Empowered Financial Strategies

People have told us, “I can’t wait until the election is over.” That tells us there’s a lot of emotion connected to Tuesday, November 5th!

But we are quick to remind people it may take some time to resolve all of the issues after Election Day. While we may have some answers on the morning of November 6th, be prepared to have some patience with the process as the election unfolds.

It's a complex process. Each state has different rules for counting ballots. Here’s a snapshot of the rules that seven states must follow:

Pennsylvania: State officials can start processing absentee ballots on the morning of Election Day but cannot record any vote totals until after polls close.

Wisconsin: Officials start processing mail-in ballots on Election Day.

Georgia: Officials have already started working on mail-in ballots, which means there may be at least partial results by the time polls close on Election Day.

North Carolina: Officials can begin counting absentee ballots on Election Day before the polls close.

Arizona: State officials start tabulating mail-in ballots when they are received, even if that’s prior to Election Day. But they must wait until the polls are closed to collect ballot boxes.

Michigan: Lawmakers can start counting absentee ballots before Election Day in some towns.

Nevada: Officials can start counting absentee ballots before Election Day and as they come in on Election Day.

Bottom line: Financial markets don’t like uncertainty, and there may be some issues as each state reports results. So, it's best to prepare for some market volatility before and after the election.

🌟 November is National Caregiver's Month! 🌟
🗓️ Throughout this month, let's remember the significance of caregivers and their essential role within families. 🙏🌍 Whether it's comforting a loved one or providing companionship, caregivers nurture and uplift the lives of countless individuals.

It's also an important reminder for pre-retirees to think about their financial future. Planning ahead can ensure that you are prepared for the unexpected and can continue to provide care when it matters most.

💡 Here are a few tips to get started on your financial planning journey:

1. **Assess Your Current Financial Situation**: Take stock of your income, expenses, and savings to understand where you stand.

2. **Create a Budget**: A well-structured budget can help you allocate funds for caregiving expenses while planning for retirement.

3. **Explore Long-Term Care Insurance**: This can be a valuable safety net to help cover potential caregiving costs in the future.

4. **Consult a Financial Advisor**: A professional can provide personalized guidance tailored to your unique situation and goals.

5. **Discuss with Family**: Open conversations about caregiving and financial planning can ease the burden and foster support.

Your future self will thank you! Let's honor caregivers by ensuring we are financially ready to support them and ourselves. 💖

Happy Halloween from your friends at EFS!

According to this article from the National Women's History Museum, the first mention of Halloween in the United States was in a book authored by a woman named Ruth Edna Kelly in 1919. This article is a quick read and shares some customs of early Halloween in the US and abroad. Enjoy!

Boo! The History of Halloween Halloween, a night of ghosts and goblins, costumes, candy, and witches with hot boiling cauldrons. For centuries, the 31st of October has captured the hearts and imaginations of playful and mischievous children and adults alike who relished in its spooks.

5 Fun Halloween Activities for kids with Special Needs

Halloween is later this week. If you are the parent of a child with a disability, you may have a very different experience each Halloween. Here is a quick read that may give you a good idea!

Reach us at [email protected]

Halloween Activities for Kids with Special Needs | Best Care Looking to show your homecare recipients a spooktacular good time on Halloween? Discover 5 fun activities that are perfect for all abilities!

Navigating estate planning doesn’t have to be daunting. As part of , discover how Empowered Financial Strategies can be your guiding light:

• Expertise: We bring deep knowledge and experience to simplify this process
• Personalization: Your unique goals and situation deserve a tailored approach
• Diverse Strategies: Discover the wide array of insurance and estate planning options

At EFS, we specialize in building a Retirement Income plan for you that is built in tandem with your Estate plan. We specialize in working with Executive Women, Successful Pre-Retirees and Pre-Retirees with children with Special Needs or Disabilities. We work with the goal of helping you make sure you are on solid footing for a successful retirement with the legacy plan you want.

Let us show you the possibilities. Reach out today and explore the world of financial planning with confidence. https://www.empowered-fs.com/contact-us

October is Estate Planning Awareness Month and this week is Estate planning Week. Today, I want to reach out to the women in our audience. As women, we are the ones who tend to be the ones to nurture, we love to build structure and offer support for our family. However, often we do not think to plan for the possibility that we may not always be here. We know this topic is not a fun one, but it is so important. Don’t wait to communicate about what will happen when you pass away. It’s a conversation that matters more than you think.

Take these essential steps for estate planning:

• Build out a financial plan for yourself with any legacy goals you have
• Communicate your desires & directives
• Create a Living Will
• Discuss Power-Of-Attorney
• Perhaps layout your Funeral with Family
• Make a List of your Investment and Bank Accounts
• Provide Someone Access to Bank and Investment Accounts
• Provide Someone Access to Social Media Accounts

At EFS, we work with you to help you think through your financial wants and build a legacy plan.
We work as a team with your attorney to build a seamless plan. Reach out to us today, and let’s start planning for your financial peace of mind. https://www.empowered-fs.com/contact-us

October is Estate Planning Awareness Month and today starts Estate Planning Week. Surprisingly, only 2/3 of investors have completed the essential legal steps for their estate. Are you among them? Don’t be part of the 1/3 left behind.

