By Shannon Small
The Jewish Federation’s Professional Advisory Council (PAC), now entering its fifth year, is expanding its outreach to a new and younger population of Jewish adults. The goal of this effort is to help young professionals build a foundation for giving that will last throughout their lifetimes and beyond. Members of the PAC’s Steering Committee believe this pivot is essential to the long-term sustainability of Nashville’s Jewish community. Ralph Levy, a member of the committee, says it is important for young people just starting out to learn the basics of financial planning. “Based on income that will be generated as they embark on their careers, young adults need to understand basic financial matters to be able to budget their expenses in the short term and in anticipation that their net worth will increase over time based on their own efforts.” Levy says in addition to planning for this growth in earnings, young people may also inherit wealth. “With an inheritance, their need for ‘financial literacy’ could be jumpstarted into the need for ‘wealth management’ almost overnight. For these two reasons, it is important that young adults not only learn but become involved in wealth management early on.” And Mike Levine, also a member of the PAC Steering Committee, says it is never too early to think about retirement. “I would add that financial literacy is also important from a retirement planning prospective. Things such as the time value of money, tax deductible versus tax deferred and where to invest within your 401k.”
The PAC was created to help support the members of our community as they determine how they wish to make their legacy gift through the LIFE & LEGACY program. The group of professionals includes estate planning attorneys, accountants, financial planners, life insurance brokers, and wealth managers and offers seminars educating the Nashville Jewish community on financial and estate planning. Thanks to the investment and incentives offered by the Jewish Federation and Jewish Foundation of Nashville and Middle Tennessee and the Harold Grinspoon Foundation’s LIFE & LEGACY program, community members have successfully created after-lifetime gifts that benefit the entire Jewish community including synagogues, local and overseas Jewish agencies, schools, and other Jewish organizations.
The Pandemic has played a major role in helping this year’s PAC plan their seminars to better serve the community. Ralph Levy says media reports that savings have increased in the United States is likely the result of two factors. “First, many Americans who have not lost their jobs because of the pandemic have received significant pandemic relief payments over and above their continuing income from their jobs. Second, due to the closure of retail stores for a protracted time, people have not been able to “shop and spend,” with the exception of online purchases.” Levy adds that an additional reason for these trends is uncertainty about economic recovery and other issues related to the pandemic.
The new PAC Seminar topics can be found below. Please contact Shannon Small, Assistant FRD and Foundation Director at firstname.lastname@example.org for more information about the upcoming seminars.
Accumulating Wealth in Your 20s and 30s Series
PAC Seminar 1: How do I make a solid financial plan for the future?
Tuesday, October 5, 2021
Speakers present on staying out of/getting out of debt, the basics of insurance (property, casualty, disability, and life insurance) and investments.
Discover how you can plan for your financial future.
PAC Seminar 2: I’m still young. What do I need to know about retirement, tax, and estate planning?
Wednesday, March 9, 2022
Speakers describe options for retirement plans as well as tax and charitable planning. They will also define and explain the benefits of estate planning and related documents that are needed at a young age.
Discover the essential details of how to plan for now and your future today and how your financial matters will be handled if you become unable to do so.
Preserving Wealth for the 40+ Series
PAC Seminar 1- What issues will arise as I plan for dealing with my parents’ estate as well as my own?
Tuesday, December 7, 2021
Speakers present on issues that children encounter when dealing with a parent’s estate and in handling a parent’s financial matters if the parent become unable to do so. Speakers review tax planning and charitable giving.
Discover how you can plan for your family’s future.
PAC Seminar 2- What do I need to know about retirement planning?
Thursday, April 7, 2022
Speakers review how to plan for retirement. Speakers describe the ins and outs of long term care policies.
Discover what is needed as you plan for retirement.