According to Industry Professional, Financial Advice For Women and Minorities Can Mean the Difference between Wealth or Poverty

When approaching retirement, millions of Americans wonder if they can afford it. Challenging at time for women and racial minorities, who often have less assets during their working years, sound financial advice may hold the key to their success.

Villa Rica, GA – September 8, 2017 /MM-LC/ —

For millions of Americans approaching retirement, the same question rings: how will I afford it? This question can be especially daunting for women and racial minorities who both typically earn less than their male and majority counterparts, respectively. Individuals in these categories, who are often of lower net worth than their counterparts, sometimes find difficulty in obtaining quality financial advice from brokers and advisors who are only interested in dealing with those with more zeros in their bank accounts. As such, they can often miss out on getting the financial planning information that can make a difference between financial security and poverty in their later years.

“The largest growing population in poverty is widowed women,” remarks Michael Drayton, founder and principal of the Safe Money Man Financial Group and author of several e-books on various financial topics. “Because women are often the primary caregivers of children and the elderly, they typically earn less, they often have breaks in employment which means a smaller social security benefit, and they typically live longer, making ends meet after the death of a spouse can be difficult.” This can be compounded for those who are in retirement when making the most of every dollar is already critical.

In addition to women, African Americans are another group at a financial disadvantage as compared with their counterparts, as 70% are employed in blue collar—often low-wage—jobs and many have little savings. For those who are doing well financially, as for many Americans, financial and retirement planning may take a backseat to purchasing consumer goods like cars and clothing or taking vacations. “It’s time to wake the ‘sleeping giant’ in African American communities,” Drayton says, “leaving a financial legacy, comprised of an investment plan as well as an income plan for retirement is a big part of being able to do that. It may mean delaying gratification now, but it’s worth it. It is possible to save and invest even while earning a modest income.”

As for the strategies these groups, and anyone, can use in order to maximize their retirement dollars, life insurance is one that is often overlooked. In addition to providing death benefits, over time, life insurance has morphed into a much more “customizable” asset, so consumers create a policy that meets their specific desires for the short and longer term.

Additionally, because of special tax benefits that can apply to savings through insurance policies, they can positively contribute to a portfolio that maximizes benefit while minimizing risk. Annuities of today can also provide pre-retirees and retirees unique benefits that are unequal in the investment and retirement planning arena. A guaranteed lifetime income, tax deferral, avoidance of probate, and index crediting options with zero risk to the principal, are several reasons why millions of investors are rediscovering the power of Annuities.

Though the future of social security is uncertain, it is still in effect for the 10,000 baby boomers who are retiring every day. As most of these will rely heavily on social security in their post-work years, maximizing benefits is another crucial piece of ensuring a comfortable retirement. Financial education is an important key to helping people understand their options, maximize their benefits, and make the best decisions for their financial futures. Drayton stresses the importance of understanding which decisions are being made and why. “It’s best to know the good, the bad, and the ugly up front because people are often blinded by the glimmer of the double digit returns with their money in the right hands, but rarely does the best-case scenario pan out,” he says. The results of falling for the glimmer can be catastrophic and irreversible. As Drayton notes, “There are no do overs, mess up the first time and retirement bankruptcy can be the result.”

This is a result that no one, let alone the most vulnerable, can afford. As the public funding on which many women and minorities rely grows more and more precarious, it will be even more important to obtain and use sound financial advice and employ a diverse set of strategies. Education is a major piece of the puzzle, as Drayton reminds: “One has to know better in order to do better.”

Contact Info:
Name: Michael Drayton
Organization: The Safe Money Man Financial Group
Phone: 877-522-3914

Video URL: http://www.mikedraytonpresents.com

For more information, please visit http://www.4safemoney.com

Source: MM-LC

Release ID: 237501