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women in transition Archives -

Women in Transition: The Loss of a Spouse

By | 2017, Money Moxie, Newsletter | No Comments

One of the hardest life transitions women face is the loss of a spouse. Whether it is from death or divorce, picking up the pieces and moving forward is challenging – emotionally and financially.  One of the hardest life transitions women face is the loss of a spouse. Whether it is from death or divorce, picking up the pieces and moving forward is challenging – emotionally and financially.

Where there were shared responsibilities, suddenly you are in charge of everything from getting the car fixed to managing the daily budget and long-term financial plan. It can feel quite overwhelming. Not to mention, this transition comes at an incredibly emotional time.

Adjusting to your new conditions will not happen overnight and may actually take several years.  This is a time of profound self-discovery for women, who may find themselves examining issues of identity, life meaning, and aging. Creating a support group – family, friends, and professionals – gives you a pool of people you can use as a sounding board that will keep your “best interest” in mind when providing advice.

While there will be many things to tackle over the next year, here are some important things to do in the short-term:

Locate and organize your important documents and financial records. It is easy to overlook something when you are dealing with emotional stress. Having a system for gathering and organizing financial records can provide some sense of control.

Important financial documents and records are generally the first items to focus on. The bills still need to be paid and the cash flow needs to be managed.

  • Checking and savings accounts statements
  • Investment account statements
  • Retirement plan statements
  • Stock and bond certificates

Legal documents may need to be updated, reviewed, or available for reference. These include:

  • Will
  • Trust
  • Power-of-attorney
  • Medical directive

Other important papers should also be organized so that you can determine if adjustments need to be made, such as updating ownership records or beneficiaries. Some may be required for documentation as you make changes.

  • Social Security statements
  • Insurance policies
  • Marriage, birth, and death certificates
  • Property deeds
  • Ownership titles – vehicles and recreational equipment

Keep in mind that everything does not have to be done immediately. Gathering this information will allow you to set up a system for tracking important details. Keep a notebook or use a computer spreadsheet that you can easily access for account numbers, phone numbers and addresses, who to call for information on accounts, professional contacts, and deadlines to monitor.

After the initial legal and financial matters settle, you will begin adjusting to your new financial circumstances. As you move forward, remember that it may be two steps forward and one step back. Take comfort in knowing you are making the best decisions you can, financially and otherwise, for you and your family.

Remember, you are not alone. Even though you believe you can do it all, reach out to us as your trusted advisors. We can help you navigate this new landscape, avoid some of the pitfalls, give you advice, and be a sounding board as you make important decisions.

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Women in Transition

By | 2017, Money Moxie | No Comments

For women, it’s sometimes hard to balance the nurturing desire to take care of someone else when in reality, we may need to take care of ourselves. This is often true when facing life transitions. It’s at these times when we have to put ourselves first, at least, until we become comfortable with the change.

Throughout life, we face events that result in transition. Some are planned and some are unexpected. How we prepare for these events can help reduce some of the financial and emotional stress.

Over the next few Money Moxie® issues, we will discuss some important life transitions and provide guidance to help smooth out the bumps. In this issue, we will focus on women who have left the workforce and are now ready to jump back in.

Reentering the workforce
Women often follow a different path than men when it comes to a career. Many get a degree or special training and begin a career only to leave the workforce to raise a family or because their income is not necessary to the family’s financial situation.

While you have been off the career path, things have changed. Yes, remember that old fax machine? Well, for most companies it’s in the corner collecting dust. The business world has been moving forward at a breakneck pace; even those of us living in it day-to-day have a difficult time keeping up.

Software and websites you may have used just a few years ago have been updated and changed. Passwords are your new best (or worst) friend–and you need a separate one for each site. These should be changed every 90 days.

In order for you to reach your marketable potential, you are going to need to brush up on your skills. Find out what programs are in demand for the position you are seeking and learn more about them. Webinars and online tools make this relatively easy.

Getting paid what you are worth
Don’t sell yourself short. Make sure you are getting paid what you are worth. Check out websites that show average salary ranges or pay scales in your geographical location for your occupation. Know before you enter an interview how much you can expect to be compensated. Maybe it’s time to hone your negotiation skills.

Sing your own praises. Be prepared to articulate your strengths and specific achievements. Express the unique skills and qualities you bring to the table. Avoid the temptation to accept the first salary or pay offered–be prepared to counteroffer.

Be sure to consider other tangible and intangible benefits such as: bonuses, career opportunities, flexible schedule, and supportive culture.

Maximize your benefits
As a woman who has been out of the workforce, you may have some catching up to do when it comes to retirement savings. Employees are often told to get the maximum company match, which is good. Think bigger!

While the match is a great benefit, that alone may not be enough for you to reach your financial goals and live comfortably in your retirement years. Seek professional advice regarding your future retirement picture and invest with purpose and an achievable goal.

Talk to one of our wealth advisors; we can provide guidance regarding your personal situation and the options available to you.

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