Financial Planning and Advice Blog for Syracuse

Want to keep up with the latest news in the financial sector? HighPoint Advisors in East Syracuse, NY makes sure all our clients have the latest up to date financial information to better plan for their future. Feel free to browse the blog below to learn more about the current financial market.
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5 Ways Women Can Overcome The Wage Gap

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By March 26, 2018

Business Woman – HighPoint AdvisorsEven though the wage gap continues to narrow, it still significantly affects how much women are earning compared to men. In fact, the average woman who works full-time over a 40-year period loses about $435,000 in lifetime income because of gender inequality (Money). This means that, on average, women have less money to support themselves and their families and they’ll have less money saved when it comes time to retire.This is because Social Security income and pensions are determined by wages. The wider the wage gap, the less financial security women will have later in life when compared to men. And since women tend to live longer than men, they have to find ways to make their retirement funds stretch.Luckily, people are working to improve the wage gap all over the world through legislation. And while legislation certainly helps, there are things women in the U.S. can do right now to help overcome the wage gap.

1. Negotiate Your Salary Early On

By negotiating pay at the beginning of your career, it won’t be so hard to catch up later on – especially considering most employees use their salary from a preceding job to negotiate a salary for a new job. Before approaching your boss about your salary, arm yourself with facts. Do research on sites like Glassdoor and talk to your colleagues who have similar positions to compare how much others are being paid. This will help present a solid, data-driven case to your company about how much you’re worth.

2. Save as Much as Possible

Another way to overcome the wage gap is by managing your wealth in ways that’ll benefit you in the long run. In general, you should be saving anywhere from 15 to 20% of your income. But if you can save more, especially through IRAs and 401(k)s, you’ll be able to generate more funds in time for retirement.

3. Invest Aggressively

Women aren’t generally known for making aggressive investments, but don’t let that hold you back. Educate yourself about the market and learn how to take calculated risks in order to work towards increasing your chances of success, especially if retirement is still 10 or 15 years away.

4. Delay Retirement

In order to earn the same pay as men, the typical woman has to work 11 years longer. Unfortunately, that’s not the most ideal or realistic situation. But if you can delay your retirement even by a few years, that’s more money you’ll be earning to put toward your retirement.

5. Choose a Financial Advisor that Will Advocate for You

When choosing a financial advisor, make sure it’s someone that understands a woman’s unique situation in the workplace. This will help them structure a plan that manages your wealth and positions you to overcome salary inequalities. With a strong financial advisor, you’ll be able to take those calculated risks, make strategic investments and establish a stable financial future for you and your family.

Start Planning for the Future

The wage gap doesn’t just affect your weekly paycheck. It plays a significant role in your retirement funds and financial security throughout every stage of your life. At HighPoint Advisors, we’ll provide a personalized wealth management plan to help assist you in overcoming any financial inequalities. Discuss your options by contacting us at (315) 627-0474.The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual....

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Death and Finances: Tips for Taking on the Finances of the Dearly Departed

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By February 15, 2018

Budgeting- HighPoint Advisors

The death of a loved one is a stressful, emotional situation that leaves few of us prepared for the practical matters raised by such a loss. However, being aware of the appropriate steps required to address the finances of the deceased can make a difficult time easier to manage. Read on to learn more about the actions that should be taken after a loved one passes on and how professional guidance can ease the process.

1. Contact a professional.

It might seem hasty to contact a financial advisor immediately, but you’ll soon discover that taking care of your loved one’s finances is a complex process. Getting in touch with a professional can help you ensure that everything’s in order from the very beginning.

2. Collect all necessary paperwork.

The next step is to gather the paperwork that you’ll need to handle the estate of the deceased. Unfortunately, the list of necessary documents is extensive, which is where your financial advisor will come into play. They’ll help ensure that all requirements are met, from ordering copies of the death certificate to securing letters testamentary identifying you as the executor.

3. Notify the applicable agencies and institutions.

Once you’ve gathered the paperwork, you’ll have to notify the Social Security Administration and other businesses and agencies about the passing. This will include financial institutions, such as banks and credit card companies, as well as utility providers and many more. Because many accounts may be in question, you’ll likely want to turn to a professional to make certain nothing remains unresolved.

4. Close existing accounts.

After the notification process, make sure to close your loved one’s bank accounts and cancel any service subscriptions to ensure that funds aren’t still being withdrawn for things that are no longer necessary. Keep in mind that the estate will also be responsible for any unpaid property and income taxes, and that a form 1041, an estate income tax return, may be required.

5. Apply for benefits.

Finally, upon the death of a loved one, you may be entitled to certain financial benefits. This will depend on several variable factors, including whether or not the loved one was your spouse, their military status and more.

Seek Professional Guidance

Death and finances go hand and hand, often resulting in a situation that’s hard to deal with alone. Fortunately, HighPoint Advisors’ caring team can streamline the process and guide you through each and every step. Contact us today to discuss your specific situation.


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