Retirement Planning for Women: Empowering Your Financial Future

McBeath Financial Group, Bloomington Normal IL - Female Financial Advisor Retirement Planning for Women

Retirement planning can be a daunting task, but as women, we possess unique qualities that make us well-equipped for success. From patience to the ability to ask for help, these traits can set us up for a secure and prosperous retirement.

Speaking from personal experience, I have always been a very organized and detail-oriented person who tries to plan out my day, week, year, and entire life. I strive to be efficient in everything I do, but unfortunately, efficiency doesn't always correspond with patience. It wasn't until I became a mom that I truly had to understand and practice patience.

For example, a few days a week, my husband Adam leaves early for work.  So I’m on my own to get my children, aged from one to five years old ready for daycare on those mornings. By the time I get up, get myself ready, study for a while, and get all three kids prepped, I'm often flustered by the time we’re ready to head out the door. It’s the unplanned events that so often happen; First Stella needs to go to the bathroom, Grace has to have her baby dolls from upstairs, meanwhile, Braxton spilled his Cheerios all over the floor, and oh no, he’s got a dirty diaper too! I'm sure most mothers can relate to the chaos of the morning routine. But the good news is, I believe these challenges equip women to be better investors!

Here's why patience is important when it comes to investing: excessive trading is a common pitfall for many investors, but studies have shown that women are less likely to engage in this behavior, which can lead to better returns over the long term. If patience doesn't come naturally, it can be learned or developed through experiences. Sometimes those experiences are with our kids, and we realize we can't control everything.

Patience is a virtue, but practicing patience does not excuse inaction or maintaining the course on the wrong path. It's important to strike a balance between caution and risk-taking. Understanding the different types of risks involved in investing and being willing to make informed decisions is crucial to securing a comfortable retirement.

Another important factor in retirement planning is the willingness to ask questions. In my experience, women require more details, and it leads to seeking the information they want. Additionally, we don't feel there's any shame in asking the questions. This trait is a powerful tool in gaining knowledge and making informed decisions about our financial future.

Finally, we aren't afraid to ask for help when we need it. Working with a trusted financial advisor can provide valuable guidance and support as we navigate the world of retirement planning. Don't let fear hold you back from reaching your goals. Take control of your financial future and empower yourself with the help of an expert.

Retirement planning is a journey, and with patience, a willingness to seek help, and the support of a trusted advisor, women can secure a bright and prosperous retirement for themselves. So, start taking control of your financial future today!

Julie Karstens is an Investment Advisor,  Certified Trust and Fiduciary Advisor (CTFA), a Fiduciary, and an experienced tax advisor who specializes in financial planning, investments, and insurance.

As a Lead Advisor on the McBeath Financial Group wealth management team, she utilizes advanced tools for in-depth calculations that analyze tax and retirement scenarios to help their clients avoid a future tax time-bomb.  Whether this means enjoying more of your hard-earned money in retirement or passing along assets to loved ones with less tax burden, planning makes the difference.


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