Michael J Porro & Company

Financial Advisors, LLC

180 Old Tappan Road, Old Tappan, NJ 07675-7052

Phone: 201-768-0218

Fax: 201-768-6487

Website: porrofinancialadvisors.com

May/June 2018

Take Control of Your Future

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Most of us are familiar with an airline attendant grabbing a microphone to recite safety instructions while the plane taxis before takeoff. Toward the end, the attendant emphasizes that in an emergency, passengers with children must put oxygen masks on themselves before doing the same with children.

Starting from Behind

That short directive can serve as a life lesson for women in particular. Whether you work outside the home or not, whether you run a large company or a small household, you are probably a caretaker for someone, and you will probably earn less over a lifetime because of it.

The Department of Labor found that median weekly income for women during the third quarter of 2017 was $767, or 81% of what men earned. Women also receive smaller Social Security checks. At age 65, their average annual benefit is about $4,000 less than men of the same age. Compounding matters, women at age 65 live an average of 21.5 years more, which is 2.4 years longer than men.

Even if women always earned the same as men in the workplace, many women have gaps in work experience because they are often the primary caretakers of loved ones. Some two-thirds of caretakers are women. So, it matters how you take care of yourself, from a savings, insurance and career standpoint.

Insure Yourself

Start by reviewing your insurance protection. You likely pay a great deal of attention to health insurance, but disability income insurance is also important if you are in the workplace. It shouldn’t need saying that life insurance is also crucial financial protection.

Build your insurance foundation through group insurance plans your employer may offer. Supplement this by working with a financial professional to learn where you may have gaps and fill them with individual insurance.

Continue Education

Because your career is entwined with your ability to earn a livable income (and build a decent Social Security benefit), take advantage of educational opportunities that can help you advance your career. Digital skills and data analytics are especially crucial in today’s lightning-speed business climate, so take steps to stay up to date. Use continuing education reimbursement benefits if your employer offers them.
Invest for the Future

Social Security may comprise much of retirees’ income today, but it shouldn’t. You are responsible for your financial future, so take it seriously. Start by taking advantage of any retirement plan your employer may offer. If you have a 401(k) plan and your employer matches a percentage of your contribution, put away at least enough to get the entire match offered.

Explore traditional and Roth IRAs if your employer doesn’t offer a retirement plan. Consider them as a way to save even more if your company does have a workplace plan. The Roth IRA, in particular, can add punch to your retirement investing efforts because qualified distributions are tax-free.

Consult Professionals

As life passes from one stage to the next, you will gain a greater understanding of the need to put your wishes into writing. A will should be the first document you consider. An estate planning attorney can help you with this and other necessary legal safeguards, such as powers of attorney for health and financial reasons. Ultimately, by preparing now, you can better help those who depend on you.


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Michael J Porro & Company and LTM Client Marketing, Inc. are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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