Stacy Francis Featured by Forbes about How Woman Can Act Now To Protect Their Finances In Retirement
By: Francis Financial
February 2, 2021
President and CEO Stacy Francis was invited to share her financial expertise with Forbes as part of the Forbes Finance Council in an article titled “What Women Need To Do Now To Protect Their Finances In Their Golden Years”. In the February 2021 feature, Francis explains how women end up living below the poverty line after age 65 and what steps someone can take now to ensure they are on the right track to a financially sound retirement.
Francis begins by highlighting how COVID-19 has affected women’s current financial stability and how it will affect future stability – reduced hours, unemployment, and leaving the workforce to care for children can all reduce women’s long-term retirement benefits. These factors combined with the fact that women already tend to receive smaller social security benefits than men mean that women need to act now to ensure their future financial freedom.
Francis recommends that women use a Social Security Retirement Estimator to project their future benefits, then calculate how much money they have to save before retirement to continue living within their current lifestyle expenses. “Many Social Security recipients are dependent on these checks to cover almost all their monthly bills and have few other income sources,” Francis says. “Social Security was never meant to be a primary income source in retirement and is merely meant to supplement your savings.”
Francis teaches you how to predict how much you will spend in retirement, how to find the difference between your monthly benefit and your anticipated expenses, and how to calculate how much to save to cover the difference, with examples. “Continually increasing your savings will ensure you are on track to have a happy and financially sound retirement,” she concludes.
Francis Financial can help you plan for retirement, divorce, or any other major life transition. Learn how to establish long-term financial stability through our wealth management process or contact a qualified wealth management advisor to help you plan, grow, and protect your assets.