Welcome to our Weekly Wealth of Knowledge for October 2nd!
We invite you to explore the latest regarding financial planning, market topics, happenings in our Moneco communities, and more.
This October, our focus is on health and breast cancer awareness where we offer insights and resources supporting a path towards effectively balancing and achieving your financial needs, your goals and milestones…come what may!
In this issue:
- Insights Blog – Managing Breast Cancer Costs (4 min read)
- Community: Hispanic Heritage Month (2 min read)
- Women And Money: Pivot To Retirement (3 min read)
If you enjoy our Weekly Wealth of Knowledge, don’t forget to visit us on Facebook, Linkedin, and X for more resources and updates.
————————————————————-
Managing Breast Cancer Care/Costs
Breast cancer is a leading global health concern, and alongside the physical challenges it presents, many patients face an overwhelming financial burden. The costs associated with diagnosis, treatment, and follow-up care can escalate rapidly, making it essential for patients to understand their potential expenses. Our blog article outlines actionable strategies for managing these costs effectively, emphasizing the importance of insurance coverage, financial assistance programs, and meticulous budgeting.
To navigate the financial landscape of breast cancer treatment, patients should first familiarize themselves with their insurance plans and explore available financial resources. Understanding the details of coverage, including deductibles and co-pays, is crucial.
Additionally, various nonprofit organizations and pharmaceutical assistance programs can provide much-needed support. Effective budgeting and financial planning, including the use of health savings accounts (HSAs) and flexible spending accounts (FSAs), can help mitigate immediate expenses.
For those feeling overwhelmed, seeking professional financial advice can further enhance their ability to manage costs. Ultimately, by leveraging these resources and strategies, breast cancer patients can alleviate financial stress and focus on their recovery and well-being.
————————————————————-
Celebrating Hispanic Heritage Month
————————————————————-
Women & Wealth: Retirement
Retirement is a significant transition, and it can bring both challenges and opportunities for women who have spent many years focused on their careers. For women approaching retirement age, it is crucial to consider various tips and strategies to ensure a smooth and fulfilling transition. An elegant pivot from work life to a life of one’s own requires careful consideration. A woman retiring at 65 may live another two decades or more. That’s not only a long time to finance, it’s also a long time to figure out how to fill your life with meaningful activities.1
A Change of Identity
Retirement can change a woman’s identity, especially those who have worked in the same profession for many years. Exploring new interests and finding a new sense of purpose could involve taking on a new job title, pursuing a passion, or simply embracing new hobbies and activities. But you’ll enjoy your retirement more if you start thinking about establishing the new “you” independent of your career.
Addressing Your Finances
One of the first steps to take when preparing for retirement is to address financial matters. This includes reviewing your estate strategy, getting all necessary documents in order, and having contingency plans in place for the emergencies and the unexpected. Consider meeting with a financial professional before and after retiring to help establish that the appropriate steps are being taken.
Pivot to a New Career
For women concerned about their savings or Social Security benefits, considering part-time work, working from home, or starting a small business can provide income and social interaction. You have the choice here to ease into retirement while still keeping active and engaged. The Department of Labor says that women are more likely to work part time in retirement. Many part-time jobs may not have retirement plans, making it necessary to plan accordingly.1
Another option for women is volunteering. Many miss the engagement and challenge of the workforce, and volunteering allows them to dedicate their time to helping others while gaining personal fulfillment. Volunteering can be a way to stay connected to the community while making a difference.
Now that you have the time, why not try something new? Taking classes is also a way for women to continue learning and growing in retirement. Many courses covering various topics are available online or in person, allowing you to explore new interests and stay mentally active.
Focus on Your Health
Beyond addressing financial matters and finding ways to stay engaged, women must prioritize their health in retirement. This includes eating a balanced diet, exercising regularly, and getting the right amount of sleep. But your overall health includes more than just your physical body. Social engagement is also essential for happiness and health. Even for natural homebodies, spending time with others can have a positive impact.
It’s essential to remember that adjusting to retirement takes time. Transitioning into retirement can be a significant change for women who have dedicated many years to their careers. However, with careful preparation and consideration, women can make the most of this new phase of life. By addressing financial matters, finding ways to stay engaged, prioritizing health, and exploring new interests, women can embrace retirement as a new beginning and enjoy a fulfilling and rewarding experience. It is normal to experience a range of emotions after retirement, but these feelings will likely change over time. Being patient with yourself and understanding that it is a process may help alleviate frustration.
- Dol.gov, 091423
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMGSuite
Image credit below to www.freepik.com
______________
Important Information
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
Moneco Advisors, LLC and LPL Financial are not affiliated with any other referenced entity.
This commentary reflects the personal opinions, viewpoints and analyses of the Moneco Advisors employees providing such comments, and should not be regarded as a description of advisory services by Moneco Advisors or performance returns of any Moneco Advisors client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Moneco Advisors manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.