January 2013

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Advertisement see it utilized, and believe in the power of women���s financial health. ���It is not unusual for our staff to be told they changed someone���s life,��� says Sponem of Summit Credit Union. Regardless of the stage a woman finds herself in, a financial planner will help her start asking important questions about how she wants to live now and in retirement. ���Once you start talking to someone, it really helps take out the emotion,��� says Austin of Park Bank. Summit Credit Union���s Brown says while keeping things organized is important, setting realistic expectations is as well. Park Bank���s Austin explains successful financial planning, as with any other commitment, is right there in the mix with the life and work balance women constantly try to achieve. ���Those are the hard choices you have to make,��� she says. Taking time now for financial planning is only a benefit in the long term. Be a saver All these financial professionals agree: saving money is non-negotiable. ���Pay your bills and pay yourself,��� says Austin of Park Bank. Droster of RBC Wealth Management says a Roth IRA is a significant option for those who qualify, and an effective way to save for college and/or retirement. If under age 50, a person can save $5,500 into this type of account for 2013. Summit Credit Union���s Sponem adds that it���s important save now, but not be stopped by unsure feelings of the next steps, or thinking that starting an IRA takes a large investment. It does not, she says, adding that financial planners can explain the plethora of options and guide them through the process. Brown of Summit Credit Union says that saving really depends on what a woman wants retirement to look like, and suggests everyone try to follow two rules for long-term saving. The first: Try to build up to saving 15 percent of your income for retirement and learn to be comfortable living on less than 100 percent of your current income. Second, any time a family earner receives a raise, tax return, bonus, etc. it helps to follow the rule of thirds: Put onethird toward savings, one-third toward debt, and one-third toward a treat. Financial planning is a skill and tool that is necessary for all women. Someone making a handsome salary can be completely off track while another, earning considerably less, is right on target. Knowledge is power, and all women have the opportunity to be a force of power in their financial picture for today and the future. 36 BRAVA Magazine January 2013 Retirement Boot Camp With a Personal Touch Financial Advisors, Andrea Paff, CIMA��, Beth Norman CFP�� and Lauri Binius Droster, CFP��, AWM (left to right) have more than 50 years combined experience helping people plan for a financially secure retirement. Learn more at Retirement Boot Camp! Wednesdays | January 23rd and 30th, 2013 | 6:00 - 8:30 p.m. RSVP: (608) 252-7523 or Limited to 12 with $100,000 or more in retirement savings. 2 session program at no charge. Parking provided. The Droster Team 10 East Doty Street, #1000 ��� Madison, WI 53703 (608) 252-7500 ��� (800) 999-4512 �� 2012 RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC. Savings. Home Equity. 401K. Can you afford to give half of your assets away? Don���t risk losing what you���ve worked to acquire. Protect your belongings by planning ahead with a Marital Property Agreement. Whether you are preparing for your first marriage, marrying again or are currently married, contact Murphy Desmond lawyers to ensure that your assets are yours for the keeping. Madison & Janesville ��� 608.257.7181 ���

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