primary ‘breadwinners’ in many families and are increasingly the financial decision-makers. Women have unique needs that often differ from their male counterparts:
Women must manage their finances and work with an advisor they trust who understands their situation. Even though they may be high earners, they must plan for and manage their wealth and may benefit by incorporating these financial planning components:
Tax planning – Planning for taxes at the beginning of the year can help determine what tax-saving strategies are available based on having a higher income. Certain tax credits and contribution limits for retirement savings accounts may phase out.
Goal setting – Even though a higher income provides more money to save, invest, and spend, it’s vital to identify realistic goals to work toward. Some goal-setting ideas include:
Selecting investment strategies aligned with values – A study by Cerulli Associates found that 43% of women feel a company’s policies on social or environmental issues are essential when deciding to invest in that company.
Working with financial, legal, and tax professionals – High-earning women may have more complex tax and estate planning needs than their female and male counterparts. They must also have professional unbiased financial advice tailored to their unique situation. These professionals can work as a team to help identify unique issues, develop a plan, and select strategies to help their mutual client work toward their goals.
Diversifying their portfolio’s investment strategies – For high-earning women, putting all your money into strategies that aren’t diversified can leave you with a tax bill or put your portfolio at risk of loss during market turbulence. As a high earner, private investments, REITs, or other strategies may offer diversification when included in a portfolio containing tax-deferred and tax-exempt strategies.
Taking action to manage their wealth and plan for their future can help women pursue financial confidence, regardless of their income. Reach out to a financial professional today to get started.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
Investing in Real Estate Investment Trusts (REITs) involves special risks such as potential illiquidity and may not be suitable for all investors. There is no assurance that the investment objectives of this program will be attained.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by Fresh Finance.
LPL Tracking # 1-05372941