Purse Strings Approved Professional
The Importance of Retirement Income Planning for Women: Why You Should Consult a Financial Professional
At Purse Strings, our mission is to help women learn how planning for retirement is a critical aspect of financial well-being – especially for women. Retirement income planning becomes paramount because women often live longer and experience unique financial challenges. Let’s talk about why it is essential for women to consider consulting a financial professional for retirement income planning and shed light on three certifications: RIPC, CRPC, and CRPS.
Let’s face it: women are up against so many barriers that make retirement income planning harder than their male counterparts.
- We live longer and will (most likely) age alone: On average, women live longer than men, which means they need to ensure their retirement savings last for a more extended period of time.
- We leave our careers to care for children or sick family members: Women are more likely to take career breaks for caregiving responsibilities, impacting their income, social security contributions, retirement savings, and career advancement.
- .83 cents on the dollar: Due to the gender pay gap and the fact that careers geared towards women are paid less, women often accumulate less wealth over their lifetimes.
- Women have more healthcare needs: Women tend to have higher healthcare costs in retirement due to longer life expectancy and potential long-term care needs.
And these are just a few of the unique challenges women face. That’s why women must start now to learn about and work with financial professionals on their retirement income planning so that they can secure their financial futures.
Why Consult a Financial Professional?
Consulting a financial professional with expertise in retirement income planning can make a huge difference in a woman’s financial security during retirement. Here’s why:
- Tailored Solutions: Financial professionals assess each individual’s unique circumstances, including income, expenses, and financial goals. They can customize retirement plans to meet specific needs. You are not cookie cutter and nor should be your financial plan.
- Expertise in Retirement Income Planning: Financial professionals specializing in retirement income planning possess in-depth knowledge and skills to create sustainable retirement income strategies.
- Risk Management: Professionals can help women manage the risks associated with retirement, including investment risks, inflation, taxes, and longevity risks.
It is important to look for financial professionals with these designations: RIPC, CRPC, and/or CRPS, as they signify a commitment to excellence and expertise in retirement income planning.
Financial professionals with designations like RIPC, CRPC, and CRPS signify a commitment to excellence and expertise in retirement income planning.
Retirement Income Certified Professional (RICP):
This certification demonstrates expertise in creating sustainable retirement income strategies. RICPs focus on helping clients achieve a secure and fulfilling retirement. Look at a Purse Strings Approved Professionals you can consider.
President and Financial Advisor at Raion Financial Strategies, LLC.
Angela comes with a wealth of retirement expertise and designations and has earned her RICP. She focuses on pre and post-retirement planning, tax mitigation strategies, extended care solutions, risk management, and investment advisory.
Chartered Retirement Planning Counselor (CRPC):
CRPCs specialize in retirement planning covering key areas like Social Security, estate planning, and taxation. They help clients make informed retirement decisions. Take a look at Stephanie, another Purse Strings Approved Professionals with this designation.
Managing Partner at GM Wealth Group, LLC.
One of Stephanies specialties is Retirement Planning and she has earned the CRPC designation. With more than a decade of experience in the financial industry, Stephanie specializes in investment strategy, portfolio construction, risk management, and corporate and private retirement plans,
Chartered Retirement Plans Specialist (CRPS)
CRPS professionals focus on employer-sponsored retirement plans, such as 401(k)s and pensions. They assist clients in optimizing their workplace retirement benefits. Here are two more Purse Strings Approved Professionals who have earned this designation and specialize in this area.
Financial Planner and Co-Founder of Better Pockets Financial
Josh has earned the CRPS designation. Josh’s goal is simple – to help his clients explore what’s important to them, the impact they can have in their pocket of the world, and help them align their financial lives with these goals. By helping more people have control of their financial lives, Josh believes it will create a ripple effect of good in our communities.
It’s clear that retirement income planning for women is a complex but essential process. Consulting a financial professional with certifications like RIPC, CRPC, or CRPS can provide women the expertise and guidance they need to navigate the unique challenges and opportunities they face as they navigate their retirement. By seeking professional advice, women can take confident steps toward securing their financial future and enjoying a comfortable life.