There are different kinds of pain that come along with divorce, such as emotional pain and financial pain. The pressure of not knowing the future of your own life, as well as the lives of your children, can be straining and cause major anxiety.
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It would be better to assess the state of your financial life before the split rather than after.
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There is an old belief that women are more cautious about money than men, and whether you believe that or not, both women and men may fall prey to a kind of money paralysis as they age – in which financial indecision is regarded as a form of “safety.”
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They know they need to accumulate money for retirement, but when it comes to how much they will need or how they will do it, they are not quite sure. They will “wing it,” hope for the best, and see how it goes. How do they know they are really contributing enough to their retirement accounts? Would they feel less anxious about the future if they had a written plan?
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You would just save half as much as a couple saves, buy half as much insurance coverage, and expect to live on half the income. Reality dictates otherwise.
Many people fall into the same financial behavior patterns year after year. If you sometimes succumb to these financial tendencies, the New Year is as good an occasion as any to alter your behavior.
When did you open your first IRA? When did you buy your life insurance policy? Are you still living in the same home and working at the same job as you did back then? Have your priorities changed a bit – perhaps more than a bit?
While your beneficiary choices may seem obvious and rock solid when you initially make them, time has a way of altering things. In a stretch of five or ten years, some major changes can occur in your life – and they may warrant changes in your beneficiary decisions. In fact, you might want to review them annually.
When our parents retired, living to 75 amounted to a nice long life, and Social Security was often supplemented by a pension. The Social Security Administration estimates that today’s average 65-year-old female will live to age 86.6. Given these projections, it appears that a retirement of 20 years or longer might be in your future.1,2
What is the retirement outlook for the average fifty-something working woman? As a generalization, less sunny than that of a man in her age group.
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Is there anything more important than your family's future? And knowing you’re on the right path to get them there?
But when was the last time you checked to see if the path you're on is the right one for you now?
Maybe it's time for a professional Second Opinion.
Click below to learn more about Questmont's FREE Second Opinion Service. Because knowing is strength.
