You may be going through a tough time right now, but you are not alone.
Here are some financial planning tips specifically for divorced women that may be helpful as you move on to the next phase of your life …
Tip # 1: Financial planning for women after a divorce is not that much different than planning for married couples
While several elements are the same, the differences present some good news and some bad news:
- The Good News- you can make plans and decisions now based solely on your needs and goals. There will not be any miscommunication or conflicting ideas.
- The Bad News- It is all in your hands now. But, again, you’re not alone here.
Tip #2: Consider long-term care and or disability insurance
It pays for your care if you become ill or disabled. Long-term care is especially important for women because, on average, women live longer than most men.1 Also, women typically require longer, more expensive care during those additional years. 2 These additional years may make retirement planning more important. A longer retirement means you’ll have to stretch your retirement budget out over more years.
Tip #3: Plan for your Retirement Years
Review where you currently are with your retirement goals and what changes you may need to make to better work toward achieving them.
Tip #4: Who Are Your Beneficiaries?
Since your divorce, have you updated the beneficiaries on your life insurance and retirement accounts? Is your ex-husband still your beneficiary? It is a good idea to go ahead and make those changes now. You’ll want to make sure your intended heirs are properly designated … just in case.
Tip #4: Pension Plan and Social Security
How can you utilize these to your benefit now that you are divorced? And at some point it would be a good idea to know how a future marriage could affect your social security benefits and other retirement plans.
Karen K. Roberts, CDFA, ChFC, CLU
www.Emerald-FinancialGroup.com
The Philosophy of The Emerald Financial Group is to “Live for Today, Plan for Tomorrow.” With the goal of educating and empowering you, we use a hands-on approach to help you take control of your financial future.
Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through J.W. Cole Advisors, Inc. (JWCA). The Emerald Financial Group and JWC/JWCA are unaffiliated entities.
1 – http://www.time.com/time/health/article/0,8599,1827162,00.html [08/06/2008]
2 – http://www.aaltci.org/long-term-care-insurance/learning-center/for-women.php [02/22/2010]
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