Why Women Should Have Their Own Investments
By C. Michael Unterreiner, ChFC
Investing is a skill everyone should possess, yet some women either don’t invest or delegate the task to their spouse. Many say that they have too much on their plate or don’t know where to get help.
Investing can help level the playing field. Women who participate in investing decisions become more informed and more comfortable about investing. To learn more, women can talk to a financial advisor, take an investing education class online or read books about investing. Gaining that knowledge is essential because investing can help level the financial playing field for women.
Owning assets is empowering. In general, women know money, but they often lack confidence in their abilities. Women are more likely to become family caregivers, which results in not only lost income but also in a lack of financial empowerment. It’s not uncommon to sit down with a couple and hear that the woman doesn’t feel like she has a voice even though they make decisions as a couple.
Financial equity within a marriage often leads to greater mutual respect. If only one spouse is earning an income, and all the financial assets are in that person’s name, the other spouse lacks a sense of control. Having assets in your name makes you feel safer, more capable, and more empowered. Women should have some investments exclusively in their own name. To that end, consider setting up an IRA for each spouse. Married couples who file a joint tax return can contribute to Individual Retirement Accounts for both spouses, even if only one works.
Reducing unpleasant surprises. It normally makes sense for married couples to have both names on every investment, other than tax-qualified accounts such as an IRA or 401(k). If joint names are used, and an emergency occurs, the other spouse will still be able to maintain the household finances.
C. Michael Unterreiner, ChFC, founded Financial Legacy Associates to create an environment where financial professionals could serve their clients better by sharing their experiences and ideas. He has served his clients by recommending investment and insurance solutions to their financial planning, retirement planning and college funding challenges.
Financial Legacy Associates
16020 Swingley Ridge Road, Suite 100
Chesterfield, MO 63017
Email: mikeu@ financiallegacy.com
www. financiallegacy.com/ michael-unterreiner.html