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How To Prepare For The Financial Challenges Ahead And Take Control

How To Prepare For The Financial Challenges Ahead And Take Control

When you find yourself suddenly single due to divorce or the loss of your spouse, you may come to face unique financial challenges, especially when heading into retirement. Despite the challenges and hardships you may face, you can take control of your finances and the future you envision for yourself.

Our advisors are here to help

We help you move forward with next steps such as:

  • Creating a new budget and implementing an appropriate financial plan and investment strategy
  • Meeting with a CPA to discuss tax planning
  • Meeting with an estate planning attorney to create a new will or trust
  • Closing joint accounts and retitling assets
  • Protecting or establishing a strong credit history
  • Reevaluating insurance needs
  • Helping you track expected future streams of income
  • Setting goals and focusing on making plans for your future

How does getting a divorce affect your retirement savings goals?

According to the NIRS report, married women between the ages of 18 to 64 are better prepared for retirement than widows and divorced women. Depending on the divorce settlement and the state where you live, your ex-spouse may be entitled to a portion of your employer-sponsored 401(k).[3] He could also receive part of your IRA, pension, or other retirement plan. Fortunately, splitting retirement savings in a divorce is a two-way street, so you may also be entitled to a portion of your ex-husband’s 401(k), pension or other retirement plan.

 Where do widows and divorced women typically get their income from?

According to the NIRS report, married women typically rely on Social Security benefits for around 50% their retirement income. Social Security benefits comprised 53% of divorced women’s retirement income and nearly 60% for widows.


 So, what can divorcees and widows do to gain control of their finances?

It’s vitally important for a divorced woman or widow to strategically plan their finances for the future.

Did you know that by the age of 64, 1 in 4 women reported being on their own due to separation, divorce, or the deaths of their husbands? And of the widows now living in poverty, 80% were not living in poverty before their husbands died. On a positive note, many more women are taking control of managing their own money and there are steps you can take to get your finances in order.



Learn more about the options and help you can have in this situation...


To help guide through this difficult time, having a trusted financial advisor in your corner can be an enormous help in alleviating the pressure and uncertainty you might be facing. As your financial advocate, we are ready to listen to your needs and goals and what you envision for yourself. HMC Partners will work with you to help get you through this stressful and chaotic situation. We’ve also put together a comprehensive checklist to help guide you in your journey towards retaking control of your finances and pursuing your goals.

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