Page 15 - The Edge - Summer 2021

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or 100s or 10s out of your wallet to buy something. “You don’t want to be scrambling for that information
When we use a card, we don’t feel it. It’s not really when things are going wrong,” Hughes said.
money, so we spend more than we normally would
under other circumstances. Buying online makes it Here are questions Hughes recommended to ask a
easier to spend.” financial professional:

• Tell me about your practice, including specialties
“We control more wealth than and typical clients.
our male counterparts and we • How long have you been an adviser?
have unique life circumstances.” • Do you have any special education or
designations?
• How do you communicate with your clients and
It is generally believed that, in retirement, you will how often?
need 80% of your pre-retirement income. “That’s
a very personal decision,” Hughes said. “Some • What is your fee structure?
expenses go down, like eating out and wardrobe, and
others go up, like medical and prescriptions. You need “Think of it as investing in your future, for that next
to have a healthy understanding of what goes up and phase of your life,” Hughes said. “Remember, your
down. That’s why having a financial professional is financial plan is a living breathing document. So, as
so important.” your life changes, it needs to be revisited.”
She stressed the importance of understanding what
you have in times of need and having easy access to, Ann Hughes can be reached at: thefemaleaffect@gmail.com
for example, an IRA, 403(b) tax shelter or a 457 tax
advantage deferred compensation plan. You should
know about spousal benefits, and whether you’re a
life insurance beneficiary from a relative.

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