Safe & Sound

“Single, Divorced Mother of Three” wasn’t a term I ever expected would describe me. But it became my reality at the age of 35. The transition was difficult on many different fronts, except for financially.

As a financial advisor who deals on a regular basis with investments, financial planning, and insurance, especially for single women, I was prepared during my own transition to singlehood. I was (mostly) organized and knew how to pay my bills, manage money, save for retirement, and deal with estate and tax planning along the way. Whatever I didn’t know, I knew exactly who to ask.

According to the US Bank Women and Wealth Insights Study, only 19% of women consider themselves financially savvy. From my first-hand observations, many women are in the dark when it comes to their finances and estate planning. What happens when the unexpected occurs and they find themselves single, either due to death or divorce? “Sara, I wish I would have….” is the line I hear time and time again, especially now during this difficult pandemic.

Let’s examine some of the steps women (and men too!) should take at three different life stages to prepare themselves in the event that they find themselves making the hard transition to “single.” These stages are: newly married (early twenties), early-midlife (thirties to forties), and the golden years (sixties-plus).