In this episode, our co-hosts talk with Michele Burkholder, CFP®, a financial adviser with the Burkholder Team, and Morgan Stewart, a finance professional working with Michele, in a conversation about women and their financial planning. Michele and Morgan have a mission to educate and guide individuals, families, and business owners regarding financial decisions. They want to give sound, personal financial advice for every life stage.

Key Takeaways:

[1:51] 2020 GAO report on retirement security stating that older women reported facing a financially uncertain future.

[3:10] Michele and Morgan share their background.

[4:30] First concern women have regarding their financial planning is making sure they are saving enough and not outliving their income.

[6:00] The ideal time to start working with a financial advisor is when they begin their career.

[7:12] Michele’s explains why she recommends the following: 1. Have credit in your name; 2. Have a separate retirement account; 3. If you’re being supported, make sure you have sufficient life insurance on them; and 4. Make sure you can fund your long-term care.

[9:14] Morgan explains why she recommends whole life insurance.

[12:05] Prioritizing retirement savings over college for children.

[14:18] Some women are more in tune with understanding their financial needs, while others might not have saved as much as their male counterparts.

[14:18] Reasons a lot of women may not have save enough for their retirement.

[16:25] COVID has also disproportionally impacted women.

[17:15] Beth and Michele wraps up by summarizing key takeaways from the episode.

Reference Code: 4618220RLB_Apr24

Resources:

BDO.com

BDO’s ERISA Center of Excellence

BDO.com/talksERISA

Email: [email protected]

Related Links:

STRENGTHENING WOMEN’S FINANCIAL WELLNESS IN THE WAKE OF THE PANDEMIC

FINANCIAL WELL-BEING FOR WOMEN: EMPOWERING EMPLOYEES BY HELPING THEM PREPARE FOR RETIREMENT

U.S. GAO, “Retirement Security: Older Women Report Facing a Financially Uncertain Future”

Quotes:

“Women being prepared for their retirement is a major passion for all of us on the podcast.” — Beth Garner

“[My Dad] had a fatal heart attack at 40. I saw what that did to our family. … I wanted to get into financial services because I wanted to make sure that I could take care of myself but also, the women around me could take care of themselves.” — Michele Burkholder

“As soon as … [people] start a career, they should be working with an advisor … not only to understand their benefits at their job but also to help if they have college debt, how to prioritize that and also how to start saving for their future.” — Michele Burkholder

“It’s a really difficult choice but 100% of the time I would say that retirement should take priority [over your children’s college education]. … Your children can get a college loan. … Once you get to retirement, you can’t take a loan out for retirement.” — Michele Burkholder