Milwaukee Magazine | Women & Wealth

Stressed about your retirement plan?

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A 2022 Bankrate survey found that nearly half of women say that money issues have negatively affected their mental health, prompting feelings of anxiety, depression, sleeplessness and stress.

Working with a professional to put together a financial plan can help ease your stress. With over 50 years serving individuals and families, our experienced team is here to help you.

Download our Financial Planning for Women whitepaper to learn how putting together a plan can give you peace of mind.

JohnsonFinancialGroup.com/financial-planning-for-women

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Women & Wealth We asked four local experts to share their best advice for women looking to get a handle on their finances.

Julie Niznansky

Vice President, Private Banker Associated Bank

Kelly Mould

Senior Vice President, Wealth FiduciaryAdvisor Johnson Financial Group

Anna Burish

First Vice President – Wealth Management The Burish Group

Judith Martinez

Director, Financial Advisor The Burish Group

What are a few things that every woman should know about her finances?

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JUDITH MARTINEZ: Before you can have a plan to go anywhere you have to first understand where you are. This starts with knowing your net worth – essentially everything you own (your “assets”) minus everything you owe (your “liabilities”) – which will be the foundation of your plan.

K E L LY M O U L D : People are often overwhelmed by their finances – they’re busy building careers, raising families, and taking on their whole financial picture feels really daunting. But if you don’t understand your circumstances, you will

at some point be faced with a lifestyle change – maybe a divorce, a job loss – and not be prepared. If you take control now and develop some clarity about your financial circumstances and goals, then you have some power to make decisions.

J U L I E N I Z N A N S KY : First and foremost, every woman should have a budget. The key to understanding your finances starts with budgeting, and ultimately knowing what money you have. What debts and assets you have, and what are the rates on all of those accounts. Lastly, how much you’re saving each year toward retirement. Having a grasp on your finances and keeping them top of mind is very important.

ANNA BURISH: Understanding where you are is critical, and the first step is to know your budget. What are the sources of your income and then how do you allocate your income. As women, statistically we outlive men, so savings should be a part of your allocation.

Financial goals can change with age. Could you share what a few general goals should be for women ages 20-40, 40-60 and over 60?

KM: Those early years are really tough.

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“It is important to invest in your financial well-being the same way you invest in your health. ” – JUDITH MARTINEZ

AB: Compounding is extremely powerful. The sooner you start, the better off you’re going to be. Over my career, people are taking more control as to the when to retire. Retirement for a lot of people now isn’t necessarily 65.

I’m finding clients are setting their own retirement age. We help them see how to achieve that goal.

JN: In your 20-40s, your priority should be paying off debts and building a savings account and retirement account. In your 40-60s, now is the time to gradually increase your 401k toward the annual max contribution. Those dollars will continue to grow rapidly during this stage and compound. In your 60s, it’s time to get serious about financial planning and retirement as a whole, which includes your estate plan.

KM: And that retirement is not the same retirement that my grandparents 66 | milwaukeemag.com

had. Today, we’re living longer, we’re healthier, physically and mentally. You should have a thoughtful discussion with your financial planner early about what retirement looks like so you can build finances around that purpose – maybe you want to travel, or maybe you want to be the best grandparent ever and devote your finances to those grandchildren, or maybe there are charitable causes near and dear to your heart.

What are some ways a person can become more comfortable and informed about investing?

JN: When it comes to investing, I think it’s important to have a trusted financial partner. Your bank is a great place to start and find that relationship. Try not to be intimidated and ask questions.

They are here to help and you would be surprised how much you can learn, whether it’s from the first financial decisions in your 20th and all the way into retirement.

KM: People shouldn’t feel self-conscious about this. There are many financial education resources out there – I’m biased, but I would recommend the

podcast I host, “Your Money. Your Mission.” We just recorded an episode on basic investing. You know, at their core these are simple concepts, and the more we demystify investing the better.

How should someone weigh the cost of a financial advisor against the benefits?

JM: It is important to invest in your financial well-being the same way you invest in your health. This means educating yourself and understanding when you need to rely on professional help.

It can start with something relatively inexpensive, like attending a weekend seminar or an online class, and later evolve to hiring a professional when your financial situation and needs become more complex.

KM: Today, we have so much information at our fingertips with the internet. We can self-diagnose, draft our own legal documents, get market information at a moment’s notice. But that accessibility doesn’t replace the expertise and skill of a doctor or a lawyer or a financial advisor.

You want the most trusted professional for the most critical elements of your life, right?

You want that knowledgeable advice. ◆

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to take a financial literacy class before they graduate. The earlier you have a financial plan, the better. Arm yourself with that information. Start saving and contributing to a 401k as early as you can – the more you save, the more choices you’ll have when life happens.

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