Focus on Canadian Financial Authors: Advice for Women who are Suddenly on Their Own

Jackie Porter, CFP, co-author of Single by Choice or Chance: The Smart Women’s Guide to Living Longer Better has some useful advice for women over forty who find themselves single after an unexpected life change:

For many women who have been in long-term relationships—and may have grown kids, a gaggle of grand-kids, a paid-off house, and may be on the verge of retirement—becoming suddenly single would be a shock. It’s even more unlikely that the notion ever occurred to them to ask: could it happen to me? It would be too much like tempting fate.

According to RetireHappy.ca, “Divorce rates for most age groups have been falling, [however] silver separation is on the rise. Many long-term marriages are falling on the rocks of the daily grind, the empty nest, the other lover or the reality of parallel lives that do not touch.” And when this happens, women are often in a financial bind.

Samantha never thought she would leave her relationship. Olga never imagined she would become a widow. Both were convinced they would be with their husbands for a long time and that things would be taken care of. In fact, they banked on that ideal. Now they’re faced with a less certain and less secure financial situation. What steps could they have taken to improve their chances of financial recovery after an unforeseen change in lifestyle? The answer is simple: they could have gotten more involved.

The idea is to plan ahead while the sun shines. Start by asking yourself, and be honest with your answers:

• How involved am I with the financial decisions of the household?
• Are smart decisions being made with the family’s resources?
• Am I prepared to make financial decisions on my own?
• Do I have basic financial knowledge and would I be willing to learn if I had no other option?
• Are there people I can call on to help?

If your answers point to gaps in your financial literacy, think about your future and:

• Get out of your financial comfort zone
• Commit to improving your financial literacy
• Start a conversation with your financial planner about personal financial management. If you don’t have an advisor, ask a friend for a referral or research financial planners in your neighborhood

One last nugget to help with your motivation, provided again by RetireHappy.ca: The average age of women who become widows is 56 and yet so much of retirement information is aimed at couples.

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