If you’re over 50 and you are thinking about divorce, you need to think about the following:
- Set up a bank account in your own name and start saving money.
- Put as much as you can into your Super and other retirement places
- Make a budget and plan how much money you are going to spend living on your own, so you will know how much income you will need to survive financially after divorce.
- Do not spend more than you are earning.
- Look after your health. Being in your 50s doesn’t mean that you are close to retirement. You will probably work more than you expect.
- If you have got some extra money firstly put it into your retirement fund and then help your adult kids with education
- Regular review your health insurance until you rich 65. You are exposed to a greater risk than anything else.
I know many woman of this age, and I know that their concern and worries are going far beyond of traditional way of thinking that woman of this age are thinking about.
The most woman over 50 are not obsessed by their wrinkles and how to stop the time and ageing, what they are going to be dressed to look younger … No, nothing of that! There are more serious questions going through their mind.
The most important thing they have on their mind is :“Am I going to have secure future in my older age?”
Going through divorce process, such traumatic and emotional event, it will be much easier if you know that your financial situation is “OK” and you feel capable to continue on your own with the same life style.
Therefore, I would suggest to educate yourself about personal finance. It is never late to learn about money, but it is better to do it earlier. Start with that before you start thinking about separation.
If you would like someone to take you for the hand and show you how to deal with all of financial issues, – you come to the right place.
I am Zoe Kulic, Finance Coach, specialising in coaching woman going through divorce.
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