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How to Be Money Savvy Through the Ages-By the Numbers

How to Be Money Savvy Through the Ages-By the Numbers

October 01, 2018
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Advice for Investing in Your 20s, 30s, 40s, 50s, 60s and Beyond 

Irvine, CA – Loreen Gilbert, President and Founder of WealthWise Financial Services is Chair of the National Association of Women Business Owners National Institute, where she is responsible for advancing women business owners’ education, and also serves on the association’s executive board. Her wealth management clients, however, include people of all ages, so Gilbert starts out every new client with what they can expect and what they need to know in every decade of their journey to retirement.

“Simply stated objectives and clear eyed planning instill money discipline at any age.  You cannot achieve what you don’t track.  So having goals at each stage of life is important,” according to Loreen Gilbert. “Recognizing the impact of trade-offs between spending today and building long term financial security is key to a comfortable lifestyle and retirement. It’s a lesson we all need to learn, and sometimes relearn, in order to maximize the benefits from years of hard work,” she added. 

In Your 20s beware of the temptation to spend money on items that have no permanent value, pay off any debt and avoid taking on new debt. Pay yourself first by saving 10% or more out of every paycheck.  Establish an emergency reserve. Start saving for a house. Find out if your employer has a retirement plan where you can contribute. 

In Your 30s consider buying a condo or house, but don't become house poor and strapped. Increase your retirement plan contributions.Max out your Roth or IRA contribution. Disability insurance should be considered. Have children?  Increase your life insurance and establish a college savings investment. 

In Your 40s hire a qualified financial planner and ramp up retirement plan contributions.  Make sure your retirement assets are allocated appropriately. You can’t get a loan for retirement, but can for college.  When it comes to qualifying for federal financial aid for student loans, IRA assets and employer sponsored retirement plans are not included in loan applications. Consider buying Long Term Care Insurance and an umbrella insurance policy.  Financial setbacks are not uncommon in your 40s, don't lose hope, just start from where you are and take baby steps to move yourself forward financially.

In Your 50s you now qualify for the catch-up provisions on your retirement plan at work, as well as in your IRA's.  Contribute to a Roth 401 (k) if you haven’t already.  Most companies are amenable to adding the Roth feature to qualified plans if employees ask for it. Don't invest too conservatively, but do consider a deferred annuity that will guarantee a stream of income at retirement.  Make sure you have enough life insurance for estate planning needs.  Update your trust documents and your health care directive. 

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In Your 60s, do a cash flow analysis with a financial advisor who specializes in distribution strategies andunderstands tax-efficient retirement income sequencing strategies.  Make sure to have a retirement plan for your life, not just for your money.   Consider phasing in retirement by moving to a part time job or even starting a home-based business. Since your Social Security is a permanent decision, make sure to work with a financial advisor to compare your options.  

Beyond Your 70s and beyond review all of your beneficiary designations.  Consider what legacy planning means to you.  Legacy planning means different things to different people. Think about how you want to be remembered and how you can communicate your values to your beneficiaries.  Writing a letter to each beneficiary and putting it in your trust binder can be more meaningful than the money you leave them. Make sure your family members know your financial advisor, your estate planning attorney and your CPA.  Your trustee should know where all of your financial documents are stored.  And you may want to consider the benefits of a corporate trustee in order to avoid family members from having to do the work of trust administration.

       About Loreen Gilbert, Founder and President WealthWise Financial Services, Inc.

Loreen Gilbert is an experienced wealth manager who has spent more than 25 years creating comprehensive wealth strategies for her clients.  Upon graduating from the University of Texas at Austin with a degree in Business Administration, she launched her career at Fidelity Investments where she assisted clients with investment management services.  Gilbert then worked for a private company selling retirement plans to municipalities and their employees.  She has been in private practice as a wealth manager since 1997, and is the founder and president of WealthWise Financial Services, which offers securities and investment advisory services to individuals, business owners and corporations through her affiliation as a registered principal with LPL Financial. 

Loreen Gilbert serves on the Executive Board of National Association of Women Business Owners (NAWBO), representing more than 11 million women business owners in the US. Gilbert is the Chair Elect of the NAWBO Institute which provides resources and tools to women business owners around the globe.  Gilbert was also awarded the Remarkable Woman Award as “2016 Business Owner of the Year” and “2017 Advocate of the Year” for NAWBO-Orange County, California.   She was honored by Enterprising Women Magazine as the national winner of the 2017 Enterprising Women of the Year award in her category.  Gilbert acts as an ambassador for Opportunity International, a micro-lending organization helping mainly women in third world countries to start or expand a business.  She has recently been appointed to the Trump Pence Small Business Advisory Council, one of only 19 appointees in the U.S. and the only representative in California.  She was selected by Facebook to broadcast globally from their HQ in celebration of Women’s International Day. Gilbert has been covered by US News & World Report, USA Today,Investor’s Business Daily, Yahoo! Finance, Money Magazine, Reuters, Financial Advisor Magazine and  She also hosts on-air segments for KX 93.5 FM where she resides in Laguna Beach, California, to educate listeners on financial matters.  Her iTunes podcast is called WealthWise Moment.

Gilbert’s business licenses and credentials include registration as an Investment Advisor Representative with LPL Financial; FINRA Series 7, 63, 24, and 65, registrations held through LPL Financial; Certified Investment Management Analyst (CIMA) designation; Accredited Investment Fiduciary (AIF) designation; Certified Retirement Counselor (CRC) designation; Corporation for Long Term Care (CLTC) certification; “member, Qualified Kingdom Advisor” certification; insurance licensed in Life, Disability, Variable Life, and Long Term Care; and Bachelor of Business Administration.  For seven years including 2017, Ms. Gilbert was published as receiving the Five Star Wealth Manager Award as published in Orange Coast Magazine and The Wall Street Journal. 

*This award recognizes the accomplishments of one NAWBO member, who has used creative initiatives to overcome obstacles, create jobs, grow a successful business, and help her community. Must be a woman business owner that owns at least 25% of her business and actively runs the day-to-day operations.
**Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of 2012, 2013, 2014, 2015, 2016 & 2017 Five Star Wealth Managers.
Loreen Gilbert is a registered representative with and securities offered through LPL Financial, Member FINRA/SIPC