Single Woman’s Guide to Retirement

by Galia Gichon on October 10, 2012

More and more of my clients are single women.  Whether they are divorced, never married or haven’t found the right partner yet! Whether we plan to be single in retirement or not, life happens.  Whether we plan to be single in retirement or not, life happens.  The best step we can take is living our money life with our eyes open! Now to get started on your guide….

1- Does your current retirement savings let you retire at 65 and live on it for another 30 years? This is a fairly easy question to answer when we work with our clients.  Even if your current savings plan doesn’t, evaluate it working part-time.  I have many clients working in their 70’s.  I recently worked through a scenario with a client and the answer was her money runs out at either age 87 or age 88.  It helped her make a decision now instantly.  She IMMEDIATELY felt better.  Check out your own RETIREMENT CALCULATOR here

2 – Know your fixed expenses off the top of your head.  These are basic numbers that don’t change every month – even though you can still find places to cut.  Besides your mortgage or rent, Student Loans, Car Payments, Parking, Repairs, Tolls, Gas, Insurance Premiums, Taxes not withheld from pay, Utilities, Telephone, Transportation, Childcare, Medical/Dental, Cable/ Internet Access, and Gym.  Most of my clients i work with do NOT have a handle on these numbers initially.

3- What kind of long-term care insurance do you have? This is an insurance for the middle class!  Even if you remain happily married to the end of your days, most of us will need some sort of assisted living or home health care.  However, espcially important if you are alone. Learn more Long Term Care Basics here

 4- Check any insurance policies you or your spouse might have.  If you are working for a company with decent benefits, they might offer a policy.  If they do, for a small fee, you can make it portable, which means you take it with you.  If it is a whole life policy, that is extra cash in your retirement.  

What are your plans for retirement? Please share with the community below.

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