Fee-only financial planning empowers women to prepare for caregiving, long-term care, and life's unexpected challenges.
Women often take on caregiving roles, whether for children, elderly parents, or partners. But this can come at a significant cost to our financial futures. Dr. Carolyn McClanahan, a physician and fee-only financial planner, highlights how these responsibilities can impact our health and finances.
In a recent episode, recorded live at the Morningstar Investment Conference, financial expert Jean Chatzky converses with Dr. McClanahan about the crucial but frequently ignored link between financial health and overall wellness. They explore essential insights into financial planning, particularly for women facing aging and caregiving pressures.
Your 40s: A Critical Transition Period
Jean Chatzky: Many women in my audience feel they started saving too late. Those in their forties and early fifties often express regret over not saving earlier or maximizing their contributions.
Carolyn McClanahan: It's never too late to start. Every action you take to care for your future counts. I refer to the forties as a pivotal time; if you don't prioritize self-care by your early forties or late fifties, catching up becomes challenging. Women in their thirties and forties can still make a difference, beginning with understanding their spending habits.
Key Questions for Long-Term Care Planning
Jean Chatzky: What do you advise your clients regarding long-term care as a fee-only financial advisor?
Carolyn McClanahan: The first step in long-term care planning is addressing where you intend to live as you age. If you plan to age in place, is your home suitable for that? Documenting your preferences for care will help guide your family and caregivers when making healthcare decisions.
Finding a Trustworthy Fee-Only Financial Planner
Jean Chatzky: What should we consider when searching for a fee-only financial planner?
Carolyn McClanahan: Look for someone who practices comprehensive financial planning. Many people mistakenly believe that investments alone constitute financial planning, but they are just a piece of the puzzle.
Carolyn McClanahan: You need a planner who considers your life goals and the costs associated with them, assesses your cash flow, and reviews your insurance to ensure you're properly protected. It's vital to have a holistic view of your life and finances.
Are you interested in boosting your financial confidence? Join our hands-on financial wellness programs:
? FinanceFixx – A 4 or 8-week financial coaching program designed to help you get your finances on track!
? InvestingFixx – A women-centric investing club aimed at demystifying market language and enhancing wealth. Your first month is free!
