BizInsights This content is part of BizConnect and is made possible by our sponsors. Click here to learn more.

Plan on being truly older and wiser

Older adults continue to control an increasing amount of America’s wealth. It’s just more indication that time is often the most powerful component when it comes to reaching a financial dream.

A recent study[1] suggests that despite their growing wealth, aging investors tend to have low financial literacy. In fact, the elderly population has some of the lowest financial literacy of those tested – which may lead to more risky financial behaviors at the worst possible season of life.

At Annex Wealth Management, we know that it’s not just the older investors who wrestle with the complexities and lexicon of investment and wealth management. It’s one of the chief reasons we are focused on education and information – whether it’s hosting our radio programs, building and updating our library of informative videos on YouTube, or forging a partnership with the University of Wisconsin to help students and alumni.

It’s been rewarding to work beside folks of all ages and backgrounds and help build their financial understanding.

Financial literacy isn’t a “nice to have” – not having it can lead to bad financial decision making, which can result in some of life’s harshest, most devastating consequences.

When folks aren’t as exposed to financial literacy, it may lead to taking on risk when it’s unnecessary or unwarranted, like a misunderstanding of how many years your nest egg may last, or how much you’ll spend  on healthcare.

I imagine most of you assert how you’re different from the majority in this study- and you may well be, but whether you’re smarter or younger, there’s a simple – and perhaps necessary – way to confirm where you are.

Find an advisor you trust to go through your portfolio and make sure your investments reflect your plan, which reflects your goals, and considers realities like health care and taxes.

Our nation is aging, and the markets are as volatile as ever. If we’ve learned anything this year, it’s that things change in a heartbeat. That’s why a thoughtful plan – one that considers all sorts of future possibilities – can help build your confidence the right way.

And if you’re interested in building your insight and understanding, I’d encourage you to check out the Annex Wealth Management YouTube channel. We work hard to deliver lots of engaging, educational resources that will help improve your financial literacy.

Close out the year by working to avoid overconfidence and striving for a thoughtful, comprehensive financial plan. It’s a legacy you can take with you into the best decades of your life.




Sign up for the BizTimes email newsletter

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

Dave Spano - Annex Wealth Management
Dave’s 38 years of experience in the financial services industry has helped to shape the vision behind the establishment and growth of Annex, an elite fee-only fiduciary financial services firm. Under Dave’s direction, Annex Wealth Management® brings together high-quality, client-focused professionals from the investment advisory, retirement, tax and estate planning fields to form a client service team prepared to meet the financial needs of people, businesses, and non-profit organizations.

Sign up for the BizTimes email newsletter

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin