For Industry Insight and Fresh Life Perspective

Strengthening Your Wealth Strategy: Key Approaches for Today's Market | Sarah Carlson CFP®, CLU®, ChFC® | Fulcrum Financial Group | Spokane, WA

Today, there are an estimated 14.5 million women-owned businesses in the U.S. This represents approximately 45% of all businesses. A study conducted by Fidelity Investments showed that women are often less prepared for retirement than their male counterparts.

Once you are in your 60s, you are likely to focus less on growing your retirement funds than answering, "When do I retire?" And once you crack open your nest egg, how should you allocate its contents? The answer often lies in a substantial shift in your investment strategy. Here are some ideas for investing in your 60s and beyond.

Passing down an inheritance can be a life-changing event and navigating the transfer of a significant amount of money and assets can pose certain challenges. Historically, inheritances don’t last. This is so common, it is described as “shirtsleeves to shirtsleeves in three generations.” There is an oft-quoted statistic that 70% of wealthy families lose their wealth by the second generation and 90% lose it by the third. At the end of the day, transparency and communication is key when face-to-face with this transfer of responsibility.

Market uncertainty occurs when investors find it challenging to analyze current and future market conditions due to market volatility. Various factors, such as inflation, central bank policy changes, interest rate fluctuation, investor behavior, unemployment news, and industry buzz, can cause market volatility.

Part of the joy of making money and building wealth is not solely the aim to live a flexible life of convenience; it is also giving to those we love. Typically when we think of passing down money to loved ones, it is through a will drafted years earlier or even an estate plan. However, other giving strategies may help you preserve your wealth, so more of it goes to those you love.

Single parents shoulder the responsibility of not only providing for their children's immediate needs but also planning for their future. Whether single, widowed, or divorced, establishing an estate plan is arguably the best gift one can offer their children. This critical plan safeguards their financial independence, enabling them to manage their assets according to their wishes after they pass away.

Even seasoned business professionals, those well-versed in risk, strategy, and decision-making—are not immune to a quiet but powerful behavioral bias: loss aversion.

In today's economic environment, where market volatility and inflation are often unpredictable and inevitable, investing can sometimes feel like a rollercoaster.

Addressing wealth management comprehensively in today's market environment is essential for individuals and business entities.