Financial stability and wealth management were the topics of the day at a recent lunch & learn held at Regions Bank. Hosted by Women United, a United Way of Central Alabama (UWCA) donor network, the event featured insights from two experts in the field: Jennifer Wilson from Regions and Jennifer McEwen from Maynard Nexsen. Their discussions centered on navigating finances, estate planning and wealth management, including the ways that strategies may evolve through women’s various stages of life. Here are some key takeaways.
Financial Stability Is About Today and Tomorrow
Jennifer Wilson emphasized that financial stability and wealth management goes beyond simply paying bills; it’s about managing life’s necessities while setting aside money for future goals, such as retirement. “We’re all trying to save for retirement,” she noted, “but wealth management takes that a step further.”
Wealth management is about ensuring every aspect of your financial life is in order. This includes everything from setting up college savings plans for children to understanding the evolving tax landscape throughout your life.
Money Management and Wealth Building Strategies Should Evolve as You Age
Wilson outlined how financial priorities shift over time, especially for women. In the early stages of life, it’s crucial to establish a solid financial foundation. She suggested a basic rule of thumb: allocate 50% of your income to necessities, 20% to savings and 30% to your wants.
For younger women, building an emergency fund is paramount — aim for at least six months’ worth of living expenses. As women progress through life, financial strategies become more complex, shifting toward retirement planning and legacy building.
“Nowadays, just matching a 401(k) isn’t enough, we need to start adding to that,” Wilson said. As you grow older and your children become independent, you can make catch-up contributions, significantly enhancing your financial outlook as you approach retirement.
Now Is the Time for Estate Planning
Jennifer McEwen, a seasoned trust and estate lawyer, spoke about the critical importance of estate planning for every adult, particularly women. She highlighted that having a durable power of attorney is essential, as it allows a trusted individual to make financial decisions on your behalf if you’re unable to do so. Without it, family members may need to go to court to establish a guardian or conservator, which can be both costly and time-consuming.
McEwen also discussed how life events, such as marriage, raising children or divorce, can influence financial strategies. For instance, she highlighted the increasing trend of couples keeping their finances separate. This approach can protect individual financial goals in the event of divorce or death.
This informative lunch & learn was just one of the many ways that Women United inspires, educates and motivates women to be highly informed, positive change agents within our community. Through networking, leadership, philanthropy and volunteerism, the members of Women United are making Central Alabama a better place for us all. Learn more here.
At United Way of Central Alabama, we know
financial stability is fundamental to a strong, vibrant community
But, on average across our six counties, about one out of every 10 households spends at least half its income on housing and 18% of children live in poverty.
We work to advance financial stability in our region by providing utility and rental assistance to people in crisis, as well as by offering housing counseling, affordable housing options and a wide variety of job placement, training and exploration for youth and adults with barriers to employment, whether it be disability, education or age.