In 2016 the Department of Labor enacted new rules and regulations that will affect financial advisors who work with retirement assets like IRAs. In case you were wondering, that’s pretty much the entire industry.
On April 10th those changes were to go into effect.
Well, that was the plan anyway. Less than a week before the new rules were set to become law, the DOL delayed implementation of the fiduciary rule by 60 days.
The IRS allows IRA and Roth IRA contributions to be funded right up until you file your taxes or until the tax filing deadline (not counting extensions), whichever comes first.
Many of today’s women know a lot about money. Janet Yellen is the Chair of the Board of Governors of the Federal Reserve System. Christine Lagarde leads the International Monetary Fund. And countless other women have accumulated a sizable net worth simply by saving and investing – just like many men have.
Still, a gap exists between men and women when it comes to personal finance and investing. According to studies done by global money management firm, Blackrock, less than half of all women have any interest in investing.
Or so they say.
Abigail Adams statue, Boston, Mass. Photo credit: bostonzest.com
March is women’s history month. More than a century before women were given the right to vote, Abigail Adams became one of the first major female investors in American history. America’s second First Lady, she managed the family finances and did so quite well, accumulating a sizable estate through bond trading and other shrewd investments.
Roger and Elizabeth were both approaching their mid-60’s, and they were looking forward to retiring soon.
Roger was a marketing manager at a Twin Cities-based Fortune 500 company. He worked there his entire career and had generous retirement benefits: 401(k), stock purchase plan, even a pension.
His wife Elizabeth was an educator for a local school district. She also had a retirement savings plan at work as well as a pension and some other savings. Like a lot of families they had other assets in addition to what they had at work – IRAs, a mutual fund account, an old 401(k), and a comfortable home that was nearly paid for.
After listening to them explain their story, I asked Roger and Elizabeth how I could help.