1. I have read that 1 million dollars in savings is not enough anymore. What is?
Everyone’s number for financial security is different, principally because your level of spending is the key component of arriving at how much is enough? Figure that company pensions or Social Security may add to your existing nest egg, as well as the possibility for part-time employment or self-employment income during retirement. Insurance policies—-health, major medical, life, disability, liability, etc.–can minimize some of the risks that could otherwise foil a great retirement plan. The discipline regarding insurance however, is you must buy it when you do not need it.
2. My biggest fear is running out of money before I die. What do I need to do?
1 of 3 things can prevent people from running out of money—spend less, earn more on your savings, or a combination of both. Saving at least 10% of your earnings is advisable, especially if you are not covered under a company pension. Control what you can control–spending, investment expenses and where you invest.
3. How do we know how much we need to retire?
Once you have written down your current expenses in one column, make edits to those expenses in another column as to which expenses will not change, which ones will go up, and which ones will vanish during retirement. Add new spending items to your retirement column as applicable, then annualized that figure. Gather any company pension and/or Social Security statements and total the future annual payments from all sources. Total all your current savings and investments, excluding the value of your principal residence. Now contract a fee-only Certified Financial Planner to crunch the numbers for you.
Once you tell them how many years until your retirement, they will use your life expectancy, a presumed inflation-adjusted total return and calculate the present value of that required future amount considering your retirement cash flows.
Debra draws on her four decades of financial expertise, including her Master’s Degree in Retirement Planning where she partnered with clients to chart their financial plan, and managed their assets accordingly on a Fee-Only Fiduciary basis. She holds the Accredited Estate Planner designation which armed her with specialty knowledge that helped her clients and their families KEEP more of their hard-earned estates, leaving rich legacies.
She has since retired from active financial planning and asset management and now serves as the Founder and Chief Navigating Officer of Women Navigating Finances.
Yes, she’s equally passionate about alerting women to pitfalls to avoid as well as charting, and then navigating each woman’s finances.
She strategizes with her growing number of coaching clients to either accumulate maximum wealth or, once retired, enjoy an inflation-adjusted lifetime income stream so that they can still afford to buy higher priced goods and services as they age. Together, Debra and each client, discuss both how to avoid financial perils while at the same time, effectively managing the sequence of return risk as well as the challenges inherent in increased longevity.
"Just one tip from Debra and I immediately found $180 per month!" ~ Ruth
"Having Debra's coaching prowess, honed over 42 yrs. as a financial planner, is invaluable. I love being able to ask her questions about my specific situation." ~ Trish
"Debra is filled with great information that helps me navigate the complex financial world. She's sassy, she's fun, she's funny. My only wish is I had met her sooner!" ~ Charli
Sarah after Camp Widow Presentation and Workshops (2015)
Elizabeth Streb, Renowned Performance Artist & 2013 Recipient of Doris Duke Artist Award & MacArthur "Genius" Award-winner.
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