I have good news and bad news. Which one do you want to hear first?
Well, the not-so-good news is that divorced women face more challenges when it comes to achieving a financially healthy retirement than those who are in a legal marriage[i]. The great news is that it's not impossible to overcome those obstacles and regain both your financial and emotional stability.
Sure, divorce means a change of plans and adjusting to a new situation, but it's definitely not the end of the world. The important thing is to remain calm and take control of your finances so that you can take full advantage of your retirement years. Just like you've always planned to.
Not really sure where to start? There is no need to worry, since we've got you covered. Here are some actionable ideas that will help you regain financial control and secure your future:
Asses your current situation
This is a great starting point. Once the divorce settlement agreement is finalized, you need to evaluate where you stand, financially speaking. Be honest about it.
Look into your accounts and do your best to estimate what your income is going to be from now on. Then look into your expenses. Include your day-to-day costs, monthly utilities, car payments, mortgage and all the things that require you to spend money.
It probably doesn't sound like much fun, but doing so will help you come up with a realistic strategy for the future and set some ground rules in terms of what you can and can't afford. A glass of wine also helps.
Look for ways to save more
The shortest way to a healthy retirement is saving more.
This might seem like an impossible task, since divorce means you no longer share expenses with someone else, but it's really not. The best advice I can give you here is to begin your retirement savings as soon as possible, so that you can make the most of the time you have left until retirement.
Another thing you should keep in mind is that saving means planning. It doesn't just happen by chance. Establishing a financial plan is essential for achieving a healthy retirement, so there's no reason to postpone it any longer.
Rely on a financial adviser to help you out
As a divorced woman planning for retirement, you may feel like you have to do everything yourself.
However, knowing that you are the only one responsible for your own financial well-being can be pretty nerve-wrecking. Sometimes, you just need someone to help you out. But not just anyone will do.
It's important to have a specialist you can trust advising you on important matters and helping you make the big decisions regarding your retirement and financial future. A knowledgeable adviser will be able to offer valuable recommendation and point out effective solutions for your specific needs.
I know the way to a healthy retirement
As a woman working in the field of financial and investment planning, I understand that your financial needs and hurdles are different. I am familiar with the challenges of divorced women and can help you put together a sound retirement plan so that you don't outlive your money and are able to achieve all of your goals.
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