Q&A with Capital Advantage Senior Financial Advisor Donna Zinman, CRPC®
Over the past 25+ years that I’ve been working in financial services, I’ve noticed differences in women’s financial planning needs and approaches to investing versus men.
Women’s roles in the home and the workforce have changed significantly from my mother’s era, when the traditional role of a woman was a homemaker and mother. Times have changed.
Women now comprise half of the workforce, and nearly half of all women are the primary breadwinners in their households.1 Over 51% of the wealth in the U.S. is controlled by women2 and 90% of women will be solely responsible for their financial well-being within their lifetime.3 So, it is more important than ever that we as women understand personal finance and have a plan.
Q: What are the unique women’s financial planning needs you see?
A: Women should plan to save more funds for retirement since they typically live longer than men. Life expectancy for women at birth is 81 years versus 76 for men.4 Also, women tend to save less as they earn on average 21% less than men do5 and have on average 12 fewer years of earned income than men due to caregiving responsibilities.6
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Capital Advantage, Inc. is pleased to announce that Ian Castille, CFP®, Principal and Senior Financial Advisor, has successfully completed the Schwab Executive Leadership Program, an exclusive and competitive one-year program specifically designed for the next generation of leaders within the registered investment advisory (RIA) industry.
Ian stated, “Learning from successful peers in the investment management industry while studying under the world’s most recognized business leaders was an experience that I will not soon forget. I feel like I have been given a customized playbook for creating and maintaining an exceptional firm in our unique field of practice.”
The program combines premier academic curricula and faculty from some of the nation’s top graduate schools (Wharton, Harvard, MIT and Michigan’s Ross School of Business, just to name a few) with the deep industry experience of Charles Schwab. Participants focus on developing skills in key areas that contribute to an RIA firm’s success—positive leadership, innovation, talent management, marketing, and entrepreneurship—and how to manage them effectively.
Capital Advantage, Inc. is committed to ongoing education in best practices, and we look forward to employing Ian’s new leadership insight in meeting the present and future needs of our clients and our company.
RMDs (Required Minimum Distributions) were waived for 2020 but have resumed in 2021. Last year, the CARES Act (passed in March 2020) allowed seniors to skip taking their required RMD and realize the tax savings. This was a welcome financial relief for many during a difficult time.
This year, the RMD requirement has returned, and must be taken annually. Failure to take RMDs could result in significant tax penalties—up to a whopping 50% on the amount you don’t withdraw from your account(s)!
For those whose are new to the term, an RMD is the minimum yearly amount of money that must be withdrawn from a traditional IRA, SEP or SIMPLE individual retirement account (IRA) by participants upon retirement age. RMDs do not apply to Roth IRAs. The age at which one is required to begin taking RMDs is 72. Those turning 72 this year have until April 1, 2022 to take their first distribution, while people older than 72 this year must take their RMD by December 31, 2021.
If you have any questions, please contact your Capital Advantage Client Service Advisor.