By Daniel Korleski, MBA
At every stage of life, women should feel confident and empowered about asking and answering important financial questions. The answers to these questions help gauge if you’re on the right track to meet your financial goals and maintain good financial wellness, at every stage of life.
Let’s dive into it, age by age, because whether you’re in your vibrant 20s or seasoned 60s, there are key financial questions you need to be asking.
Financial Questions Women Should Ask in Their 20s
Your 20s are a time of exploration and adventure. It is also a great time to set the foundation for your financial future. Here’s what to ask yourself:
- How do I start building credit?
- Should I go with a 401(k) or a Roth IRA?
- How do I create a well-balanced budget?
- How much should I save for my emergency fund?
While retirement may seem like a lifetime away, it’s never too soon to start saving, especially since women usually need to save more than men for retirement. It’s also wise to prepare for unforeseen financial needs, such as car repairs, medical expenses, or sudden job loss. That’s where your emergency fund comes into play, a good amount being three to six months of living expenses.
Financial Questions Women Should Ask in Their 30s
For many women, their 30s are a decade of career growth, starting a family, and buying their first home. If you have similar aspirations, you should be asking yourself:
- How much should I be saving for retirement now?
- Is it time for life insurance or a will?
- How can I intelligently manage my debt?
You should also educate yourself on financial management best practices. There are plenty of great financial books that can provide practical tips based on your unique goals and financial challenges.
Financial Questions Women Should Ask in Their 40s
Your 40s can be a power decade. You’ll likely be more established in your career, and if you have children, they will be more independent. That means you might have a little more free time than you did in your 30s.
But don’t get too relaxed. Instead, stay on top of your financial game by asking:
- Am I on track for retirement?
- How should I be investing my money?
- What about college savings for my kids?
If you feel like you are behind, don’t worry. There is still plenty of time to get back on track. But you need to get on top of things so you can enjoy your 50s and 60s.
Financial Questions Women Should Ask in Their 50s
Your 50s are a time to fine-tune your financial plans. If you started planning for retirement early, you should have a sound foundation. If not, you’ll have to hustle a bit more to catch up. Here’s what you need to ask yourself:
- What’s my plan for healthcare costs?
- Should I adjust my investment risk?
- When will I retire, and what will it look like?
Your 50s are all about timing. For example, this isn’t the time to take risks with investments—the last thing you want to do is take a step backward when you’re so close to the finish line.
You should also start visualizing your retirement. While it may still be several years away, picturing your life after work can help you stay motivated and focused. Get creative and specific; think about where you want to live out your golden years, what your ultimate goals are, and how you’ll keep busy when you’re no longer spending so much of your time at work.
Financial Questions Women Should Ask in Their 60s
The majority of women retire between 62 and 63 years of age. If you plan on doing the same, you’ll need to be asking questions like:
- Do I have a sustainable withdrawal strategy for retirement?
- How do I manage my retirement income and taxes?
- What’s my plan for potential long-term care needs?
- When should I take Social Security?
Need Answers to Your Questions? We’re Here to Help.
The United States Census Bureau reports that women are more prone than men to lack retirement savings. But here’s the bright side: you don’t have to be part of that statistic.
At Cobalt Private Wealth, we focus on empowering women like you to embark on their next exciting journey—retirement! Whether you’re seeking financial advice or need a seasoned team to steer you toward your goals, we’re here to answer your financial questions and guide you every step of the way. Reach out to me at danielkorleski@cobaltprivatewealth.com or 719-332-3863 to schedule a meeting.
About Dan
Daniel Korleski is the President & CEO for Cobalt Private Wealth, where he helps his clients grow, manage, and protect their wealth so they can work toward a stronger financial future. With over 30 years of experience in the financial services industry, Dan has served as the managing director for Investment Trust Company, chief investment officer for the Wealth Management Group at American National Bank in Denver, and regional investment manager for the Greater Colorado Region of the Private Bank at Wells Fargo, where he oversaw the management of over $2 billion. In 2008, he was appointed by the mayor of Colorado Springs to the City’s Investment Advisory Committee. Dan holds an MBA in investment management from Midwestern State University in Wichita Falls, Texas, a Bachelor of Science in Finance from Florida State University, and is a member of both the CFA Society Colorado and The Financial Planning Association.
Dan loves to give of his time to his community and is currently serving as the Board Chair of Catholic Charities of Central Colorado and oversees the Homebound Ministry at St. Paul Catholic Church. He has also served as Chair of the Board of Trustees of Pikes Peak Hospice Foundation, President of the Broadmoor Rotary Club, and Vice President of the Board for the Pikes Peak Chapter of Trout Unlimited. Dan was born and raised in Spain and is fluent in Spanish. To learn more about Dan, connect with him on LinkedIn.
