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Retirement Lifestyle

How To Retire Successfully Being A Single Woman

Samrat Johnson May 23, 2021
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Being single has its advantages. The fact you are in total control of your finances and need no one to depend on is a liberating feeling altogether. Haven’t we all seen couples often arguing about money and finances? Rather than engaging in petty matters or something more intimidating – many women often choose to leave all that aside and start a life of their own.

For divorced or separated women or widows, money management often can pose difficulties if they haven’t done so earlier. Considering such challenges is a prime responsibility that most women have to do in their lifetime. But thankfully, there are ways to counteract them proactively and stay prepared for retirement in the long run. Here’s how you can save for your “golden years.”

Begin At The Earliest

Society has taught us how having dual incomes is the norm now. Imagine if the sole breadwinner dies or loses his income. It makes sense that the stay-at-home spouse would head towards job hunting and work towards creating a safety net. Unexpected circumstances can arise anytime, and that makes the single wage-earner more cautious than ever. This narrower margin of error must be taken into note when it comes to financial planning. So, create a good emergency savings account or pay for the disability insurance (if you have children or life insurance)- and start right away.

Are You Suffering From The “Lottery” Mentality?

If you are a tad unfamiliar with expenses, savings, income, and net worth, these are some additional risks. For the rest of your life, you will constantly suffer from the thought of how you should have sorted your money well. Widows who often get a huge life insurance payment can see it as a “windfall” since they don’t know how to make it last for decades. In divorces, too, a huge settlement amount is not necessarily a license to spend life lavishly but a support mechanism. Look at the long-term scenario and plan your budget likewise.

Make Attempts To Understand Finances

For any woman who hasn’t married means, she’s quite capable of living life on her terms, in every possible way. The problem lies more for widows and divorcees who didn’t play an active role in the family finances. A spouse passing away unexpectedly can give a huge jolt to his better half! So as the woman, she should make ways for recovery. Learning up on financial matters consulting experts and then taking important financial decisions without worrying about the repercussions indicates that she has already built her skills and grown her confidence. The best thing would be to get started as soon as you get married in the first place. Since women have a longer life expectancy than women, it is evident that most women are likely to face similar turmoil if they don’t make the necessary arrangements well in advance.

Realize What’s Meant By Social Security Benefits

Single women can have a tough time knowing the benefits of Social Security, specifically divorcees and widows. Widows can start claiming benefits when they are 60 if required at all (after spousal death). Then there are survivor benefits if she has minors that she can avail of until they are 18. For divorcees, the claims benefit depend upon the earnings record of the ex-spouse. If there’s a second wife adder remarriage, then both the wives can claim the benefits of the Social Security record. But it’s advisable to delay collecting these benefits, as old age can give a tough time.

Coming Out Of The Comfort Zone

Most women clients are more “conservative investors,” so experts usually ask beforehand if they’re willing to take risks. Men usually are more comfortable taking risks but can tinker during both good and bad times. For a woman retiring in her 60s, chances of having a 20 or 25-year life expectancy are common. She will need funds that would see her through a longer retirement. So that she doesn’t run out of money in the long run, it’s wiser to go for ‘aggressive investment allocation.’

This can sound identifiable in several such cases. So start educating yourself about the benefits and hazards of investment strategies and see how your future and retirement work in your favor. Was this blog helpful? Do let us know in the comments section!

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