Women Hardest Hit By Unexpected Furloughs, Income Fluctuations, Early Exits

Unexpected Move to Third Act: Covid-19 Pandemic Forces Early Retirement. Are you Ready?
Rene Nourse, Founder-CEO, Urban Wealth Management, Black Woman Owned Firm, Provides Pandemic Gig Tips
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Rene Nourse Urban, CEO, UWM
Rene Nourse Urban, CEO, UWM

Unexpected Move to Third Act: Covid-19 Pandemic Forces Early Retirement. Are you Ready?

The latest stats from McKinsey & Company  estimate more than 55% of job cuts affected women. While the pandemic has changed life as we knew it. The impact to women has been significant both at home and on the job. While this is a bumpy road for us all, Rene Nourse, and the all-woman team at Urban Wealth Management are working with clients to make financial adjustments to align with our new norm by following the "5 Pandemic Gig Tips".

Lay – Offs, Furloughs, Income Reduction:  Early stage 3rd  Act  Exits

For many people, their 3rd Act-retirement popped up unexpectedly and much earlier than planned for. Some employers have begun offering early retirement packages vs. being laid off. Good news is that one is not being laid off, but challenging news is that although one might have planned for exiting working full time in 3-5 years, they are now being offered a severance package. While the terms may initially seem attractive, it is extremely important to review and have an in-depth understanding of the conditions and offerings since once you select YES- you may not have the option to change the terms at a later date.

When and How to apply for Pension and Social Security Benefits

If you are a Lucky Duck and have a pension plan, it's extremely important to understand the terms and conditions. For example, the highest pension payout is the lifetime only payment- but when one passes away, nothing is payable to spouse or beneficiaries. Additionally, understanding the terms of when to apply for Social Security benefits is extremely important as this will also impact Medicare coverage.

Insurance planning – Huge Directive

This Pandemic has surged the concern about protecting one's life as well as for their families. This is an extremely important time to do a few things: review your disability/income protection benefits, life insurance and long-term care plan.

Creating a Bucket Income Strategy Earlier Than Planned

Break up your investment assets to support your income needs – whether it is now or in the future. Incorporating a strategy where your investable assets are set up into different accounts, will help to support your current and future growth and income needs, as well as reduce stress for current income/investment directives/needs.

Tax Planning

Tax Planning- there have been 3 major tax law changes during this current administration- Understanding what the TCJA, SECURE & CARES Act tax law changes are extremely important upon reviewing and creating tax planning strategies. For example, the CARES Act- which expires at the end of this year, allows individuals to take out a larger loan from their employer provided retirement plan than what has been allowed in the past: - $100,000 vs. $50,000.

Quotable from Rene Nourse, Founder, CEO, Urban Wealth Management: "Women focus on caring for others, we find they often neglect to consider the risks of longevity and the importance of making good financial decisions today so they can have a comfortable lifestyle.

"While the pandemic has changed life as we know it. The impact to women has been significant both at home and on the job"

In the last month, we've heard of significant jobs lost in the government, and private sector.  A woman's financial decisions impact her whole family.  This is especially the case for our professional women of color who often are responsible for the livelihood of her family unit including parents and grandparents. It's important for women to choose an advisor they trust.

Meet Rene Nourse and Hear About Her Commitment to Her Clients

About Rene Nourse:
"The longer I was in the business, the more I realized that Women were being overlooked and underserved.  The fact is that most advisors are men and don't realize the importance of engaging the wives, significant others or even other female family members in the investment and financial guidance process.  Women were not being serviced appropriately- so I began focusing on the special needs of Women. "

After 25 years as a financial advisor in the corporate world, Rene Nourse left Morgan Stanley Smith Barney in June of 2012, to launch Urban Wealth Management Group. Sensing that a shift was taking place in the industry, her intention was to build a platform that focused on strategic financial planning alongside investment management to better serve clients.

But it was her own personal experience, Rene's mom's passing that inspired her to focus the practice on supporting the needs of women.  Her mother was diagnosed with dementia in 2012, Rene and her siblings stepped in to assist their mom with her finances and soon found out she set aside very little for her own future despite encouraging her children to save.  Rene's mother was fortunate she had family, but how about other women will they be protected too?

About Urban Wealth Management:
At Urban Wealth Management, advisors strive to create a supportive and secure environment where clients are encouraged to be engaged in their financial affairs and take ownership in creating the life they desire and deserve. UWM is based in El Segundo California and provides strategic financial planning alongside investment management. It's an all women firm and founded by a Black Woman!!!  All of the advisors are Women of Color and are CFP® professionals.

Women want to be served by professionals who look like them and know and understand what their lives are like. They may be the only woman in management at their company. They could be both a woman and a person of color. Their clients are professionals, these women are extremely busy and are managing budgets, people, and projects at work and home. We understand that.

About Smart Woman Savvy Money:
Women face unique and complex financial challenges, The Smart Women/Savvy Money Club was created to provide a safe, secure environment where women are encouraged to learn, explore, and feel confident about making sound financial decisions. Women focus on caring for others, we find they often neglect to consider the risks of longevity and the importance of making good financial decisions today so they can have a comfortable lifestyle tomorrow. We've worked with women later in life, after a major setback and enabled them to shift gears and create a financial roadmap that will set the wheels in motion for the life they want to live.

Angelica Urquijo
The Imagen Group on behalf of
Urban Wealth Management


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