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Joe Jaspers, CFP®
Vice President, Wealth Management
Carolinas Telco Capital Advisors
Located at Carolinas Telco FCU
9813 South Blvd, Suite 101
Charlotte, NC 28273
Phone: 704-391-5600
Toll Free: 800-622-5305, ext. 2608
Fax: 704-556-1652
Email: joe.jaspers@lpl.com
September/October 2023
Take an Active Role in Your Finances
When it comes to women and investing, research has turned up a few paradoxes. Although, on average, women earn better investment returns than men while taking less risk, their retirement account balances lag men’s by as much as 44 percent.
Many Factors
Perhaps the most relevant reason for this is that in 2022, women earned 82 cents for every dollar earned by men, according to the Pew Research Center, making it harder for women to save. And, according to several studies, women also lack confidence in their investing abilities and tend to be less financially literate than men.But perhaps the most significant factor next to lower pay is that women spend more time out of the workforce due to caring for children and/or elderly parents. Even when women return to work, the time spent away from the job may result in lower pay, interruptions in a career path, fewer promotions, and a decrease in contributions to retirement savings.
Take Control
Whether single or married, it is important for women to be involved with their finances. Becoming a knowledgeable saver and investor should be a priority. Start by defining short-and long-terms goals — things you’ll need money for in a few months, a few years, and many years in the future. Once your goals are defined, use them as a roadmap for making financial decisions.Plan for Retirement
Contributing to an employer’s 401(k) or other tax-qualified retirement plan allows you to accumulate retirement savings while reducing your current tax liability.If you’re married and not working, your employed spouse can make contributions for you to a spousal IRA.
Get Help
Your financial professional can help you create a strategy for achieving all the goals you’ve identified. If you expect to be away from the workforce in the future, your advisor can help you plan for the absence by investing outside of your retirement plan.Choosing an accountant to help with tax issues and an attorney for estate planning will round out your team of professionals.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Carolinas Telco FCU and Carolinas Telco Capital Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Carolinas Telco Capital Advisors, and may also be employees of Carolinas Telco FCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Carolinas Telco FCU or Carolinas Telco Capital Advisors. Securities and insurance offered through LPL or its affiliates are:
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