Estate Planning is something that people tend to shy away from. We get it, it's really hard to think about you not being here and you not being here for your family. For those of you with kids with a disability, it is even more important to have a carefully crafted estate plan that works with your retirement income plan.

At Empowered Financial Strategies, we work with executive women, successful pre-retirees and pre-retirees who have a child with special needs. we work on building a retirement income strategy that is built in tandem with your estate plan. We partner with your attorney and can refer an attorney if you need. By working as a team with all the professionals for your benefit, we feel we can offer you the best chance for success.

Secure your legacy by taking these crucial estate planning steps:
• Build a retirement plan in lockstep with your estate plan
• Create a will and, if needed, establish a trust
• Grant medical Power of Attorney
• Grant financial Power of Attorney
• Designate beneficiaries on all your accounts

Take action to secure you and your family’s financial future. Reach out to us today to get this process started. https://www.empowered-fs.com/contact-us

When you think of Estate Planning, most tend to think they may want to speak to an attorney. I agree with a stipulation. I would urge you to build a team between your attorney, your tax professional and your financial advisor. Why? Read this article.
Click here to learn more: https://bit.ly/4eWejQa

Estate planning can be a powerful tool for women who want to secure their legacy. Keep reading to learn why estate planning is so important for women today.

At EFS, we work with Executive Women to help them formulate a financial plan with the goal of helping them protect their assets, build efficiency and lower eroding wealth. One piece of our process is working with your estate attorney. Please reach out if you would like to learn more at [email protected]

How Estate Planning Empowers Women to Build a Lasting Legacy | Trust & Will Estate planning can be a powerful tool for women who want to secure their legacy. Keep reading to learn why estate planning is so important for women in 2023.

Last week, we posted a great article explaining what ABLE Accounts are and how they can benefit an adult with a disability. Since October is National Special Needs Law Month, we wanted to bring attention to a bipartisan bill that seeks to extend three expiring provisions of the ABLE program.

According to this article, the ABLE Act was signed into law in 2014 and gave a disabled adult the ability to have savings in an ABLE account and not lose their benefits. We need to remember that benefits do not provide for all of the disabled person's needs.

The Tax Cuts and Jobs Act (TCJA) of 2017 made 3 key changes to ABLE accounts. These changes offer a greater ability for those with a disability as well as their family, to better save for their future without risk of jeopardizing future benefits.
1. ABLE to Work
2. ABLE Saver's Credit
3. 529 to ABLE Rollover

TCJA is set to expire at the end of 2025. If the TCJA is extended these could be extended as well. However the ENABLE Act would permanently protect these provisions.
Please take a moment to read this article for the details.

At EFS, we offer Retirement planning, Special Needs planning and Wealth Transfer planning to pre-retirees who have a child with disabilities and/or special needs.

To learn more about how we work, find us at www.empowered-fs.com/your-roadmap-to-financial-success

Bill Would Make Expiring ABLE Account Provisions Permanent The Tax Cuts and Jobs Act (TCJA) of 2017 made significant changes to the U.S. tax code. Many of its provisions are set to expire, or "sunset," at the end of 2025. It also made three key changes to ABLE accounts that are scheduled to expire in 2025.

66% of Americans surveyed in 2023 don't have an estate plan in place. Your legacy deserves the utmost care and consideration. As financial professionals, we are here to help ensure your loved ones are protected.

Don’t wait until it’s too late. Reach out today to start crafting your personalized estate plan. Your future self will thank you. Contact us: https://www.empowered-fs.com/contact-us



Source: Wills and Estate Planning Study, Care.com (2023)

When was the last time you reviewed your legal documents?

Happy Cybersecurity Awareness Month!

Since 2004, the President of the United States and Congress have declared October to be Cybersecurity Awareness Month. Over the years it has grown into a collaborative effort between government and industry to enhance cybersecurity awareness, encourage actions by the public to reduce online risk, and generate discussion on cyber threats on a national and global scale.

Below find a government website that offers tips and resources you can use to build awareness, educate and help protect yourself from the Cyber threats out there. Wishing you happy and safe online activities!

https://youtu.be/Cum2fmsZi8o or Cisa.gov/SecureOurWorld

ABLE accounts can enhance quality of life for people with disabilities, offering financial protection while preserving access to public benefits for some individuals.

Living with a disability can present numerous financial challenges. (READ MORE)

ABLE Accounts Can Play a Key Role in Special Needs Plans ABLE accounts can enhance quality of life for people with disabilities, offering financial protection while preserving access to public benefits for some individuals.

If you are a pre-retiree, especially one who has worked in corporate America for your career; have you included healthcare costs in your retirement income planning? Do you understand Medicare in its entirety? Do you know how your health issues may affect your premiums? Do you know how your retirement income may affect your premiums?

Part of our work, as a comprehensive financial firm, is to help educate our clients in all of these issues. We have seen healthcare costs increase pretty rapidly over the past few years. We help build a retirement strategy to your plan. This strategy includes taking into account: healthcare costs, possible long term care situations, what to do when a spouse passes and your household social security income decreases. We also work to build in contingency planning.

