Financial Planning for Women

Women spend an average of 12 years out of the workforce caring for children. Women in general earn less than men possess less in savings than men, receive less in retirement and Social Security benefits than men, and live 5 years longer than men therefore have less money in savings and perhaps no retirement. Due to a combination of all these factors, women are considerably less likely than men to actually be saving for retirement and as a result are more concerned than men about their ability to meet their retirement goals.

Professional women in their 30’s that are single and have a good income should also plan for retirement and financial security. Marriage can have an impact on how you plan and protect your financial future.

Life after becoming a Widow

Helping my father after my mother passed away with his financial and his emotional issues as well as a large amount of my clients over the years I have seen up close how overwhelming it is to lose your spouse.  There are a long list of important things to do after losing your husband.  Finding a trusted Financial Advisor along with an Attorney should be at the top of your list.  Don’t make big decisions right away.  Taking care of yourself with rest, exercise & eating right.  A very important part of healing is seeking a Grief Support Group.   My father was very active playing dominos at the Senior Citizen Center in his town which really helped him heal.

Divorce

Speaking from experience good and bad on this subject here are some important steps I think you need to take to heart. No matter if it is you or your husband seeking the divorce it is emotionally exhausting today and for at least 6 months minimum. Seeking the advice from professionals at this time is paramount.

One of the 1st things you want to do is pull statements on all assets whether it is joint, spouse or single registration either in your name or his. Be sure to include all pensions and retirement accounts along with the value of the house you live in and any other properties.

You will want to meet with several divorce attorneys to find one that you think will be aggressive enough to fight for you but not ratchet up the battle to create more friction between you and current husband which will cost you more in attorney fees.

Be sure you meet with a financial planner who you possibly do not share with your current husband. You need an advisor that can be very loyal and supportive at this critical time in your life.