Melissa George discusses Demystifying Financial Planning
Listen to the interview on the Business Innovators Radio Network: Interview With Melissa George Founder & CEO of InvestHER Fiduciary Solutions-Demystifying Financial Planning – Business Innovators Radio Network
In this episode of Influential Entrepreneurs, host Mike Saunders welcomes Melissa George from InvestHER Fiduciary Solutions to discuss financial planning and building confidence for a secure future. Melissa shares her journey into the financial services industry, detailing her early experiences in retail and her passion for numbers and investing. She reveals how she encouraged her employees to participate in their 401(k) plans, igniting her interest in finance. Melissa’s story highlights the importance of seeking out opportunities in financial planning and the impact of mentorship. Tune in for valuable insights on navigating retirement planning and wealth building from a seasoned professional’s perspective.
Women approaching retirement should prioritize unique financial goals that address their specific challenges and circumstances, which often differ from those faced by men. As highlighted in the podcast episode featuring Melissa George, several key areas warrant particular attention:
- Longevity
Women generally tend to live longer than men, necessitating careful planning for a potentially extended retirement period. This longevity can create unique financial pressures, as women may find themselves managing their finances alone later in life, either due to the loss of a spouse or never having married. Therefore, it is crucial for women to consider how their financial resources will sustain them over a longer lifespan.
- Healthcare Planning
Healthcare costs are a significant concern for retirees, particularly for women who may face health issues as they age. The podcast emphasizes the importance of long-term care planning, as many women may require additional support services such as assisted living or hospice care. Without proper planning, these healthcare expenses can quickly deplete retirement savings. Women should explore options for long-term care insurance and other financial strategies to mitigate these risks.
Melissa Shared: “We start with transparency and education to build custom financial plans that ensure our clients make informed decisions and can Retire with Confidence”
- Maintaining Standard of Living
As women transition into retirement, they often worry about maintaining their current standard of living. The podcast discusses how many women are concerned about whether they can sustain their lifestyle after retirement, including considerations for housing, travel, and leisure activities they have enjoyed during their working years. Financial planning should encompass strategies to ensure that women can continue to live comfortably and fulfill their personal goals.
- Financial Literacy and Empowerment
Many women may lack confidence in their financial knowledge, especially if they have relied on a partner to manage finances in the past. The episode highlights the importance of increasing financial literacy among women, empowering them to take charge of their financial futures. This empowerment enables them to make informed decisions about investments, retirement accounts, and estate planning.
- Finding the Right Financial Advisor
Women should seek financial advisors who understand their unique needs and challenges. The podcast stresses the importance of working with fiduciaries—advisors who are legally obligated to act in their clients’ best interests. This relationship can provide the necessary support and guidance as women navigate their financial planning, ensuring that their specific goals and concerns are addressed.
In summary, as women approach retirement, they should focus on longevity, healthcare planning, and maintaining their standard of living. By understanding their unique financial goals and challenges, women can create a comprehensive retirement plan that secures their financial future and allows them to retire with confidence.
The Importance of Financial Planning for Women Approaching Retirement
In the podcast episode featuring Melissa George from InvestHER Fiduciary Solutions, the discussion centers around the unique financial planning needs of women, particularly those nearing retirement. Here are some key insights and considerations highlighted in the conversation:
Understanding Longevity and Its Implications
One critical point raised is that women tend to live longer than men, which has significant implications for financial planning. As women often find themselves alone in their later years—whether due to the death of a spouse or never having married—they must consider how to manage their finances effectively during this extended lifespan.
Unique Financial Goals for Women
Women approaching retirement should be aware of several unique financial goals and challenges:
Healthcare Costs: As people age, healthcare becomes a major concern. Women need to plan for potential long-term care, which can deplete retirement savings if not adequately addressed. This includes considering options for assisted living, hospice care, or in-home support.