At EFS, we work with pre-retirees, executive woman and families with children with special needs. If you have questions about your planning to date or about building in a strategy for healthcare in retirement. Reach out.

Healthcare Costs in Retirement Without a solid approach, healthcare expenses may add up quickly and potentially alter your spending.

This October, we raise awareness for Breast Cancer and the importance of early detection. The good news is that today we have less deaths from breast cancer. The bad news is the number of diagnosis have risen every year with the steepest rise in women under 50. There are also major racial disparities in outcomes. Take a minute and read this article.

Have you had your mammogram yet? Has those you love had theirs?

Breast cancer deaths decrease as cases among Asian Americans and younger adults rise, new report finds Breast cancer deaths have fallen by 44% compared to 35 years ago, saving nearly 520,000 lives, according to a new report by the American Cancer Society. The dramatic decrease is a major milestone in the fight against breast cancer, according to Dr. Lisa Newman, a co-author of the report, released on...

As Life Insurance Awareness month draws to an end, here are some considerations when evaluating life insurance. Not all term life insurance is created equal. Here are six questions to ask when considering life insurance:
1. How long is the conversion period?
2. What type of permanent policy is offered for conversions?
3. Can you convert all or part of the term policy?
4. Can you get a credit for premiums paid for a term policy?
5. What riders are available?
6. What is the financial strength of the company?
If you’d like some help answering these questions – lets talk before you decide!

At EFS, one of our primary focuses is on retirement income planning, which is far more complex than your traditional retirement planning. Carolyn, our retirement income strategist, invested her time learning how to design efficient retirement income strategies by attending the RICP (Retirement Income Certified Professional) program at The American College. This knowledge and skill helps our clients become more aware of the three phases of retirement (accumulation, distribution, legacy) and help plan for all three phases. What we see often is that most people, by no fault of their own, have saved in pre-tax accounts, but what they do not realize is the tax liability in retirement and to heirs. This article discusses different opportunities to take advantage of Roth IRA's and Roth 401ks/403bs, helping retirees have more tax free income in retirement. This is just one strategy among others that we discuss when building out a client's plan. If you have not had this conversation yet with an advisor, time to consider! Reach out to [email protected] for more information.

Backdoor Twists And Mega Turns Despite shifting political winds, Roth IRA conversions currently still offer high-income clients ways to protect retirement money.

Have you considered the benefits life insurance can offer you in retirement? Learn more about how a permanent life insurance policy can help provide financial security during this stage of life.

How Life Insurance Can Help Enhance Your Income in Retirement - Penn Mutual Perspectives Although life insurance usually isn’t top of mind in retirement, you may want to consider how your permanent life insurance policy can provide another valuable source of income in this stage of life. Diversifying your retirement strategy Permanent life insurance creates another asset class in your...

Join us for an upcoming webinar on the PA ABLE account!

Registration in advance required :
https://us02web.zoom.us/meeting/register/tZAude-grj0tH9y6vfpSuEiymAXAtwQT-NDm?fbclid=IwY2xjawFeceZleHRuA2FlbQIxMAABHfL_q3h0tCrimVxNZ4xYYYbjKiRvFTbifHsDw1q82l9S2sxzks0XVuOynA_aem_3Qt9m1lLgjysGw0soBi8FA #/

After registering, you will receive a confirmation email containing information about joining the meeting.

American Business Women's Day is a day set aside to honor and reflect on the contributions and accomplishments of the millions of women in the workforce. Do you know a remarkable woman who has made notable contributions? Shout them out here!

Join us for an upcoming webinar on the PA ABLE account!

Registration in advance required :
https://us02web.zoom.us/meeting/register/tZAude-grj0tH9y6vfpSuEiymAXAtwQT-NDm

After registering, you will receive a confirmation email containing information about joining the meeting.

For pre-retirees, this is a must read! Ramsey doesn’t appear to grasp the differences between geometric returns (what you earn in an investment) and arithmetic returns (the simple average). He also doesn’t appreciate how a 100% stock portfolio increases sequence of return risk. A retiree who listened to Ramsey and followed an 8% withdrawal rule while holding a four-fund stock portfolio in the 2000s would have run out of money in as little as 13 years.

So what can you do about it? Designing a financial plan to help you safely "get down the mountain" in retirement is what we do here at EFS. Don't wait until it's too late. Schedule your meeting today to by contacting [email protected].

Supernerds Unite Against Dave Ramsey’s 8% Safe Withdrawal Rate Guidance | ThinkAdvisor Ramsey blasted retirement researchers as goobers living in their moms' basements, but his spending advice is dangerous.

The process for evaluating and approving disability claims has traditionally been complex and rigorous, so that only those who meet specific criteria receive assistance. These strict criteria can be difficult to meet. However, the SSA has made recent changes to simplify some parts of the evaluation process for applicants.

Social Security Simplifies Disability Benefits Evaluations The process for evaluating and approving disability benefits has traditionally been complex and rigorous. However, the SSA has made changes to simplify the evaluation process for applicants.